Transparency Market Research Report Added "Farm Tractors Market" to its database.
Albany, NY -- (SBWIRE) -- 11/02/2015 -- Global market for agricultural equipments is mainly dominated by farm tractors. Farm tractors are one of the comprehensive equipments in farming. Farm tractors reduce the labor work and produce higher output as compared to human labor. Growing demands of farmers over the years have led to continuous evolution of farm tractors. With the advancement in technology, agricultural practices are being rapidly mechanized and more advanced farm tractors are being engineered thereby providing better output.
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The demand for agricultural produce is growing mainly due to the rising population. Farm tractor market was moderately influenced by recession in 2008 - 2009, however it recovered by 2010. With the rise in demand for food produce, farm tractor market poised a considerable growth in the next three years and the trend is expected to remain same over the next three years. Asia-Pacific represents the largest sales of farm tractors in the world primarily because of growing demand in China and India. Europe and North America are other important market for tractor sales. The presence of large farms in the U.S spurs the demand for high power farm tractors. On the other hand, a major portion of the demand in China and India accounts for low power tractors.
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The global economy has continued to see a rise in the mechanization of farming practices. Scarcity of labor, availability of credits and increased government subsidies towards mechanization are the major driving factors for farm tractors market. Innovations in designing tractors have increased the production cost thereby posing a restraint to the market. The mechanization of agricultural practices is still slow in Asia-Pacific region. However, in developed nations the demand for innovative technologies such as cab suspension, HID lighting, automated steering and universal touch screen displays provides an opportunity to the farm tractors market. Some of the major players in this industry are Deere & Company (John Deere), Kioti Tractor Division Daedong-USA, Escorts Group and AGCO.
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