PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209900
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209900
Utility Tractor Market Forecasts to 2028 - Global Analysis By Driver Type, By Engine By Application and Geography
According to Stratistics MRC, the Global Utility Tractor Market is accounted for $106 billion in 2022 and is expected to reach $165 billion by 2028 growing at a CAGR of 7.7% during the forecast period. A utility tractor is a low- to medium-horsepower tractor. Attachments are installed on utility tractors to enable them to perform maintenance, landscaping, and agricultural tasks. The utility tractors have three-point hitches, hydraulics, and power take-offs (PTOs). The tractors can therefore handle heavy tasks with great ease and effectiveness. The main drivers behind the growth of the utility tractor market include the rising demand for powered implements and 4-wheel drive tractors, the demand for new, mechanised farming or agricultural techniques, particularly in developing nations, and the increasing integration of cutting-edge technology with agricultural equipment.
According to the Federation of Automobile Dealers Associations of India, In December 2020, tractor sales in India increased by 35.49% yoy in december 2020. India, being the largest tractor producer and market in the world with the increase in sales it will eventually boost the market growth.
Market Dynamics:
Driver:
Rise in demand for mechanization among farmers
Tractor adoption has been fueled by farmers' increased purchasing power and the desire to increase farm yield. As a result, utility tractors are becoming more popular among small-scale and subsistence farmers in rural areas, which in turn is driving the market. Utility tractors are economical and can be equipped with mowers, log splitters, trailers, rotavators, and harrows, among other attachments. Compared to high power tractors, utility tractors are simpler to maintain and are simple to customise for use in agricultural and construction applications. Consequently, it is anticipated that the utility tractor market will grow as a result of the increased use of tractors in agricultural operations and the rising demand for mechanisation.
Restraint:
High fuel consumption and limited storage
The cost of ownership and operation is lower in utility tractors. Comparing it to conventional tractors, which are frequently too heavy for some tasks like moving cargo down steep hillsides, it has more versatility because its carrying size is less constricting. Moreover, they do not carry as much torque, which can cause faster wear out from stress, generally requires less maintenance than standard sized tractors. However, compared to their larger counterparts, these machines consume fuel much more quickly.
Opportunity:
Rising technological advancements
Due to consumer demand, manufacturers are concentrating on technological advancement in utility tractors for energy-efficient and environmentally friendly tractors. Manufacturers of construction equipment are attempting to include a GPS-based advanced tracking system that will allow a driver to track the location of the wheeled utility tractors and increase their efficiency. The Asia Pacific region's farmers are also looking for utility tractors with specialised features that can meet their needs for efficient farming. So many domestic and international agricultural machinery manufacturers are developing new, technologically advanced utility tractors that can handle a variety of farming applications in order to meet consumer demand.
Threat:
Unavailability of quick assistance
Many businesses in the market are unable to offer urgent support if the device malfunctions on a production website in a remote location, aside from routine maintenance. This contributes to customer dissatisfaction and increases their costs, which raises the overall cost of ownership. Such elements are hindering the market expansion.
COVID-19 Impact
Due to the implementation of lockdown to prevent the spread of the COVID-19 pandemic, sales of tractors in the end of first quarter and in the starting month of second quarter slightly declined in most of the countries. Because businesses were unable to obtain the raw materials, components, and other tractor parts needed for assembly and manufacturing, the production of tractors drastically decreased in 2020. Despite the fact that sales of tractors fell dramatically during the COVID-19's second wave, supply chains were strengthened and the market quickly recovered. Due to the release of the COVID-19 Omicron variant, sales have decreased once more in December 2021. However, the market is anticipated to quickly rebound in 2022.
The 4 Wheelers segment is expected to be the largest during the forecast period
The demand for 4 wheelers segment is anticipated to increase significantly in the coming years due to their increased efficiency and improved fuel economy. Due to this, the 4 Wheelers segment is expected to be the largest during the forecast period. When accelerating, the 4WD tractors offer remarkably high forward traction. Depending on the type of soil and environmental factors, the maximum power output of a 4-wheel drive vehicle increases from 12% to 45%. This is useful when driving in agricultural settings and on mild off-road terrain. Such factors are causing the rapid growth.
