Need to decrease post-harvest losses propels the Global Tractor Implements Market
The Global Tractor Implements Market was at 57.3 billion US dollars in 2021, which is foreseen to reach a valuation of 76.1 billion US dollars by 2026 at a CAGR of 5.84% during the outlook period of 2021 to 2026.
Market Drivers and Restrains:
High demand during the land development stage, and the need for efficient technique to decrease post-harvest on field waste drives the growth of the global tractor implements market. Increase in adoption of smart farming and technologically advanced machinery, government subsidiaries are some other driving factors of Tractor Implements business. However, high initial cost and huge maintenance charges of the equipment are a few challenges effecting the expansion of Tractor Implements market.
Recent Market Developments:
In October 2018, Kubota corporation has established a new center in United States which will be helpful the company to realign and enhance its distribution network in the United States of America for the growth of the business.
In September 2018, Deere & Company acquired PLA SA company from Argentina which deals with sprayer manufacturing.
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Report is segmented as:
The Global Tractor Implements market is segmented by phase, power and drive.
By phase, the Tractor Implements market is segmented into crop protection, tillage, irrigation, sowing and planting, harvesting and threshing, loading, packing, on-field processing equipment.
By power, the market is segmented into two types namely powered and unpowered.
By drive, the Tractor Implements market is segmented into 2-wheel drive and 4-wheel drive.
Asia Pacific holds the major share of the Tractor Implements market owing to the increased agriculture activities especially in some of the developing economies such as India, China, Thailand and Vietnam. This region is also expected to hold the dominance of the market during the outlook period. North America holds the second largest share of the Tractor Implements market due to the surge in investments by the companies and strict regulations from the local government.
Impact of COVID-19 on Tractor Implements Market
Due to coronavirus pandemic, all the industries are facing a lot of financial crisis due to the halt of their businesses because of the lockdown imposed by the government authorities. Also, the companies related to the Tractor Implements are facing financial crisis due to the pandemic. As per the analysis, the Tractor Implements market is expected to bounce back in the coming two to three years.
Key market players:
Major market players of Tractor Implements are: Kubota Corporation (Japan), SDF Group (Italy), CNH Industrial (US), Mahindra and Mahindra (India), Tractor and Farm Equipment Limited (India), JCB (UK), CLAAS (Germany), Deere & Company (US), Actuant (US), Kuhn Group (France), and Alamo Group (US)
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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