The Global Tractor Implements Market size is expected to reach $39.1 billion by 2028, rising at a market growth of 5.3% CAGR during the forecast period.
The agricultural equipment mounted to a tractor is referred to as a tractor implement. The usage of tractor tools in agriculture spans a wide range of tasks, including clearing ground for planting, harvesting, sowing, seeding, baling, irrigation, and more. The three mounting positions for tractor implements are front, middle, and rear. The tractor loader is the tool that is most often front-mounted.
The mower deck is a typical tractor implement for the middle position, while the rear blade of the tractor is a typical rear-mounted implement. Tractor blades, spreaders, landscape rakes, sprayers, tillovators, quick hitchers, rotary tedders, disc mowers, and other similar tractor implements are among the various tractor equipment. Tractor implements may be divided into powered and unpowered.
While unpowered tractor implements are used regularly, powered tractor implements need mechanical and electrical power to move. Increased spending on labor-intensive equipment like cultivators, harrows, and tillers as a consequence of the agricultural sector's rapid modernization has boosted industry growth. Additionally, the lack of competent personnel results in the adoption of new machinery and tools, which promotes industrial expansion.
The demand for machinery and equipment has already been affected by COVID-19 in the first quarter of 2020. Several tractors implement manufacturers struggled to stay in business during the COVID-19 lockdowns, which had a significant negative impact on business. The first half of 2020 had a negative influence on the sector. However, it recovered and saw growth as a result of several important global economies opening. Additionally, businesses began using creative solutions to combat the pandemic.
The need for tractors is rising as the world's population rises. Rapid urbanization, restricted availability of labor, increased food consumption, and technological innovation is some of the market's major themes. When basic demand-supply economics and the movement of labor from urban to rural regions are taken into consideration, there is a clear correlation between the price of agricultural labor and the proportion of a nation's total population working in agriculture. Additionally, as the population and food demand rise, farmers need to increase their yields.
The growing use of Internet of Things (IoT) technology in the agricultural sector enables farmers to track the progress of their products by offering real-time support via IoT apps. Utilizing IoT applications with conventional farming techniques helps to cut down on the time and expense associated with managing different agricultural resources, such as water, electricity, and land, and focuses instead on providing consumers with high-quality food. Utilizing precision farming methods, the use of IoT-based devices in the agriculture industry also minimizes the usage of pesticides and fertilizers, further enhancing the health of crops or soil to provide organic food to diverse end users.
Farmers' physical and financial safety might be seriously threatened by inexperienced agricultural equipment operating. Lack of information about this equipment may restrict farm size and production, hence reducing the farm's capacity to sustainably support a family. On the other hand, a rising number of new farmers (such as apprentices, interns, and workers) have little to no experience using equipment and come from non-farming backgrounds.
Based on product, the tractor implements market is classified into the Cultivator & Tiller, Plough, Planters, Harrows, Spreaders, Baler, and Others. In 2021, the cultivator and tiller equipment segment dominated the market. Utilizing cultivators and tillers, farming operations are mechanized and automated. It contributes to efficient utility use in addition to raising agricultural productivity. The need for cultivators and tillers has risen as a result of technical development, the modernization of agriculture, and the development of high-performance cultivators and tillers.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 27.5 Billion |
| Market size forecast in 2028 | USD 39.1 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 5.3% from 2022 to 2028 |
| Number of Pages | 138 |
| Number of Tables | 203 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Australia, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on geography, the tractor implements market is categorized into North America, Europe, Asia Pacific, and LAMEA. In 2021, the Asia Pacific region led the market globally and had the largest share. The area is anticipated to continue to develop at the quickest pace, maintaining its leadership throughout the projection period. The need to enhance yields as a consequence of an increasing population is one of the main factors in this area. Automation and precision agricultural procedures are being adopted by an increasing number of farmers in emerging nations, which is encouraging for cultivating and tilling equipment.
Free Valuable Insights: Global Tractor Implements Market size to reach USD 39.1 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Deere & Company are the forerunners in the Tractor Implements Market. Companies such as CNH Industrial N.V., AGCO Corporation and KUBOTA Corporation are some of the key innovators in Tractor Implements Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CNH Industrial N.V., Deere & Company, KUBOTA Corporation, Mahindra & Mahindra Limited (Mahindra Group), J C Bamford Excavators Ltd., AGCO Corporation, Claas KGaA mbH, SDF S.p.A., KUHN SAS (Bucher Industries AG) and Tractors and Farm Equipment Limited
By Product
By Geography
The global Tractor Implements Market size is expected to reach $39.1 billion by 2028.
Global population increase at an exponential rate, and political policies that are supportive are driving the market in coming years, however, Farmers' lack of awareness restraints the growth of the market.
CNH Industrial N.V., Deere & Company, KUBOTA Corporation, Mahindra & Mahindra Limited (Mahindra Group), J C Bamford Excavators Ltd., AGCO Corporation, Claas KGaA mbH, SDF S.p.A., KUHN SAS (Bucher Industries AG) and Tractors and Farm Equipment Limited
The expected CAGR of the Tractor Implements Market is 5.3% from 2022 to 2028.
The Asia Pacific market dominated the Global Tractor Implements Market by Region in 2021; thereby, achieving a market value of $14.3 billion by 2028.
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