A tractor is an industrial vehicle; usually with one or two small wheels in front, and two large wheels at the back to carry out agricultural and other functions. It is used to move the attached implement that plows the field or performs other activities. Farm tractors are primarily utilized in the farm for a wide range of farming operations including tilling, ploughing, and planting fields. Farm tractors are also utilized to spread fertilizers, clear bushes, etc. Major companies are manufacturing tractors for specific customer requirements, therefore a wide range of modern farm tractors or tractor farm equipment are available in the market. Modern electric farm tractors are suitable for various farming operational requirements. Utilization of tractors in farming improves productivity with minimum resources. Tractors are also used for industrial and construction purposes. Increase in farm cash receipt, i.e. profit and revenue generated from farming, boosts the affordability of tractors, which is estimated to fuel the agriculture tractor market in the next few years. For instance, the Government of India as well as state governments initiated several schemes that assist to diminish the plight of farmers.
Governments in developing economies provide generous subsidies for the purchase of farm tractors to encourage modernized farming. Additionally, governments of various countries have promoted the adoption of machinery for agricultural activities. This has resulted in an increase in preference for mechanized processes over traditional agriculture practices. Thus, in turn, is likely to propel the demand for farm tractors in the future. India has a lower level of mechanization as compared to other developing countries such as China, U.S., and Brazil; however, mechanization is definitely growing at a rapid pace in the country. For instance, the Government of India is encouraging ‘Balanced Farm Mechanization’ to raise the mechanization level, by providing subsidies on agricultural tractors, which is expected to boost the agricultural tractor market during the forecast period. The goal of the government is to promote the growth of the farming sector through its Rashtriya Krishi Vikasa Yojana (RKVY). The scheme is being implemented throughout India with 100% central assistance to increase the level of farm mechanization in India in the farming sector. Likewise, the Government of Canada has implemented the ‘Canadian Agricultural Loans Act’ (CALA) program that provides farmers with a loan of up to US$ 500,000 to purchase land or farm machinery. All these factors are expected to improve the scope for farm tractor market during the forecast period.
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Rapid Rise in Adoption of Farm Mechanization in Agricultural Industry Boosts Market
Precision farming and increase in adoption of farm technology to boost production are driving the demand for tractors. Increase in number of farm training programs promoting the use of agricultural machinery on a wide scale is also driving the tractor industry. Tractors with an engine volume of not more than 1,500 CC occupy less space and can be used with greater flexibility. Ease of customization makes them more amenable to experimentation, and consequentially, manufacturers are willing to try new components and technologies in this segment before moving on to high-powered ones. Low-horsepower tractors work well in soft soil conditions, such as river basins. The lesser than 40 HP tractors are primarily used for horticulture.
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Demand for lower HP tractors is high in developing countries due to the low disposable income of farmers and high labor costs. Farmers prefer small and customized tractors for agricultural purposes due to small farmland sizes. Moreover, lesser fuel consumption by small tractors helps empower small and marginal farmers. Like India, governments in developing countries promote farm mechanization by subsidizing equipment purchases and supporting bulk buying through front-end agencies. Major players in the market are innovating new products due to increase in demand from developing countries. These factors are likely to boost the sales forecast for farm tractor market during the forecast period.
Analysis of Key Players in Global Farm Tractor Market
The global farm tractor market is consolidated, with a few tractor manufacturers controlling majority of the share. Prominent companies in the market possess the potential to increase the pace of growth by adopting newer technologies. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players. Some of the key players operating in the global farm tractor market are Deere & Company, Mahindra Group, Kubota Corporation, Yanmar, Massey Ferguson, Farmtac, Dongfeng, Kioti Tractor, New Holland, SDF Group, Valtra Tractor, Argo Tractors S.p.A., CNH Industrial N.V., CLAAS Agricultural Machinery Private Limited, Eicher Motors Limited, Escorts Limited, Force Motors Limited, Mahindra & Mahindra Limited, International Tractors Limited (Sonalika) and TAFE Limited.
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