Wheeled Tractor Machinery Market projected To Grow With Significant CAGR Over The Forecast Period
Wheeled Tractor Machinery Market
PR-Inside.com: 2018-05-17 14:24:31
Overview of the Wheeled Tractor Machinery Market
Wheeled tractors are those vehicles in which high torque can be achieved at low speed. Due to this property, wheeled tractors are widely used in farming and gardening applications. These tractors are capable enough to provide the required traction and power needed for agricultural works, especially when land is being prepared for growing crops. These wheeled tractors are efficient and help in reducing the overall time, thus agriculture has become one of its major application areas. In agriculture, each stage like tillage, sowing, planting, cutting, harvesting etc needs a different types of wheeled tractors.
Market Dynamics for the Wheeled Tractor Machinery Market
Rising demand for food in order to meet the requirement of increasing population, rising demand for tractors from emerging nations, government support in the form of subsidies on purchase of tractors are the factors which are likely to boost the growth for the wheeled tractors machinery market. Also, factors like advancement in tractor machinery, high efficiency of these tractor machineries and their wide application in agriculture will continue to support this growth.
On contrary, factors like high cost of wheeled tractors and their limitation on their use on rough surface like to act as constraint to the growth of the wheeled tractor machinery market.
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Market Segmentation of the wheeled Tractor Machinery Market:-
The wheeled tractor machinery market can be segmented on the basis of tractor design and tractor type
On the basis of design, the wheeled tractor machinery market can be segmented as below:-
• Two-wheeled tractors
• Four-wheeled tractors
On the basis of the tractor type, the wheeled tractor machinery market can be segmented as below:-
• Rotary tillers
• Row crop tractors
• Implement carrier
• Utility tractors
• Industrial tractor
• Earthmoving tractor
• Garden tractor
• Orchard type tractor
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Scope for wheeled Tractor Machinery Manufacturers:-
As there is growing demand for wheeled tractors in developing countries, also, farmers in these countries are likely to get subsidy from their governments on purchases of wheeled tractors. Thus, there is good scope for the manufacturers of these tractor machineries in these developing countries. Mergers, acquisitions and joint collaborations are few strategies being adopted by the players in order to grow. For example – acquisition of 33% stake in Mitsubishi Agriculture Machinery Co Ltd by Mahindra & Mahindra Ltd for joint product development. New product development is another strategy being adopted by players in this industry. Launch of a new hay and forage machinery into the market by John Deere in April 2015 is one such move.
Region wise Wheeled Tractor Machinery Market:-
On the basis of geography, the wheeled tractor machinery market can be divided into five key regions. They are:-
• North America
• Latin America
• Middle East &
In North America, factors like increase in fruits and vegetables farming, lack of labours for farming and launch of new products in the market is likely to boost the growth for the wheeled tractor machinery in the forecasted period. In Europe again, a rise in agricultural activities is witnessed in countries like UK, Germany, Spain and Russia. Also, other factors like growing demand for food and adoption of novel technologies likely to support the market growth. In Asia-Pacific, rise in agricultural activities, support from government in the form of subsidy for purchase of these machinery and collaboration between key players are the main growth stimulators.
Coming to the Middle East and Africa, here the main growth drivers are the government-sponsored agricultural projects like Galana-Kulalu irrigation scheme in coastal area and large scale private projects.
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The Wheeled Tractor Machinery Market – Key Players
Following are the key players in the wheeled tractor machinery market:-
• Deere & Company (U.S.)
• Mahindra & Mahindra Ltd. (India)
• CNH Industrial (U.S.)
• Caterpillar (U.S.)
• Escorts Group (India)
• Deutz-Fahr Deutschland GmbH (Germany)
• CLASS KGaA mbH (Germany)
• AGCO Corporation (U.S.)
• Kubota Corporation (Japan)
• Mitsubishi Agriculture Machinery Co. Ltd. (Mitsubishi Heavy Industries, Ltd.) (Japan)
Key Developments in the Wheeled Tractor Machinery Market:-
• March 2017 – Announcement by Mahindra & Mahindra about their business expansion in oversea market and their plan to generate 50% of revenue from overseas market.
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