The Asia Pacific Agricultural Tractors Market would witness market growth of 4.6% CAGR during the forecast period (2021-2027).
A tractor is a farm vehicle with one or two small wheels in front and two huge wheels in the back and is used for agricultural and other purposes. In addition, it is used to maneuver the associated implement, which ploughs the field or performs other tasks.
The growing global population has increased the demand for agricultural items that people use on a daily basis. Increased customer preference for small-scale tractors (usually with lower power output) and increasing popularity of self-directing (driver-less) tractors are two significant factors that are expected to boost agriculture tractor sales globally throughout the forecast period. Moreover, easy access to credit, rising labor costs, and increased investments in tractor product lines by prominent agriculture machinery manufacturers like John Deere, Mahindra & Mahindra, Tractors & Farm Equipment Limited, would encourage many farmers to adopt such modern machinery for different tasks.
Around 60.0 percent of China's farm activities are mechanized. China produced 617,700 tractors in 2019, according to figures from the National Bureau of Statistics of China. In addition, small tractors were eventually replaced by large and medium-sized tractors. China had 22.24 million agricultural tractors at the end of 2019, with 4.44 million large and medium-sized tractors. Agriculture machinery was featured in the government's "Made in China 2025" campaign in 2018. The program is expected to assist the country in producing the majority of its farm equipment locally, resulting in increased tractors sales in China.
The utilization of animal and human power in India's agriculture sector has decreased significantly. Many of these are propelled by fossil-fuel vehicles such as tractors and diesel engines. As a result, the traditional agricultural process has been replaced with one that is more mechanized. As a result, the old agricultural process has given way to a more mechanical one. In addition, farm productivity issues are mostly addressed by the extensive usage of tractors and other farm equipment. The use of automated power in the field has paved the way for significant changes in the agriculture sector of the country. The Government of India, State Governments, State Agro Industries Corporations, Machinery Manufacturers Associations, Farm Machinery Testing and Training Institutes (FMTTIs), manufacturers, importers, dealers, and farmers are all involved in the subsidy process. The subsidy in the market is shared by both the federal and state governments under direct benefit transfer in agricultural mechanization.
The China market dominated the Asia Pacific Agricultural Tractors Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $13,949.5 million by 2027. The Japan market is experiencing a CAGR of 3.6% during (2021 - 2027). Additionally, The India market would display a CAGR of 5.1% during (2021 - 2027).
Based on Driveline Type, the market is segmented into Two-wheel Drive, and Four-wheel Drive. Based on Engine Power, the market is segmented into Less than 40 HP, 41 to 100 HP, and More than 100 HP. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Agricultural Tractors Market is Projected to reach USD 81.4 Billion by 2027, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AGCO Corporation, CNH Industrial N.V., Deere & Company, CLAAS KGaA mbH, Escorts Ltd., International Tractors Ltd., Yanmar Co., Ltd., Kubota Corp., Mahindra & Mahindra Ltd., and Tractors and Farm Equipment Ltd.
By Driveline Type
By Engine Power
By Country
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