AGRICULTURAL TRACTOR MARKET ANALYSIS

Agricultural Tractor Market, By Operation (Manual and Autonomous), By Engine power (Below 40 HP, 40 HP–120 HP, 121 HP–180 HP, 181 HP–250 HP, and More than 250 HP), By Type (ICE and Electric/Hybrid), By Drive type (2-Wheel Drive and 4-Wheel Drive), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024
Code : CMI5341
Pages :164
Formats :
Excel and PDF
Industry : Automotive and Transportation

Market Challenges: Rising material costs

Farmers' incomes have been declining in recent years, reducing their ability to purchase new tractors and farm equipment. Rising material costs also impact tractor manufacturers' margins. Strict emission regulations pose technical and cost hurdles. Additionally, fewer young people are entering farming, thereby shrinking the future customer base. Overall farm land numbers are declining in key markets like Europe and North America. This reduces the need for new tractor purchases.

Market Opportunities: Growing populations and rising incomes in developing nations are increasing the global demand for food

This drives the need for agricultural mechanization and modern tractors. Subsidies and financing schemes can boost affordability. New technology integration related to automation, robotics, Artificial Intelligence (AI), and precision farming opens up new segments. Demand is also increasing for specialized tractors tailored for niche applications.