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Market Research Report
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965111

Asia-Pacific Utility Tractor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Published: | Mordor Intelligence Pvt Ltd | 120 Pages | Delivery time: 2-3 business days

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Asia-Pacific Utility Tractor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents

The Asia-Pacific utility*tractors market is projected to register a CAGR of 2.9% during the forecast period (2020-2025). Due to the low disposable income of farmers and high labor costs, farmers prefer small and customized compact/utility tractors for agricultural purposes due to small farmland sizes. Moreover, lesser fuel consumption by small tractors helps to empower small and marginal farmers. The trend behind the increase in farm mechanization in China has been due to increased investments in agriculture and technological development. All these factors are said to drive market growth during the study period. Deere and Company, AGCO Corp, Kuhn Group, Kubota Tractor Corp. Mahindra & Mahindra Ltd. and International Tractors Limited are some of the leading players in this region.

Key Market Trends

Increasing Cost of Farm Labour

The cost of farm labor is directly proportional to the cost of production, hence increasing labor wages and lack of farm labor have led to the increasing rates of mechanization in the region. This is driving the growth of the utility tractor market. Farmers are increasingly adopting agricultural mechanization as a substitute for manual labor with a more cost-effective, easily available, and more efficient means of agricultural operation. According to the world bank, the employment rate in agriculture is declining. For instance, in 2016 the agricultural employment rate in China was 27.7% which declined to 26.6% in 2019. Additionally, in India, the employment rate has been declining every year. In 2019 the employment rate in agriculture declined to 43. 21% as against 45.12% in 2016. The trend is further expected to continue, thus driving the market.

Rise in Technological Advancements

Farmers in the Asia Pacific region are looking for utility tractors with tailored features, which can fulfill their needs for effective farming. So, to meet consumer demand, many international and domestic agriculture machinery manufacturers are coming up with new technologically-advanced utility tractors, which can handle various farming applications. For instance, in 2019, Mahindra & Mahindra, a leading tractor manufacturer launched ARJUN NOVO 605 DI-I, a 50 HP technologically-advanced tractor that can handle 40 applications, including puddling, harvesting, reaping, and haulage. Further, the tractor can deliver uniform and consistent power with minimum RPM drop in all soil conditions.

Competitive Landscape

The Asia-Pacific utility tractors market is highly consolidated with very few players cornering the majority of the market share.*New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market, globally. Along with innovations and expansions, investments in R&D*and developing novel*product portfolios*are likely to be crucial strategies in the coming years.

Deere and Company, AGCO Corp, Kuhn Group, Kubota Tractor Corp. Mahindra & Mahindra Ltd. and International Tractors Limited are some of the leading players in this region.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Product Code: 54169

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions & Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Industry Attractiveness - Porter's Five Force Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

  • 5.1 Geography
    • 5.1.1 Asia Pacific
      • 5.1.1.1 China
      • 5.1.1.2 Japan
      • 5.1.1.3 India
      • 5.1.1.4 Australia
      • 5.1.1.5 Rest of Asia-Pacific

6 COMPETITIVE LANDSCAPE

  • 6.1 Most Adopted Competitor Strategies
  • 6.2 Market Share Analysis
  • 6.3 Company Profiles
    • 6.3.1 Claas KGaA mbH
    • 6.3.2 Mahindra & Mahindra Ltd
    • 6.3.3 Kubota Agricultural Machinery
    • 6.3.4 Deere & Company
    • 6.3.5 Yanmar Co. Ltd
    • 6.3.6 Kuhn Group
    • 6.3.7 CNH Global NV
    • 6.3.8 Massey Ferguson
    • 6.3.9 Escorts Limited
    • 6.3.10 International Tractors Limited
    • 6.3.11 AGCO Corp

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 IMPACT OF COVID-19