The Electric segment is expected to have the highest CAGR during the forecast period
Due to their low noise and emission-free operation, electric segment is anticipated to have the highest CAGR during the forecast period. Moreover, battery-powered tractors are being used more and more in dairy farms. Furthermore, the key players will benefit from R&D investments and technological advancements in developing nations against utility tractors, such as tailored features. Such factors are boosting the segment growth.
Region with Largest share:
Asia Pacific is expected to hold the largest market share during the forecast period. Utility tractors in terms of volume, accounting for more than 81% of the global market share in 2019. Increased agricultural investment and government encouragement of farm mechanisation have been the trend driving the rise in China. The demand for utility tractors in the Asia Pacific region is a result of investments and small farmers in India have benefited from custom hiring services, and a new breed of entrepreneurs has emerged who operate utility tractors for the benefit of small landowners.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the quick technological advancement of utility tractors which is currently revolutionising agriculture in North America. Additionally, rising mechanisation in the agricultural sector, particularly in the US, and accelerating globalisation will pave the way for the growth of the utility tractor market in the region.
Key players in the market
Some of the key players profiled in the Utility Tractor Market include Mahindra and Mahindra Corporation, Kubota Corporation, Escorts Group, Tractors and Farm Equipment Limited (TAFE), Kuhn Group, Yanmar Company Limited, New Holland Agriculture, JCB India Limited, SDF S.p.A., Bucher Industries AG, Alamo Group Inc, Deere and Company, CNH Global NV, AGCO Corporation and CLAAS KGaA mbH.
Key Developments:
In September 2021, IVECO a subsidiary of CNH Industrial and Nikola inaugurates joint venture manufactured facility for heavy duty trucks ulm in Germany.
In June 2021, CNH Industrial acquires raven industries, enhancing precision agricultural capabilities and scale.
In October 2021, Mahindra and Mahindra Corporation launch 3 new Yuvo tech+ tractors.
Drive Types Covered:
- Pedestrian
- Wheeled
- Two-Wheelers
- Four-Wheelers
Engines Covered:
- Internal Combustion
- Electric
Applications Covered:
- Dairy farmland
- Hay and Agriculture Products
- Landscaping
- Construction/Maintenance
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Utility Tractor Market, By Drive Type
- 5.1 Introduction
- 5.2 Pedestrian
- 5.3 Wheeled
- 5.4 Two-Wheelers
- 5.5 Four-Wheelers
6 Global Utility Tractor Market, By Engine
- 6.1 Introduction
- 6.2 Internal Combustion
- 6.3 Electric
7 Global Utility Tractor Market, By Application
- 7.1 Introduction
- 7.2 Dairy farmland
- 7.3 Hay and Agriculture Products
- 7.4 Landscaping
- 7.5 Construction/Maintenance
8 Global Utility Tractor Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Mahindra and Mahindra Corporation
- 10.2 Kubota Corporation
- 10.3 Escorts Group
- 10.4 Tractors and Farm Equipment Limited (TAFE)
- 10.5 Kuhn Group
- 10.6 Yanmar Company Limited
- 10.7 New Holland Agriculture
- 10.8 JCB India Limited
- 10.9 SDF S.p.A.
- 10.10 Bucher Industries AG
- 10.11 Alamo Group Inc
- 10.12 Deere and Company
- 10.13 CNH Global NV
- 10.14 AGCO Corporation
- 10.15 CLAAS KGaA mbH
List of Tables
- Table 1 Global Utility Tractor Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Utility Tractor Market Outlook, By Drive Type (2020-2028) ($MN)
- Table 3 Global Utility Tractor Market Outlook, By Pedestrian (2020-2028) ($MN)
- Table 4 Global Utility Tractor Market Outlook, By Wheeled (2020-2028) ($MN)
- Table 5 Global Utility Tractor Market Outlook, By Two-Wheelers (2020-2028) ($MN)
