Four-wheel Drive Tractor Market
Four-wheel Drive Tractor Market (Power Output: Less than 40 HP, 40 HP to 100 HP, 100 HP to 200 HP, and Above 200 HP; Propulsion System: Diesel, Hybrid Electric, and Electric; Operation: Manual and Autonomous; and End Use: Farm, Construction & Mining, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
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Focus on Precision Farming and Farm Mechanization to Drive Innovations
The four-wheel-drive tractor market has witnessed waves of innovations over the past couple of decades and is expected to evolve at a much faster pace in the forthcoming decade. Technological advancements, growing emphasis on improving the functional capabilities of the tractor, focus on maximizing driver safety, and the booming agricultural sector, particularly in developing regions, including Asia Pacific, are some of the major factors that are likely to fast track the growth of the global four-wheel drive tractor market during the assessment period. Manufacturers operating in the current four-wheel drive tractor market landscape are increasingly focusing on tractor design and integrating advanced features to gain competitive edge.
Innovations in the global market for four-wheel drive tractors are also being driven by the evolving regulatory landscape and frequent calls for environment sustainability by governments of several nations. In the wake of mounting environmental concerns and efforts to minimize carbon footprint, market players are currently aligning their product development operations toward the manufacturing of all-electric and hybrid four-wheel drive tractors. At the back of these factors, along with improving traction efficiency of four-wheel drive tractors, the global four-wheel drive tractor market is expected to cross a market value of US$ 22.9 Bn by the end of 2030.
The entry of multiple four-wheel drive tractors launched by various market players is expected to intensify the competition across the global market for four-wheel drive tractors– a factor that is expected to fuel innovations in the upcoming years.
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Technological Boom in Tractor Manufacturing to Redefine Future of Agriculture Sector
Technological advancements are set to usher the agricultural sector into a new era of sustainable agriculture. Advancements in technology have served as a launch pad for innovations across the global four-wheel drive tractor market in recent years, and the trend is set to continue during the forecast period. At present, GPS guidance and self-driving vehicles systems are gradually being integrated into four-wheel drive tractors – a stepping stone toward ‘smart agriculture’. Although the adoption of cutting-edge four-wheel drive tractors is relatively higher in developed regions, including North America and Western Europe, the demand from major agricultural hubs of the Asia Pacific region such as India, China, Vietnam, and Indonesia, is expected to witness gradual growth in the upcoming years.
As the agriculture sector around the world continues to move toward precision agriculture, farming management concepts are likely to evolve at a consistent pace. Innovations across the global four-wheel drive tractor market are estimated to shift gears in the forthcoming years due to which, the global market for four-wheel drive tractors is expected to exhibit a positive outlook.
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Market Players Focus on Launching New Four Wheel Drive Tractors to Gain Advantage
Sensing the growing demand for four-wheel drive tractors, manufacturers are increasingly focusing on expanding their product portfolio and launching state-of-the-art four-wheel drive tractors. For instance, in December 2018, John Deere launched a advanced four-wheel drive tractor in India. In addition, several market players are also focusing on the manufacturing of hybrid tractors to minimize their carbon footprint. In September 2019, Escorts announced the launch of a hybrid tractor, which is powered by fuel and battery. The launch of the new hybrid four-wheel drive tractor was aimed at strengthening the company’s commitment toward offering solutions for precision agriculture and farm mechanization.
While a range of four-wheel drive tractors is gradually entering the market, self-driving tractors backed by the artificial intelligence (AI) technology are projected to make a strong statement in the four-wheel drive tractor market in the upcoming years.
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Sales of Four Wheel Drive Tractors to Grow amid COVID-19 Pandemic
Although the automotive sector is treading through a dark phase in 2020 due to the novel COVID-19 pandemic, the four-wheel-drive tractor market is projected to remain unaffected by the ongoing COVID-19 situation. The sale of four-wheel drive tractors in developing regions of the Asia Pacific region, including India, is witnessing consistent growth. Positive market sentiments in the semi-urban and rural sectors of the Asia Pacific region are expected to drive the expansion of the market for four-wheel drive tractors in 2020. In addition, relaxation in rules for the farming sector during lockdown in several nations is another factor expected to propel the growth of the global four-wheel drive tractor market in 2020.
The global four-wheel drive tractor market is expected to expand at a moderate CAGR of 3.5% during the forecast period. The market is mainly driven by factors such as flourishing agricultural sector in developing regions, advancements in technology leading to innovations, and growing shift toward precision farming and farm mechanization. In addition, as novel technologies such as AI continue to make an impact across the four-wheel drive tractor market, the demand for four-wheel drive tractors is expected to grow in the upcoming decade.
Four-Wheel Drive Tractor Market: Overview
- The global four-wheel drive tractor market is anticipated to expand at a CAGR of 3.5% during the forecast period, owing to adoption of technologies by tractor manufacturers, which enhance tractor efficiency and performance. Increase in demand for electric tractors coupled with the demand for tractor technology to reduce emissions is likely to propel the global four-wheel drive tractor market during the forecast period.
- Technological advancements in battery technology have enabled players operating in the global four-wheel drive tractor market to enhance the cruising range of electric tractors. Technologies adopted in electric tractors, including all-wheel drive and four-wheel drive, further enhance tractor ride handling, improve tractor performance on-road as well as off-road are likely to boost customer preference toward electric tractors. This, in turn, is projected to drive the global four-wheel drive tractor market during the forecast period.
