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Farm Tractors: A Global Strategic Business Report

Global farm tractors market: $44 billion industry by 2018


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2014-03-14 07:56:04 - Farm Tractors: A Global Strategic Business Report - a new market research report on companiesandmarkets.com

The global Farm Tractors market is projected to reach US$44.2 billion by 2018, driven by the increasing demand for agricultural produce due to rapid mechanization of agricultural practices, and the advent of sophisticated and technologically advanced Tractors.

Tractors represent the largest segment of the global agricultural equipment market. Considered as the workhorse of agriculture, tractors are the most versatile farming equipment. Design and technology of farm tractors has evolved over the years, as manufacturers continue to develop tractors which fulfill various requirements of farmers. As the global economy continues with mechanization of agricultural sector, it is expected to be opportunities galore for agriculture machinery such as tractors. Other demand drivers that continue to find favor in the tractors market include credit

 

 

availability, scarcity of labor, and subsidies offered by government towards farm mechanization. Apart from these factors, season and weather conditions also dictate demand patterns in the farm tractors market.

Innovative technologies that enhance productivity, operational comfort and cost efficiency are major factors that influence demand for tractors in the highly industrialized countries. The vehicle-to-vehicle (V2V) control system and the continuously variable transmission (CVT) PTO (power take-off) are expected to witness greater adoption by farmers in the developed regions as they ensure the much needed fuel efficiency and comfort along with enhancing the productivity. Apart from these factors, strong demand exist in developed regions for tractors embedded with advanced features including automated steering, front axle and cab suspension, universal touch-screen displays, multifunction joysticks, HID lighting, air-ride seats and provision for MP3 players. Although penetration of latest technologies is expected to continue in developed markets, where farming is highly mechanized, most of the developing markets are expected to take several years to adopt these innovations, chiefly due to the availability of cheap labor and prevalence of traditional farming methods.

Asia-Pacific represents the leading market for farm tractors, primarily due to the towering presence of two major markets of China and India, which together lead the global tractor market in terms of volume sales. Substantial potential exists in these countries due to the relatively lower levels of mechanization and presence of inefficient farm equipment. A major portion of tractor demand in the Asia-Pacific region is for low power tractors, as most of the farm sizes are average.

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