MRRSE has added a new research report on the "Farm Tractor Market - North America and Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024" to its collection.
Farm tractor in north america and europe industry survey, comprehensive analysis, growth and major policies report 2016 2024
1. Farm Tractor in North America and Europe Industry Survey,
Comprehensive Analysis, Growth and Major Policies Report
2016 - 2024
Report Description
A rapidly growing population and a subsequently rising
demand for food has put pressure on farmers to equip
2. themselves with the latest and advanced mechanized farming
techniques. This has resulted in the increased demand for
farm tractors in North America and Europe. The market is
also supported by favorable government policies encouraging
the usage as well as purchase of agro machinery and various
farming equipment. Easy access to credit provided by
country-specific governments in these two regions has
benefited the adoption of farm tractors in Europe and North
America.
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3. The North America and Europe farm tractor market is
expected to record sales volume of 582.2 thousands units by
2024. By revenue, the market is projected to expand from
US$13.6 bn in 2015 to US$17.23 bn by 2024. While the
North America farm tractors market will register a modest
3.0% CAGR by value during the forecast period, Europe is
expected to exhibit a 5.4% CAGR from 2016 to 2024.
Less Than 40 HP Segment Dominates across U.S. and
Germany
Farm tractors are equipped with engines having different
horsepower. Based on horsepower, the farm tractor market is
classified into less than 40 HP, 40 HP–80 HP, 80 HP–120
4. HP, 120 HP–180 HP, 180 HP–250 HP, and more than 250
HP.
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Of these, the less than 40 HP segment occupies a major
chunk of the North America and Europe farm tractors market,
especially in the U.S. and Germany. Followed by the 40 HP–
80 HP segment, these two are expected to collectively
account for 62% and 69% respectively in North America and
Europe in 2015. Banking on the positive demand for the low
horsepower segment, tractor manufacturers are increasingly
5. focusing on the less than 40 HP segment to maintain their
market position.
North America takes the Lead in Farm Tractor Market by
Unit Shipments
From a geographical standpoint, North America dominated
the farm tractor market in 2015 in terms of unit shipments.
The market in North America is estimated to amount to
US$9.14 bn in 2016, driven by the positive growth in the
U.S. farm tractor market, which witnessed significant demand
for small and compact tractors in the below 40 HP
horsepower category. Conversely, the farm tractor market in
Canada is estimated to witness a steep decline in shipments
6. owing to the frequent fluctuation and weakening of the
Canadian dollar. The farm tractor market across all the
horsepower segments in the country is estimated to witness a
dip in 2016 as well. Moreover, all the major tractor
manufacturers have been undergoing a tough time in
maintaining their market share in Canada as a large volume
of the local demand is met through imports, which escalates
the chances of currency fluctuation.
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market
7. In 2015, the Europe farm tractor market recorded a shipment
of 153 thousand units, with Germany being the top
contributor. France, the U.K., and Italy are also anticipated
to be prominent contributors to the Europe farm tractor
market. European countries such as the U.K, Finland, and the
Netherlands, have relatively larger farms in terms of area and
therefore, farm tractors above 80 HP are estimated to exhibit
significant growth in demand in these countries.
The key players in the North America and Europe farm
tractor market include Deere and Company, CNH Industrial
N.V., Kubota Corporation, SDF Group, AGCO Corporation,
Class KGaAmbH, and Mahindra USA Inc., Daedong USA, Inc.,
Argo Tractors S.P.A., and International Tractors Ltd. These
8. players are focusing on further expanding their businesses
across core markets and seeking a competitive edge through
extensive R&D activities. Companies such as Daedong, Argo
Tractors, and International Tractors are focused on offering
quality product
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