- Table 6 Global Utility Tractor Market Outlook, By Four-Wheelers (2020-2028) ($MN)
- Table 7 Global Utility Tractor Market Outlook, By Engine (2020-2028) ($MN)
- Table 8 Global Utility Tractor Market Outlook, By Internal Combustion (2020-2028) ($MN)
- Table 9 Global Utility Tractor Market Outlook, By Electric (2020-2028) ($MN)
- Table 10 Global Utility Tractor Market Outlook, By Application (2020-2028) ($MN)
- Table 11 Global Utility Tractor Market Outlook, By Dairy farmland (2020-2028) ($MN)
- Table 12 Global Utility Tractor Market Outlook, By Hay and Agriculture Products (2020-2028) ($MN)
- Table 13 Global Utility Tractor Market Outlook, By Landscaping (2020-2028) ($MN)
- Table 14 Global Utility Tractor Market Outlook, By Construction/Maintenance (2020-2028) ($MN)
- Table 15 North America Automotive Semiconductor Market Outlook, By Country (2020-2028) ($MN)
- Table 16 North America Automotive Semiconductor Market Outlook, By Drive Type (2020-2028) ($MN)
- Table 17 North America Automotive Semiconductor Market Outlook, By Pedestrian (2020-2028) ($MN)
- Table 18 North America Automotive Semiconductor Market Outlook, By Wheeled (2020-2028) ($MN)
- Table 19 North America Automotive Semiconductor Market Outlook, By Two-Wheelers (2020-2028) ($MN)
- Table 20 North America Automotive Semiconductor Market Outlook, By Four-Wheelers (2020-2028) ($MN)
- Table 21 North America Automotive Semiconductor Market Outlook, By Engine (2020-2028) ($MN)
- Table 22 North America Automotive Semiconductor Market Outlook, By Internal Combustion (2020-2028) ($MN)
- Table 23 North America Automotive Semiconductor Market Outlook, By Electric (2020-2028) ($MN)
- Table 24 North America Automotive Semiconductor Market Outlook, By Application (2020-2028) ($MN)
- Table 25 North America Automotive Semiconductor Market Outlook, By Dairy farmland (2020-2028) ($MN)
- Table 26 North America Automotive Semiconductor Market Outlook, By Hay and Agriculture Products (2020-2028) ($MN)
- Table 27 North America Automotive Semiconductor Market Outlook, By Landscaping (2020-2028) ($MN)
- Table 28 North America Automotive Semiconductor Market Outlook, By Construction/Maintenance (2020-2028) ($MN)
- Table 29 Europe Automotive Semiconductor Market Outlook, By Country (2020-2028) ($MN)
- Table 30 Europe Automotive Semiconductor Market Outlook, By Drive Type (2020-2028) ($MN)
- Table 31 Europe Automotive Semiconductor Market Outlook, By Pedestrian (2020-2028) ($MN)
- Table 32 Europe Automotive Semiconductor Market Outlook, By Wheeled (2020-2028) ($MN)
- Table 33 Europe Automotive Semiconductor Market Outlook, By Two-Wheelers (2020-2028) ($MN)
- Table 34 Europe Automotive Semiconductor Market Outlook, By Four-Wheelers (2020-2028) ($MN)
- Table 35 Europe Automotive Semiconductor Market Outlook, By Engine (2020-2028) ($MN)
- Table 36 Europe Automotive Semiconductor Market Outlook, By Internal Combustion (2020-2028) ($MN)
- Table 37 Europe Automotive Semiconductor Market Outlook, By Electric (2020-2028) ($MN)
- Table 38 Europe Automotive Semiconductor Market Outlook, By Application (2020-2028) ($MN)
- Table 39 Europe Automotive Semiconductor Market Outlook, By Dairy farmland (2020-2028) ($MN)
- Table 40 Europe Automotive Semiconductor Market Outlook, By Hay and Agriculture Products (2020-2028) ($MN)
- Table 41 Europe Automotive Semiconductor Market Outlook, By Landscaping (2020-2028) ($MN)
- Table 42 Europe Automotive Semiconductor Market Outlook, By Construction/Maintenance (2020-2028) ($MN)
- Table 43 Asia Pacific Automotive Semiconductor Market Outlook, By Country (2020-2028) ($MN)
- Table 44 Asia Pacific Automotive Semiconductor Market Outlook, By Drive Type (2020-2028) ($MN)
- Table 45 Asia Pacific Automotive Semiconductor Market Outlook, By Pedestrian (2020-2028) ($MN)
- Table 46 Asia Pacific Automotive Semiconductor Market Outlook, By Wheeled (2020-2028) ($MN)
