Utility Tractor Market

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.

AGCO Corporation

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.

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.

Utility Tractor Market Segmentation

Based on the engine, the utility tractor market can be bifurcated into

• Internal Combustion
• Electric

Based on the drive type, the utility tractor market can be classified into

• 2WD
• 4WD

Based on the application, the utility tractor market can be divided into

• Agriculture/ Landscaping
• Construction/Maintenance