The Latin America, Middle East and Africa Agricultural Tractors Market would witness market growth of 5.6% CAGR during the forecast period (2021-2027).
Increased earnings in urban regions, a higher standard of living in urban areas in comparison to rural areas, and limited access to labor are all factors that drive population movement, resulting in a labor shortage in the agriculture sector. In addition, mechanization and automation are becoming more popular as a means of increasing agriculture effectiveness and efficiency while also addressing labor shortages. Due to enhanced and sophisticated automation in the agriculture industry, demand for agricultural tractors is rapidly increasing. The rise of the agriculture business has resulted in a rise in demand for equipment used in farming applications.
The regional market is witnessing the governments' increased support for its development. For example, the Ghanaian government offers subsidized tractors to entrepreneurs who operate 89 tractor rental and service stations. Tractor sales climbed by 10.4 percent in 2018 compared to 2017, according to the South African Agricultural Machinery Association. Tractor sales reached 3,930 units in July 2018, compared to 3,557 units in July 2017.
Agriculture is extremely important to Africa's economic development. However, the industry is not performing to its full potential. Despite the fact that agriculture provides a living for about 60% of Africa's people, the sector's contribution to GDP in 2016 was a meager 21%. Africa has the world's largest uncultivated arable land area, with about 202 million hectares in 2016. As a result, its production falls well behind that of other developing regions. Moreover, crop yields are only 56 percent of the international average.
The Brazil market dominated the LAMEA Agricultural Tractors Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,117.8 million by 2027. The Argentina market is anticipated to grow at a CAGR of 6.1% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 5.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Agricultural Tractors Market is Predict to reach $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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