Tractor Implements Market
Tractor Implements Market Forecasts to 2028 - Global Analysis By Power (Powered and Unpowered), Drive (2-wheel Drive and 4-wheel Drive) and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $30.69 BN |
|
Projected Year Value (2028) |
US $46.06 BN |
|
CAGR (2022 - 2028) |
7.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Tractor Implements Market is accounted for $30.69 billion in 2022 and is expected to reach $46.06 billion by 2028 growing at a CAGR of 7% during the forecast period. A group of tools that are mounted on an agricultural tractor to carry out various tasks on farmlands are known as tractor implements or tractor-mount equipment. These tools are capable of performing a variety of tasks, including digging, plough work, sowing, cultivating, and seeding. Additionally, a rise in the use of technologically advanced machinery, government subsidiaries, and smart farming practises are seen as market growth drivers.
According to the World Bank by 2050, agriculture production will increase by nearly 70%, resulting in increasing demand for irrigation and crop protection. Therefore, the increase in irrigation and crop protection will drive the growth of the tractor implement market.
Market Dynamics:
Driver:
High Labour Cost due to Urbanization
One of the main factors anticipated to propel market revenue growth during the forecast period is the growing need for effective technology to reduce post-harvest loss and the high demand for tractor implements during the land development phase. In addition, the development of intelligent farming technology, rising adoption of cutting-edge machinery, and encouraging government initiatives are anticipated to fuel the market revenue growth.
Restraint:
High maintenance cost hampers growth
One major factor that could limit the growth of market revenue during the forecast period is the high cost of equipment due to the integration of new technologies in developing regions. The implements have very high maintenance costs.
Opportunity:
Rising IOT adoption in agriculture
Farmers can track the progress of their products owing to the expanding use of Internet of Things (IoT) technology, which allows them to provide real-time support through IoT apps. By combining IoT applications with traditional farming methods, it is possible to reduce the time and money needed to manage various agricultural resources, such as water, electricity, and land, and instead concentrate on producing high-quality food for consumers. The use of IoT-based devices in the agriculture sector reduces the use of pesticides and fertilisers while utilising precision farming techniques, further improving the health of crops or soil to provide organic food to a variety of end users.
Threat:
Lack of awareness among farmers
Operating agricultural equipment without experience could pose a serious risk to farmers' financial and physical safety. The size and production of the farm may be constrained due to a lack of knowledge about this equipment, which would lower the farm's ability to sustainably support a family. Further impeding the growth of the market is a lack of knowledge about the advantages of powered tractor tools in developing nations.
Covid-19 Impact:
The COVID-19 pandemic has considerably hindered production of tractor implements because of prolonged lockdowns in countries across the globe. This has resulted in moderately slow market revenue growth, owing to a dip in machinery and equipment sales associated with tractors in the past year. Several tractor implement manufacturers struggled to stay in business during the COVID-19 lockdowns, which had a significant negative impact on business.
The Powered segment is expected to be the largest during the forecast period
The Powered segment is expected to have the highest share during the forecast period. Electricity and mechanical energy are needed to operate powered tractor implements. These tractor implements are used primarily for carrying out various agricultural tasks because they help increase the processing efficiency and mechanised activities of agricultural production.
The 4-wheel Drive segment is expected to have the highest CAGR during the forecast period
Due to its advantages, including greater power, efficiency, and the user-friendliness of attaching multiple implements. The best vehicle for slopes and wavy terrain is 4-wheel drive. Tractors with four wheels can be equipped with a variety of tools to handle several tasks at once. Farmers can quickly achieve high productivity, largely owing to this drive equipment.
Region with largest share:
The need to increase yields as a result of a growing population is one of the main drivers in this region. Automation and precision agriculture practises are being adopted by an increasing number of farmers in developing nations, which is encouraging for cultivating and tilling machinery. Additionally, the use of agricultural equipment to increase crop production is supported by favourable government policies and subsidies, which is driving up demand for tractor implements in the Asia Pacific region.
