The Global Tractor Implements Market size is expected to reach USD 95.24 Billion in 2028 and register a revenue CAGR of 4.8% over the forecast period, according to the latest report by Reports and Data. Rising demand for new and mechanized farming methods, availability of limited farm labor in certain countries, and subsidies offered by governments, especially in developing countries, for promoting use of advanced farm equipment are key factors driving market revenue growth. Various types of equipment can be used with tractors for different applications in agriculture such as harrow, cultivator, trailer, rotavator, rear blades, and others. Rotavators are tractor implements used for tillage. These are modern agricultural machinery used to break, churn, and aerate the soil to increase the amount of oxygen in it. Rotavators have rear blades attached to motors that break the ground when these blades rotate. In addition, tractor implements are used to split soil into fine particles during cultivation. Cultivator is used for sowing seeds before beginning the cropping process. Moreover, the plough is a tractor implement that is used to prevent weeds from breaking soil particles deep into the ground.
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Agriculture sector is one of the most important revenue generating sector and contributes significantly to the overall economic growth of a country. Technological advancements in agricultural equipment and techniques have drastically boosted output and production capacity. Rapid integration of ICT, robotics, aerial imagery and GPS techniques, and the Internet of Things, among others have radically shaped agricultural sector in the recent past. Growing adoption of precision agriculture and drones have enabled farms and businesses to increase their profit margins and improve their operations to be more efficient, safer, and environmentally sustainable.
Some Key Highlights From the Report:
- Irrigation and crop protection segment accounted for the largest revenue share in 2020. Increasing availability of exclusive machinery for harvesting, sowing, and cultivation in agricultural lands is driving demand for improved agricultural techniques for irrigation. Additionally, increasing pesticide application in farms is driving revenue growth of this segment.
- Powered segment is expected to register a faster revenue growth rate over the forecast period. Powered tractor implements involve the use of mechanical and electrical energy for use. There is a high use of powered tractor implements for performing various agricultural tasks, as these implements are useful for improving processing efficiency and mechanizing activities of agricultural production process.
- 4-wheel drive segment is expected to register a rapid revenue growth rate over the forecast period. 4-wheel-drive has more power and productivity, compared to other drives. This type of equipment is the most preferred choice for slopes and undulating terrain, especially for wetland puddling applications. 4-wheel drive tractors allow multiple implements to be attached to perform various functions simultaneously.
- Market in North America accounted for significantly large revenue share in 2020 due to rapid adoption of advanced technologies and increasing demand for irrigation and crop protection practices in the agriculture sector. Additioanlly, growing investments by various major players in the development of tractor implements is a key factor boosting revenue growth of the market in North America.
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Key companies in the market are focusing on R&D for development of novel and advanced agricultural devices, temperature and moisture sensors, and systems to supply to the growing demand. Moreover, they are offering training and assistance to farmers on how to deploy and utilize novel technologies along with their existing practices to boost farm and livestock productivity. The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
Top companies operating in the market and profiled in the report include:
- Kubota Corporation
- Mahindra & Mahindra
- Tractors and Farm Equipment Limited
- CNH Industrial N.V.
- SDF Group
- Actuant Corporation
- Alamo Group
- Kuhn Group
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Further, the report segments the Tractor Implements market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Tractor Implements Market Segmentation:
Phase Type Outlook (Revenue, USD Billion; 2018-2028)
- Irrigation & Crop Protection
- Sowing & Planting
- Harvesting & Threshing
Power Type Outlook (Revenue, USD Billion; 2018-2028)
Drive Outlook (Revenue, USD Billion; 2018-2028)
- 2-wheel Drive
- 4-wheel Drive
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Objective of Studies:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Tractor Implements market.
- To provide insights about factors affecting the market growth. To analyze the Tractor Implements market based on various factors- price analysis, supply chain analysis, Porte five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, Latin America and Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment by application, product type and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Tractor Implements market.
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