Industrial Tractor Market - Introduction
Industrial tractors is the term used for tractors that are specially designed for industrial applications. Industrial tractors are utilized for pulling operations and are not fitted with the three point linkages, instead they are fitted with drawbars. Moreover, industrial tractors have only the basic design of tractors and have tires that suitable for use on road and yards. Solid tires are preferably used in industrial tractors.
Industrial Tractor Market - Competitive Landscape
AGCO Corporation, TOYOTA INDUSTRIES CORPORATION, Mahindra & Mahindra, TAFE, John Deere, UniCarriers, and DEUTZ-FAHR are leading manufacturers of industrial tractors. Most of the listed manufacturers have presence in farm tractor manufacturing which, by changing the attachment of the tractor, have been extensively utilized for material handling in various industries. TOYOTA INDUSTRIES CORPORATION is a prominent player in the manufacture of material handling equipment. Its wide product portfolio includes electric equipment that are utilized for industrial applications.
Established in 1990, AGCO Corporation is presently based in Duluth, Georgia, U.S. It is a leading manufacturer of utility tractors. The company has a global presence with manufacturing & distribution facilities located across North America, South America, Asia Pacific & Africa, Europe, and the Middle East.
TOYOTA INDUSTRIES CORPORATION
Founded in 1926, TOYOTA INDUSTRIES CORPORATION is headquartered in Aichi, Japan. It is a leading manufacturer of industrial tractors. The company has global presence and specializes in the development of latest technologies for towing tractors. In February 2019, the company collaborated with Japan’s prominent airline company, All Nippon Airways, for trial of Japan’s first autonomous towing tractors at Saga Airport, Japan.
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Mahindra & Mahindra Ltd.
Established in 1945, Mahindra & Mahindra is presently based in Mumbai, India. The company has global presence and has a wide product portfolio. Mahindra & Mahindra Ltd. has presence in diverse service and manufacturing sectors and is a leading automotive company based in India. The company is a leader player in the global tractor market and has sold the largest volume of tractors across globe.
Deere & Company
Deere & Company is a leading manufacturer of tractors. The company’s headquarters are presently located in Grand Detour, Illinois, U.S. It operates through a network of facilities spread across 30 countries worldwide. The company operates through four major business segments: Deere equipment operations, construction & forestry, agriculture & turf, and financial services.
Industrial Tractor Market Dynamics
Expansion of industries across globe with high investment of the manufacturing companies in developing regions
Industries across the globe are expanding at a significant pace, owing to rising consumption of the goods by society. Increased purchase power parity and technological development have been boosting the industrial sector in the last few years. Large number of equipment are used for easy management of goods within the within the manufacturing premises or within the manufacturing location, which is driving the demand for industrial tractors significantly.
Adoption of automation among industries is significantly boosting the demand for industrial tractors, as they reduce the involvement of humans required to tow or shift material or goods within the production or manufacturing facility. Developing nations are likely to propel the market for industrial tractor owing to the increase in number of industries in developing countries.
Market for the electric and autonomous industrial tractor is anticipated to expand significantly across the globe, owing to high focus on the adoption of clean fuel and higher precision work.
Use of farm tractors in small-scale industries
Most small-scale industries use farm tractors to carry out hauling or pulling operations within the production or manufacturing facility and in several cases, they are used by installing the loaders bucket in the tractors. This, in turn, is significantly hampering the industrial tractor market. Moreover, several small-scale industries employ forklifts for multiple applications and hence, do not require industrial tractors, which in turn is hindering the industrial tractor market.
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Industrial Tractor Market Segmentation
Based on application, the industrial tractor market can be classified into
- Warehouse/ Manufacturing industries
- Vehicle Fleets
Based on the autonomy level, the industrial tractor market can be divided into
- Fully Autonomous
Based on fuel type, the industrial tractor market can be split into
- Diesel Tractors
- Gasoline Tractors
- Electric Tractors
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.