Farm Tractors Market Worth 65.57 Billion USD by 2022
PUNE, India, June 15, 2017 /PRNewswire/ --
The report "Farm Tractor Market by (Power Output (30, 31-100, 101-200, >200hp), Drive Type (2WD, 4WD, & Autonomous Tractor), Combines Market (Corn, Rice, Wheat, Soybean), Implements Market (Harvest, Hay, Plant & Fertilize, Plow & Cultivate, Spray) - Forecast to 2022", published by MarketsandMarkets™, the Farm Tractors Market is projected to reach a market size of USD 65.57 Billion by 2022, at a CAGR of 5.24% during the forecast period & Agricultural Equipment Market is projected to grow at a CAGR of 5.31% during the forecast period, to reach a market size of USD 139.41 Billion by 2022.
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Browse 78 market data tables and 62 figures spread through 194 pages and in-depth TOC on "Farm Tractor Market"
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Factors such as increasing demand for food and food products, rising mechanization trend in agriculture, shortage of skilled labor and increasing labor cost, government subsidies, and growing need for operational efficiency and profitability are the key drivers for the agricultural equipment market.
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31-100 hp farm tractors segment is estimated to hold the largest market share during the forecast period
China, India, and the U.S. are the top countries in terms of farm tractor sales. According to Agrievolution Tractors Market Report, 30-50 hp farm tractors accounted for ~80% of the global Farm Tractors Market in 2015. Based on a publication by the Association of Equipment Manufacturers (AEM), the U.S. and Canada had approximately 56.3% market of <40 hp farm tractors in 2015. These numbers indicate that 31-100 hp segment is leading the global Farm Tractors Market. Also, others factors such as lower cost as compared to high horsepower farm tractors and limited agricultural land per farmer would drive the market for small and medium range farm tractors in Asia-Oceania and North America.
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"Combines market for rice crop is estimated to be the fastest growing market from 2017 to 2022"
A combine or combine harvester is a machine comprising of several applications such as reaping, threshing, and sorting. Being one of the most essential crops, the demand for rice is expected to grow across the globe in the coming years. For instance, the Food and Agriculture Organization (FAO) of United Nations has anticipated an increase in rice production by 1.3% to 506 million tons in the year 2017-2018. Thus, the increased demand for rice crop is expected to drive the combines market for this crop in the coming years.
"Asia-Oceania: Largest and fastest growing market for agricultural equipment"
The Asia-Oceania region is projected to be the largest as well as the fastest growing market for agricultural equipment during the forecast period. China and India are the largest contributors in this region owing to factors such as growing population, rising farm mechanization, and large agricultural land. According to World Bank data, China and India had 54.8% and 60.4% of the total land used for agricultural purpose in 2014, respectively. Also, growing population leads to the higher demand for food, which can be accomplished by increasing the usage of agricultural equipment. Also, the farmers are slowly switching to invest in such machinery to improve the productivity. All such factors have contributed to the growth of the agricultural equipment market in Asia-Oceania.
The agricultural equipment market is dominated by a few globally established players such as Deere & Company (U.S.), CNH Industrial N.V. (U.K.), Kubota Corporation (Japan), AGCO Corporation (U.S.), and Claas KGaA mbH (Germany).
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