- Table 47 Asia Pacific Automotive Semiconductor Market Outlook, By Two-Wheelers (2020-2028) ($MN)
- Table 48 Asia Pacific Automotive Semiconductor Market Outlook, By Four-Wheelers (2020-2028) ($MN)
- Table 49 Asia Pacific Automotive Semiconductor Market Outlook, By Engine (2020-2028) ($MN)
- Table 50 Asia Pacific Automotive Semiconductor Market Outlook, By Internal Combustion (2020-2028) ($MN)
- Table 51 Asia Pacific Automotive Semiconductor Market Outlook, By Electric (2020-2028) ($MN)
- Table 52 Asia Pacific Automotive Semiconductor Market Outlook, By Application (2020-2028) ($MN)
- Table 53 Asia Pacific Automotive Semiconductor Market Outlook, By Dairy farmland (2020-2028) ($MN)
- Table 54 Asia Pacific Automotive Semiconductor Market Outlook, By Hay and Agriculture Products (2020-2028) ($MN)
- Table 55 Asia Pacific Automotive Semiconductor Market Outlook, By Landscaping (2020-2028) ($MN)
- Table 56 Asia Pacific Automotive Semiconductor Market Outlook, By Construction/Maintenance (2020-2028) ($MN)
- Table 57 South America Automotive Semiconductor Market Outlook, By Country (2020-2028) ($MN)
- Table 58 South America Automotive Semiconductor Market Outlook, By Drive Type (2020-2028) ($MN)
- Table 59 South America Automotive Semiconductor Market Outlook, By Pedestrian (2020-2028) ($MN)
- Table 60 South America Automotive Semiconductor Market Outlook, By Wheeled (2020-2028) ($MN)
- Table 61 South America Automotive Semiconductor Market Outlook, By Two-Wheelers (2020-2028) ($MN)
- Table 62 South America Automotive Semiconductor Market Outlook, By Four-Wheelers (2020-2028) ($MN)
- Table 63 South America Automotive Semiconductor Market Outlook, By Engine (2020-2028) ($MN)
- Table 64 South America Automotive Semiconductor Market Outlook, By Internal Combustion (2020-2028) ($MN)
- Table 65 South America Automotive Semiconductor Market Outlook, By Electric (2020-2028) ($MN)
- Table 66 South America Automotive Semiconductor Market Outlook, By Application (2020-2028) ($MN)
- Table 67 South America Automotive Semiconductor Market Outlook, By Dairy farmland (2020-2028) ($MN)
- Table 68 South America Automotive Semiconductor Market Outlook, By Hay and Agriculture Products (2020-2028) ($MN)
- Table 69 South America Automotive Semiconductor Market Outlook, By Landscaping (2020-2028) ($MN)
- Table 70 South America Automotive Semiconductor Market Outlook, By Construction/Maintenance (2020-2028) ($MN)
- Table 71 Middle East & Africa Automotive Semiconductor Market Outlook, By Country (2020-2028) ($MN)
- Table 72 Middle East & Africa Automotive Semiconductor Market Outlook, By Drive Type (2020-2028) ($MN)
- Table 73 Middle East & Africa Automotive Semiconductor Market Outlook, By Pedestrian (2020-2028) ($MN)
- Table 74 Middle East & Africa Automotive Semiconductor Market Outlook, By Wheeled (2020-2028) ($MN)
- Table 75 Middle East & Africa Automotive Semiconductor Market Outlook, By Two-Wheelers (2020-2028) ($MN)
- Table 76 Middle East & Africa Automotive Semiconductor Market Outlook, By Four-Wheelers (2020-2028) ($MN)
- Table 77 Middle East & Africa Automotive Semiconductor Market Outlook, By Engine (2020-2028) ($MN)
- Table 78 Middle East & Africa Automotive Semiconductor Market Outlook, By Internal Combustion (2020-2028) ($MN)
- Table 79 Middle East & Africa Automotive Semiconductor Market Outlook, By Electric (2020-2028) ($MN)
- Table 80 Middle East & Africa Automotive Semiconductor Market Outlook, By Application (2020-2028) ($MN)
- Table 81 Middle East & Africa Automotive Semiconductor Market Outlook, By Dairy farmland (2020-2028) ($MN)
- Table 82 Middle East & Africa Automotive Semiconductor Market Outlook, By Hay and Agriculture Products (2020-2028) ($MN)
- Table 83 Middle East & Africa Automotive Semiconductor Market Outlook, By Landscaping (2020-2028) ($MN)
- Table 84 Middle East & Africa Automotive Semiconductor Market Outlook, By Construction/Maintenance (2020-2028) ($MN)
