Agricultural Tractors Market is projected to expand at a CAGR of more than 4% during forecast period between 2018 to 2026 and estimated to exceed US$ 100 Bn by 2026.
Albany, NY -- (SBWIRE) -- 04/20/2019 -- The agricultural tractor is a key part of modern-day farming. Among all machinery utilized in farming, the tractor is mostly used to carry out various agriculture applications such as harvesting, seed sowing, and irrigation. Tractors are basically employed for two major applications: agriculture and construction; however, the agriculture sector witnesses significant usage of tractors.
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Rise in population, water shortage, insufficient arable land, and deprivation of land fertility are key factors that are fueling the demand for food among consumers. The agriculture sector is prone to various issues regarding the production of food in comparison to fulfilling the demand from consumers. A majority of agriculture land around urban and rural areas is employed for commercial usage owing to industrialization. This is primarily due to the migration of the population from rural areas toward urban areas. Increase in wages in urban areas, improved standard of living in urban areas compared to rural areas, and restricted accessibility to labor are key factors that fuel the migration of the population, leading to a shortage of labor for agriculture applications.
The trend of mechanization and automation is rising in order to expand the effectiveness and efficiency of farmlands and to overcome shortage of labor. The demand for agricultural tractors is rising at a rapid pace owing to improved and advanced automation in the agriculture sector. Increase in demand for equipment that is utilized in farming applications is due to the expansion of the agriculture industry. This, in turn, is anticipated to boost the demand for agricultural tractor during the forecast period. Increase in demand for automated agriculture equipment in several countries, such as India and countries in ASEAN is propelling the market for agricultural tractors.
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Rise in global population has propelled the demand for agricultural goods that are utilized as daily needs by people. Increase in inclination among consumers for small-scale tractors (generally less power output tractors) and rise in penetration of self-directing (driver-less) tractors are major factors that are likely to boost the sales of agriculture tractors, worldwide, during the forecast period. Furthermore, easy availability of finance, increase in labor cost, and rise in investments by leading agriculture machinery manufacturers, such as John Deere, Mahindra & Mahindra, Tractors & Farm Equipment Limited, in their tractor product lines is expected to positively influence the global tractor market in the near future.