Utility Tractor Market - Introduction
Utility tractor is a low/medium horsepower tractor that is used for agriculture and construction applications. Utility tractors are fitted with attachments in order to carry out applications in agriculture, landscaping, and maintenance.
Utility Tractor Market - Competitive Landscape
In May 2019, Solectrac, a North America-based tractor manufacturer announced it had bagged orders for its electric utility tractor ‘eUtility’. The company’s eUtility tractor has a 30KWh on-board battery. The eUtility is available in 2-wheel drive (2WD) and 4WD options, which are anticipated to be launched by the end of 2019.
Deere & Company
Deere & Company is a leading manufacturer of utility tractors. The company presently has it’s headquarter in Grand Detour, Illinois, U.S. It operates through a network of facilities in around 30 countries, worldwide. Deere & Company operates through four major business segments: Deere equipment operations, construction & forestry, agriculture & turf, and financial services.
CNH Industrial N.V.
Founded in 1999, CNH Industrial N.V. is a key player in the utility tractor market. The company operates through five major business segments, namely, agricultural equipment, commercial vehicles, construction equipment, powertrain, and elimination and others.
Established in 1990, AGCO Corporation, currently based in Duluth, Georgia, U.S., is a leading manufacturer of utility tractors. The company has presence across the globe with manufacturing & distribution facilities located across North America, South America, Asia Pacific & Africa, Europe, and the Middle East
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Utility Tractor Market Dynamics
Rise in demand for mechanization amongst farmers driving the utility tractor market
Rise in spending power of farmers and demand to improve farm yield has driven the adoption of tractors. Consequently, subsistence and small-scale farmers in rural areas are adopting utility tractors, which in turn is driving the market. Utility tractors are cost-effective and use attachments such as mowers, log splitters, trailers, rotavators, and harrows. Utility tractors are easier to maintain as compared to high power tractors and are easy to customize as per their need in applications in agriculture and construction jobs. Therefore, the utility tractor market is estimated to expand owing to the rising demand for mechanization and increased adoption of tractors for agricultural operations.
4WD tractor segment to witness higher demand
The 4WD tractors provide considerably high forward traction during acceleration. This is helpful for agricultural conditions and when driving on moderate off-road terrain. Maximum power output increases from 12% to 45% in (4WD) four-wheel drive, depending on soil type and conditions. 4WD utility tractors are more efficient and improve fuel economy; hence, demand for these tractors is expected to rise significantly in the near future.
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Utility Tractor Market Segmentation
Based on the engine, the utility tractor market can be bifurcated into
- Internal Combustion
Based on the drive type, the utility tractor market can be classified into
Based on the application, the utility tractor market can be divided into
- Agriculture/ Landscaping
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.