Oct 27, 2020   SOURCE: BusinessWire

Agricultural Tractors Market Segmented by Market Landscape, Product, and Geography, Region, Size, Outlook, Share and Forecast 2020-2024 | Technavio

The new agricultural tractors market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Agricultural Tractor Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Agricultural Tractor Market 2020-2024 (Graphic: Business Wire)

"One of the primary growth drivers for this market is the introduction of driverless agricultural tractors,” says a senior analyst for Industrials sector at Technavio.

The introduction of driverless agricultural tractors will be a significant factor driving the growth of the agricultural tractors market. The increasing focus on technological innovations has helped several leading companies to develop various versions of driverless agricultural tractors. For instance, robotic tractors developed by Yanmar, in collaboration with Hokkaido University, have in-built sensors that identify obstacles and prevent collisions. The speed of the tractor is optimized by an engine control unit (ECU) based on the operating conditions. Similarly, Autonomous Concept Vehicle developed by CASE IH includes technologies such as GPS trackers, radars, and cameras and can be operated and programmed using a table interface. The rising popularity of driverless tractors has also driven several startups, such as AutoNxt Automation Pvt Ltd, to invest in such ventures.

As the markets recover Technavio expects the agricultural tractors market size to grow by 481.84 thousand units during the period 2020-2024.

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Agricultural Tractors Segment Highlights for 2020

  • The agricultural tractors market is expected to post a year-over-year growth rate of 3.55%.
  • The high fuel efficiency offered by low power agricultural tractors has boosted its popularity among small and mid-sized farmers.
  • The demand for low-powered agricultural tractors is especially high in regions with fragmented pieces of agricultural land.
  • Market growth in this segment will be faster than the growth of the market in the mid-power and high power segments.

Regional Analysis

  • 72% of the growth will originate from the APAC region.
  • The high focus on increasing farm yields and productivity and the availability of technologically advanced agricultural tractors will significantly influence agricultural tractors market growth in this region.
  • India, China, and Japan are the key markets for agricultural tractors in APAC.
  • Market growth in this region will be faster than the growth of the market in other regions.

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Notes:

  • The agricultural tractors market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
  • The agricultural tractors market is segmented by engine capacity (low power, mid power, and high power), product (all-wheel drive and two-wheel drive), and geography (APAC, Europe, MEA, North America, and South America).
  • The market is concentrated due to the presence of a few established vendors holding significant market share.
  • The research report offers information on several market vendors, including AGCO Corp., Alamo Group Inc., CLAAS KGaA mbH, CNH Industrial NV, Deere & Co., J.C. Bamford Excavators Ltd., Kubota Corp., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Ltd., and Yanmar Co. Ltd.

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Coverage

Regions Covered

Worldwide

Topics Covered

COVID-19, Low power, Mid power, High power