Tractor Market Report

Market Insights

Tractor Market is likely to witness an impressive CAGR of 5.5% during the forecast period. Major factors such as increasing mechanization in agriculture equipment, rising labor costs coupled with labor shortage, and subsidized farm equipment and low credit rates to encourage farmers are expected to drive the growth of the market. Furthermore, increase in government spending on infrastructural development and growing construction sector will further increase the demand for tractors and drive the growth of the market during the forecast period.

Segment's Analysis

Tractor Market Share: By Power Output Type

Based on the power output type, the market is segmented as below 40 HP, 40 HP - 100 HP, and above 100 HP. The market for tractors with 40 HP - 100 HP power output is expected to grow significantly during the forecast period, owing to the increasing demand for bigger horsepower tractors with greater performance and versatility in agricultural and non-agricultural applications. Furthermore, the 40 HP – 100 HP segment allows farmers to use farm tools such as rakes, scrapers, and seed drills. This factor is expected to drive the growth of the segment over the forecast period.

Tractor Market Share: By Drive Type

Based on the drive type, the market is segmented as two-wheel drive and four-wheel drive. Two-wheel drive type is estimated to hold the major share of the market owing to ease of handling features, economic affordability, and fuel efficiency. However, with increasing farmers’ income coupled with government initiatives, the demand for four-wheel drive tractors is also increasing.

Tractor Market Share: By Application Type

Based on the application type, the market is segmented as agriculture, construction, mining, forestry, and others. The agriculture application segment is estimated to account for the major share of the market during the forecast period on account of growing agriculture sector. Furthermore, the market is expected to expand as agricultural investment increases and the government pushes for farm mechanization. In addition, rapid urbanization, farm labor shortage, and growing infrastructure and construction activities are expected to drive the market growth during the forecast period. 

Tractor Market Share: By Region

In terms of regions, Asia-Pacific is expected to be the leading region in the market, owing to the increasing demand for tractors in the emerging economies such as China and India, as a result of increased agricultural investment and the government's farm mechanization initiative. Furthermore, easy financing, improved farming methods, and economic developments in India and China are expected to fuel the growth of the market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Market Scope & Segmentation

A tractor is an engineering vehicle specifically designed to deliver high tractive effort at slow speeds, that is used to pull farm machinery or hauls a trailer such as that used in agriculture, mining or construction. The tractor is the combination of two words, “traction and motor.”

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The tractor market is segmented into the following categories.

Tractor Market Size, Share, & Forecast, by Power Output Type:

• Below 40 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 40 HP - 100 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Above 100 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Tractor Market Size, Share, & Forecast, by Drive Type:

• Two-wheel Drive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Four-wheel Drive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Tractor Market Size, Share, & Forecast, by Application Type:

• Agriculture (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Mining (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Forestry (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Tractor Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the major players in the wood coating market are-

• Akzonobel N.V.
• Arkema SA
• Ashland Inc.
• BASF SE
• Hempel A/S.
• Nippon Paint Co. Ltd.
• RPM International Inc.
• The Dow Chemical Company
• The Sherwin-Williams Company
• The Valspar Corporation.

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the drive types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.