Drivers of Four-Wheel Drive Tractor Market
- Rising adoption of agricultural equipment in developing and developed countries where agriculture is a major contributor to their respective economies, which in turn is boosting the rate of harvesting. Increasing population is fueling the demand for agricultural products consistently, which further boosts the demand for powerful tractors with four-wheel drives. Currently, farmers require large and more powerful tractors for heavy applications in farming in order to boost agricultural yield. This, in turn, is estimated to propel the demand for four-wheel drive tractors across the globe.
- Autonomous tractors are able to perform all functions such as harvesting, sowing, fertilization, and scarifying by itself; thus, they perform uniformly throughout the farm and reduce human errors. Fertilization of crops is a crucial aspect of farming, and manual fertilization is highly inconsistent and non-uniform. Therefore, autonomous tractors are likely to fertilize the crops in a uniform manner and increase yield. This, in turn, is anticipated to drive the global four-wheel drive tractor market.
Challenges for Four-Wheel Drive Tractor Market
- Disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020. However, the market is anticipated to recover by increasing production volume of tractor components as well as tractors from 2021.
- Migration of the rural population toward urban areas is a key factor that is likely to hamper the agriculture tractors market during the forecast period, as high preference for desk jobs over farming is luring the young generation of farmers toward urban areas
- Most countries provide subsidies and numerous finance options for agriculture equipment; however, due to lack of knowledge, small farmers are unable to afford farm tractors. High cost of tractors is a major restraint to the agricultural tractors market.
Four-Wheel Drive Tractor Market Segmentation
- Based on power output, consumer preference toward tractors with power output ranging from 40 HP to 100 HP, led the segment to account for a prominent share of the market, in terms of revenue. Tractors in this segment are cost-effective and can deliver enough power output to perform a wide range of agricultural and forest applications. This, in turn, is estimated to propel the 40 HP to 100 HP segment during the forecast period.
- Based on propulsion, the diesel segment dominated the market, as the production of diesel engine tractors is higher as compared to that of electric and hybrid tractors. However, a rise in preference toward electric tractors is anticipated to boost the market electric segment during the forecast period.
Four-Wheel Drive Tractor Market: Regional Analysis
- Based on region, the global four-wheel drive tractor market has been segregated into North America, Latin America, Europe, East Asia Pacific, South Asia Pacific, and Middle East & Africa
- North America is projected to be highly lucrative market during the forecast period. This is primarily due to the presence of prominent tractor manufacturers in the U.S. and Canada. Manufacturers of tractors are estimated to increase investment in electric propulsion and autonomous tractor technologies during the forecast period, which is turn is projected to lead the electric segment to hold a major share of the market in the region.
Four-Wheel Drive Tractor Market: Competition Landscape
- Key players operating in the four-wheel drive market include -
- AGCO Corporation
- CLAAS KGaA GmbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- Hitachi, Ltd.
- Komatsu Corp.
- Mahindra & Mahindra Ltd.
- SAME DEUTZ-FAHR Italia S.p.A.
- YANMAR CO., LTD.
- Key players at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in industry. For instance, In November 2019, AGCO Corporation signed an engineering agreement with Comer Industries to jointly investigate innovative solutions for future generations of front axles. This agreement is expected to help in the development of power transmission in off-road vehicles.
- Furthermore, in June 2018, Caterpillar Inc. announced a strategic partnership with FIRST to strengthen the STEM pipeline and promote innovation at the workplace. FIRST is involved in inspiring the younger generation to innovate and become science and technology leaders through engagement in mentor-based programs.
Four-wheel Drive Tractor Market – Scope of the Report
Transparency Market Research’s recent report on the four-wheel drive tractor market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the four-wheel drive tractor market analyzes the scenario for the period of 2020 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the four-wheel drive tractor market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the Four-wheel Drive Tractor Market gives readers an individual understanding of the market.
This study also discusses the underlying trends and impact of various factors that are driving the four-wheel drive tractor market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the four-wheel drive tractor market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Four-wheel Drive Tractor Market
- How much value will the four-wheel drive tractor market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and there effects on the market for four-wheel drive tractor market?
- What regions currently contribute the maximum share to the overall four-wheel drive tractor market?
- What are the indicators expected to drive the four-wheel drive tractor market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the four-wheel drive tractor market to expand their geographic presence?
- What are the major advancements witnessed in the four-wheel drive tractor market?
- How regulatory norms affected the market for four-wheel drive tractor market?
This report answers these questions and more about the four-wheel drive tractor market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Four-wheel Drive Tractor Market: Research Methodology
This TMR report on the four-wheel drive tractor market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the four-wheel drive tractor market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the four-wheel drive tractor market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the four-wheel drive tractor market, with both a bottom-up and top-down approach.
This detailed assessment of the four-wheel drive tractor market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the four-wheel drive tractor market is estimated to expand are based on carefully vetted primary and secondary sources.
Four-wheel Drive Tractor Market – Segmentation
This report on the four-wheel drive tractor market provides information on the basis of power output, propulsion system, operation, end use, and region.