Farm Tractor Market
Farm Tractor Market (Less than 40 HP, 40 HP - 80 HP, 81 HP - 120 HP, 121 HP - 180 HP, 181 HP - 250 HP, More than 250 HP) - North America and Europe Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027
Press Release :
A farm/agriculture tractor is an engineered vehicle with large rear tyres designed to run efficiently in farm soil. Typically, farm tractors are gasoline or diesel-powered and are available in different horsepower ratings ranging as low as 15 HP and going up to 850 HP. Growing population and subsequently growing demand for food has put pressure on the farmers to equip themselves with the latest and advanced mechanized farming. This has resulted in the growing demand for farm tractors in the North America and Europe region. However, declining commodity prices and farm income in 2017 and 2018 have apparently influenced the farm tractor market growth in the region
In 2018, Farm tractor market in North America was pegged at 249.59 (‘000 Units). Major tractors manufacturers in the region are finding it challenging to maintain their market position and as a result high fluctuations are observed in the prices across all the horse power segments. In addition, Canada farm tractor market witnessed sharp decline during 2016 and 2017 primarily due to rising farm tractor prices in the region afflicted by weaker Canadian dollar. Significant rise in sales of low power (<45 HP) tractors in the U.S. farm tractor market has resulted in recognizable year-on-year volume growth of the overall farm tractor market in the country. In 2018, the U.S. observed 4.2% increase in the unit sales of farm tractors as compared to the previous year.
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Year 2018 witnessed a significant decline in the Europe farm tractor market as well, with France as the poorest performer. Farm tractor sales in France witnessed a steep decline of close to 20% from the previous year 2017. However, the market is anticipated to return to a positive outlook from 2017 onwards. Similar trends were observed in the other European countries including the U.K and Germany. The overall farm tractor market in Europe is anticipated to witness positive trends in the coming years showing gradual recovery from the dip over the last 2-3 years. However, owing to the cyclic nature and dependence on weather and other environmental factors, the farm tractor industry is anticipated to witness intermittent dips in demand over the forecast period 2019 – 2027
Farm tractors are equipped with engines having different horsepower. Based on the engine power the horsepower segment is classified into various ranges, such as less than 40 HP (<40 HP), 40 HP – 80 HP, 80 HP – 120 HP, 120 HP – 180 HP, 180 HP – 250 HP, and more than 250 HP (>240 HP). Of these, less than 40 HP- 80 HP segment is the most popular occupying a major chunk of the U.S. and Germany farm tractor market, followed by 80 HP – 120 HP segment. Both the segments are expected to collectively account for more than 60% of market volume share respectively in 2018 of the North America and Europe farm tractor market. Banking on the positive demand for the low horsepower segment, the segment saw increased focus by tractor manufacturers to capitalize on the revenues from this segment so as to maintain their market position.
North America and Europe farm tractor market is dominated by key players including
- Deere and Company
- CNH Industrial N.V.
- Kubota Corporation
- SDF Group
- AGCO Corporation
- Class KGaAmbH
- Mahindra USA Inc.
among others. Players such as Deere and Company, CNH Industrial N.V., Kubota Corporation, SDF Group, AGCO Corporation, Class KGaAmbH, are amongst the promising players in the North America and Europe farm tractor market. These leading players are focusing on further expanding their business across core markets and seeking a competitive edge through extensive R&D. Moreover, companies such as DaedongUSA, Inc., Argo Tractors S.P.A. and International Tractors Ltd. are focused on offering quality products at competitive prices.
This report on the North America and Europe Farm Tractor market provides analysis for the period 2018 – 2027, wherein 2018 is the base year and the period from 2019 to 2027 is the forecast period. Data for 2018 has been included as historical information. The report covers all the prevalent trends and technologies playing a vital role in the growth of the farm tractor market over the forecast period in both the regions. The report also highlights various drivers, restraints, and opportunities expected to influence the market growth during the forecast period till 2027. The study provides a holistic perspective on market growth throughout the above forecast period in terms of revenue and volume (in US$ Bn and ‘000 Units), across North America and Europe geographies. Cross segment analysis for the U.S and Germany farm tractor market has also been provided in the report. Other Europe and North America countries for which market size analysis has been provided within the scope of the study include Canada, the U.K. and France. The report also provides key developments in farm tractor industry that impacted the farm tractor industry and changed its landscape. The key market indicators provided in the report analyzes the country wise arable land area available in the year 2018.
This research report provides in-depth analysis of the North America and Europe farm tractor market on the basis of horsepower. The horsepower segment is classified into less than 40 HP, 40 HP – 80 HP, 81 HP – 120 HP, 121 HP – 180 HP, 181 HP – 250 HP, and more than 250 HP. Additionally, the farm tractor market report also covers horsepower category wise price trend analysis for the all the countries covered in the scope of study and analyzes the impact of fluctuating prices the market in the two regions. The report also provides Porters Five Force Analysis for the North America and Europe farm tractor market. This model provides comprehensive analysis of various attributes, and highlights vital factors acting as entry barriers to new players in farm tractor market, anticipated threat of substitutes for farm tractors, analysis of supplier’s and buyer’s power, and degree of competition in the farm tractor market.
The report also provides value chain analysis covering key actors in the farm tractor value chain including component manufactures, OEMs (tractor), distribution channel partners, and the end-users. In addition to this, forward and backward integration scenarios is covered in the study which analyses the changing scenarios of widening scope of work and services provided by tractor manufacturers. The market attractiveness analysis for North America and Europe regions is also included within the scope of the research report. The market attractiveness analysis compares the farm tractor market of prominent countries in both the regions based on market size, potential opportunities, and the Compounded Annual Growth Rate (CAGR).
The report provides competition landscape covering the market share of the leading players in the Europe and North America market based on their revenues in 2018. In addition to this, competition matrix compares and analyzes prominent players in terms of their capabilities and future potential. This includes attributes such as market position, offerings, R&D focus, top line growth, market share, segment growth infrastructure facilities and future outlook. Company profiles of the players covered in the study includes detailed information and analysis based on business overview, strategies, product offering. Furthermore, SWOT analysis of these players is also covered in the company profile section.
The key players in the North America and Europe farm tractor market covered in the study includes Deere and Company, CNH Industrial N.V., Kubota Corporation, SDF Group, AGCO Corporation, Class KGaAmbH, and Mahindra USA Inc., Daedong USA, Inc., Argo Tractors S.P.A. and International Tractors Ltd., among others.
The North America and Europe farm tractor market is segmented as below:
North America and Europe Farm Tractor Market, by Horse Power
- Less than 40 HP
- 40 HP – 80 HP
- 81 HP – 120 HP
- 121 HP – 180 HP
- 181 HP – 250 HP
- More than 250 HP
North America and Europe Farm Tractor Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe