PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235857
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235857
Tractor Implements Market Forecasts to 2028 - Global Analysis By Power (Powered and Unpowered), Drive (2-wheel Drive and 4-wheel Drive) and Geography
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According to Stratistics MRC, the Global Tractor Implements Market is accounted for $30.69 billion in 2022 and is expected to reach $46.06 billion by 2028 growing at a CAGR of 7% during the forecast period. A group of tools that are mounted on an agricultural tractor to carry out various tasks on farmlands are known as tractor implements or tractor-mount equipment. These tools are capable of performing a variety of tasks, including digging, plough work, sowing, cultivating, and seeding. Additionally, a rise in the use of technologically advanced machinery, government subsidiaries, and smart farming practises are seen as market growth drivers.
According to the World Bank by 2050, agriculture production will increase by nearly 70%, resulting in increasing demand for irrigation and crop protection. Therefore, the increase in irrigation and crop protection will drive the growth of the tractor implement market.
Market Dynamics:
Driver:
High Labour Cost due to Urbanization
One of the main factors anticipated to propel market revenue growth during the forecast period is the growing need for effective technology to reduce post-harvest loss and the high demand for tractor implements during the land development phase. In addition, the development of intelligent farming technology, rising adoption of cutting-edge machinery, and encouraging government initiatives are anticipated to fuel the market revenue growth.
Restraint:
High maintenance cost hampers growth
One major factor that could limit the growth of market revenue during the forecast period is the high cost of equipment due to the integration of new technologies in developing regions. The implements have very high maintenance costs.
Opportunity:
Rising IOT adoption in agriculture
Farmers can track the progress of their products owing to the expanding use of Internet of Things (IoT) technology, which allows them to provide real-time support through IoT apps. By combining IoT applications with traditional farming methods, it is possible to reduce the time and money needed to manage various agricultural resources, such as water, electricity, and land, and instead concentrate on producing high-quality food for consumers. The use of IoT-based devices in the agriculture sector reduces the use of pesticides and fertilisers while utilising precision farming techniques, further improving the health of crops or soil to provide organic food to a variety of end users.
Threat:
Lack of awareness among farmers
Operating agricultural equipment without experience could pose a serious risk to farmers' financial and physical safety. The size and production of the farm may be constrained due to a lack of knowledge about this equipment, which would lower the farm's ability to sustainably support a family. Further impeding the growth of the market is a lack of knowledge about the advantages of powered tractor tools in developing nations.
COVID-19 Impact:
The COVID-19 pandemic has considerably hindered production of tractor implements because of prolonged lockdowns in countries across the globe. This has resulted in moderately slow market revenue growth, owing to a dip in machinery and equipment sales associated with tractors in the past year. Several tractor implement manufacturers struggled to stay in business during the COVID-19 lockdowns, which had a significant negative impact on business.
The Powered segment is expected to be the largest during the forecast period
The Powered segment is expected to have the highest share during the forecast period. Electricity and mechanical energy are needed to operate powered tractor implements. These tractor implements are used primarily for carrying out various agricultural tasks because they help increase the processing efficiency and mechanised activities of agricultural production.
The 4-wheel Drive segment is expected to have the highest CAGR during the forecast period
Due to its advantages, including greater power, efficiency, and the user-friendliness of attaching multiple implements. The best vehicle for slopes and wavy terrain is 4-wheel drive. Tractors with four wheels can be equipped with a variety of tools to handle several tasks at once. Farmers can quickly achieve high productivity, largely owing to this drive equipment.
Region with largest share:
The need to increase yields as a result of a growing population is one of the main drivers in this region. Automation and precision agriculture practises are being adopted by an increasing number of farmers in developing nations, which is encouraging for cultivating and tilling machinery. Additionally, the use of agricultural equipment to increase crop production is supported by favourable government policies and subsidies, which is driving up demand for tractor implements in the Asia Pacific region.
Region with highest CAGR:
North America is anticipated to have the highest CAGR during the forecast period due to rising demand for crop protection and irrigation. To meet the rising demand, the nations in the North American region are increasingly implementing automation and smart farming techniques. These nations have a labour shortage, which is promoting the use of mechanised farming products and solutions that carry out a variety of farm-related tasks with the highest level of accuracy and productivity.
Key players in the market
Some of the key players in Tractor Implements Market include: Agco Corporation, Tractors and Farm Equipment Limited (TAFE), SDF Group, Claas KGaA Mbh, Deere & Company, Kubota Corp., CNH Industrial N.V., Kuhn Group, Alamo Group, Mahindra & Mahindra, Joseph Cyril Bamford Excavators Ltd. (JCB) and Actuant.
Key Developments:
In March 2022, The SAVERNE, France-based KUHN SAS company introduced a stubble cultivator for contractors and farmers that has a 15 kph working speed and improves crop cultivation.
In Aug 2021, Farmkart, an agriculture technology startup based in India, launched rent4farm, Rent4farm a technology-enabled platform that offers unstructured agriculture equipment leasing services.
Phases Covered:
- Harvesting & Threshing
- Tillage
- Cultivator
- Plough
- Irrigation & Crop Protection
- Sowing & Planting
- Other Phases
Powers Covered:
- Powered
- Unpowered
Drives Covered:
- 2-wheel Drive
- 4-wheel Drive
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 Emerging Markets
- 3.7 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 Tractor Implements Market, By Phase
- 5.1 Introduction
- 5.2 Harvesting & Threshing
- 5.3 Tillage
- 5.4 Cultivator
- 5.5 Plough
- 5.6 Irrigation & Crop Protection
- 5.7 Sowing & Planting
- 5.8 Other Phases
6 Global Tractor Implements Market, By Power
- 6.1 Introduction
- 6.2 Powered
- 6.3 Unpowered
7 Global Tractor Implements Market, By Drive
- 7.1 Introduction
- 7.2 2-wheel Drive
- 7.3 4-wheel Drive
8 Global Tractor Implements 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 Agco Corporation
- 10.2 Tractors and Farm Equipment Limited (TAFE)
- 10.3 SDF Group
- 10.4 Claas KGaA Mbh
- 10.5 Deere & Company
- 10.6 Kubota Corp.
- 10.7 CNH Industrial N.V.
- 10.8 Kuhn Group
- 10.9 Alamo Group
- 10.10 Mahindra & Mahindra
- 10.11 Joseph Cyril Bamford Excavators Ltd. (JCB)
- 10.12 Actuant
List of Tables
- Table 1 Global Tractor Implements Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
- Table 3 Global Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
- Table 4 Global Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
- Table 5 Global Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
- Table 6 Global Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
- Table 7 Global Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
- Table 8 Global Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
- Table 9 Global Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
- Table 10 Global Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
- Table 11 Global Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
- Table 12 Global Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
- Table 13 Global Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
- Table 14 Global Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
- Table 15 Global Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
- Table 16 North America Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
- Table 17 North America Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
- Table 18 North America Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
- Table 19 North America Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
- Table 20 North America Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
- Table 21 North America Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
- Table 22 North America Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
- Table 23 North America Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
- Table 24 North America Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
- Table 25 North America Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
- Table 26 North America Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
- Table 27 North America Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
- Table 28 North America Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
- Table 29 North America Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
- Table 30 North America Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
- Table 31 Europe Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
- Table 32 Europe Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
- Table 33 Europe Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
- Table 34 Europe Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
- Table 35 Europe Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
- Table 36 Europe Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
- Table 37 Europe Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
- Table 38 Europe Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
- Table 39 Europe Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
- Table 40 Europe Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
- Table 41 Europe Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
- Table 42 Europe Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
- Table 43 Europe Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
- Table 44 Europe Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
- Table 45 Europe Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
- Table 46 Asia Pacific Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
- Table 47 Asia Pacific Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
- Table 48 Asia Pacific Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
- Table 49 Asia Pacific Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
- Table 50 Asia Pacific Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
- Table 51 Asia Pacific Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
- Table 52 Asia Pacific Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
- Table 53 Asia Pacific Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
- Table 54 Asia Pacific Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
- Table 55 Asia Pacific Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
- Table 56 Asia Pacific Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
- Table 57 Asia Pacific Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
- Table 58 Asia Pacific Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
- Table 59 Asia Pacific Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
- Table 60 Asia Pacific Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
- Table 61 South America Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
- Table 62 South America Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
- Table 63 South America Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
- Table 64 South America Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
- Table 65 South America Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
- Table 66 South America Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
- Table 67 South America Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
- Table 68 South America Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
- Table 69 South America Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
- Table 70 South America Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
- Table 71 South America Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
- Table 72 South America Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
- Table 73 South America Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
- Table 74 South America Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
- Table 75 South America Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
- Table 76 Middle East & Africa Tractor Implements Market Outlook, By Country (2020-2028) ($MN)
- Table 77 Middle East & Africa Tractor Implements Market Outlook, By Phase (2020-2028) ($MN)
- Table 78 Middle East & Africa Tractor Implements Market Outlook, By Harvesting & Threshing (2020-2028) ($MN)
- Table 79 Middle East & Africa Tractor Implements Market Outlook, By Tillage (2020-2028) ($MN)
- Table 80 Middle East & Africa Tractor Implements Market Outlook, By Cultivator (2020-2028) ($MN)
- Table 81 Middle East & Africa Tractor Implements Market Outlook, By Plough (2020-2028) ($MN)
- Table 82 Middle East & Africa Tractor Implements Market Outlook, By Irrigation & Crop Protection (2020-2028) ($MN)
- Table 83 Middle East & Africa Tractor Implements Market Outlook, By Sowing & Planting (2020-2028) ($MN)
- Table 84 Middle East & Africa Tractor Implements Market Outlook, By Other Phases (2020-2028) ($MN)
- Table 85 Middle East & Africa Tractor Implements Market Outlook, By Power (2020-2028) ($MN)
- Table 86 Middle East & Africa Tractor Implements Market Outlook, By Powered (2020-2028) ($MN)
- Table 87 Middle East & Africa Tractor Implements Market Outlook, By Unpowered (2020-2028) ($MN)
- Table 88 Middle East & Africa Tractor Implements Market Outlook, By Drive (2020-2028) ($MN)
- Table 89 Middle East & Africa Tractor Implements Market Outlook, By 2-wheel Drive (2020-2028) ($MN)
- Table 90 Middle East & Africa Tractor Implements Market Outlook, By 4-wheel Drive (2020-2028) ($MN)