Region with highest CAGR:
North America is anticipated to have the highest CAGR during the forecast period due to rising demand for crop protection and irrigation. To meet the rising demand, the nations in the North American region are increasingly implementing automation and smart farming techniques. These nations have a labour shortage, which is promoting the use of mechanised farming products and solutions that carry out a variety of farm-related tasks with the highest level of accuracy and productivity.
Key players in the market
Some of the key players in Tractor Implements Market include Agco Corporation, Tractors and Farm Equipment Limited (TAFE), SDF Group, Claas KGaA Mbh, Deere & Company, Kubota Corp., CNH Industrial N.V., Kuhn Group, Alamo Group, Mahindra & Mahindra, Joseph Cyril Bamford Excavators Ltd. (JCB) and Actuant.
Key Developments:
In March 2022, The SAVERNE, France-based KUHN SAS company introduced a stubble cultivator for contractors and farmers that has a 15 kph working speed and improves crop cultivation.
In Aug 2021, Farmkart, an agriculture technology startup based in India, launched rent4farm, Rent4farm a technology-enabled platform that offers unstructured agriculture equipment leasing services.
Phases Covered:
• Harvesting & Threshing
• Tillage
• Cultivator
• Plough
• Irrigation & Crop Protection
• Sowing & Planting
• Other Phases
Powers Covered:
• Powered
• Unpowered
Drives Covered:
• 2-wheel Drive
• 4-wheel Drive
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Tractor Implements Market, By Phase
5.1 Introduction
5.2 Harvesting & Threshing
5.3 Tillage
5.4 Cultivator
5.5 Plough
5.6 Irrigation & Crop Protection
5.7 Sowing & Planting
5.8 Other Phases
6 Global Tractor Implements Market, By Power
6.1 Introduction
6.2 Powered
6.3 Unpowered
7 Global Tractor Implements Market, By Drive
7.1 Introduction
7.2 2-wheel Drive
7.3 4-wheel Drive
8 Global Tractor Implements Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Agco Corporation
10.2 Tractors and Farm Equipment Limited (TAFE)
10.3 SDF Group
10.4 Claas KGaA Mbh
10.5 Deere & Company
10.6 Kubota Corp.
10.7 CNH Industrial N.V.
10.8 Kuhn Group
10.9 Alamo Group
10.10 Mahindra & Mahindra
10.11 Joseph Cyril Bamford Excavators Ltd. (JCB)
10.12 Actuant
List of Tables
1 Global Tractor Implements Market Outlook, By Region (2020-2028) ($MN)
2 Global Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
3 Global Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
4 Global Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
5 Global Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
6 Global Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
7 Global Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
8 Global Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
9 Global Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
10 Global Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
11 Global Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
12 Global Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
13 Global Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
14 Global Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
15 Global Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
16 North America Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
17 North America Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
18 North America Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
19 North America Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
20 North America Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
21 North America Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
22 North America Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
23 North America Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
24 North America Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
25 North America Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
26 North America Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
27 North America Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
28 North America Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
29 North America Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
30 North America Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
31 Europe Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
32 Europe Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
33 Europe Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
34 Europe Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
35 Europe Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
36 Europe Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
37 Europe Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
38 Europe Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
39 Europe Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
40 Europe Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
41 Europe Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
42 Europe Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
43 Europe Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
44 Europe Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
45 Europe Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
46 Asia Pacific Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
47 Asia Pacific Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
48 Asia Pacific Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
49 Asia Pacific Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
50 Asia Pacific Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
51 Asia Pacific Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
52 Asia Pacific Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
53 Asia Pacific Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
54 Asia Pacific Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
55 Asia Pacific Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
56 Asia Pacific Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
57 Asia Pacific Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
58 Asia Pacific Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
59 Asia Pacific Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
60 Asia Pacific Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
61 South America Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
62 South America Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
63 South America Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
64 South America Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
65 South America Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
66 South America Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
67 South America Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
68 South America Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
69 South America Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
70 South America Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
71 South America Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
72 South America Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
73 South America Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
74 South America Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
75 South America Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
76 Middle East & Africa Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
77 Middle East & Africa Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
78 Middle East & Africa Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
79 Middle East & Africa Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
80 Middle East & Africa Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
81 Middle East & Africa Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
82 Middle East & Africa Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
83 Middle East & Africa Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
84 Middle East & Africa Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
85 Middle East & Africa Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
86 Middle East & Africa Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
87 Middle East & Africa Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
88 Middle East & Africa Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
89 Middle East & Africa Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
90 Middle East & Africa Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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