USD 31.5 billion
Tractor Implements Market Size, Share, Growth Analysis, By Product(Cultivator &Tiller, Plough, Planters, Harrows), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2089 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
40
|Figures:
64
Tractor Implements Market Insights
Global Tractor Implements Market size was valued at USD 31.5 billion in 2022 and is poised to grow from USD 33.08 billion in 2023 to USD 48.87 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).
The rapid expansion of industrial activities within the agricultural sector has led to increased spending on labor-intensive items like cultivators, harrows, and tillers, contributing to the growth of the industry. Additionally, the growing scarcity of skilled labor has prompted the adoption of novel equipment and tools, further supporting the industry's advancement. Notably, data from the International Labor Organization (ILO), headquartered in Geneva, Switzerland, reveals a decline in the global agricultural workforce from 44% in 1991 to 26% in 2020. This trend has prompted several companies to focus on introducing technologically enhanced tractor implements, incorporating features such as GPS, Google Earth, and robotics. Such innovations are being well-received by farmers, driving industry expansion.
A case in point is the launch by KUHN SAS, located in SAVERNE, France, of a stubble cultivator with an operating speed of 15 kph in March 2022, tailored for contractors and farmers. Governments across the globe are also investing in agricultural infrastructure, a move expected to propel the industry forward. For instance, the Chinese Ministry of Finance provided over USD 2.8 billion in agricultural machinery subsidies in 2020. It is anticipated that China will mechanize 75% of its crop plowing, planting, and harvesting by 2025, thanks to increased adoption of modern farm equipment. This adoption is set to foster industry growth by enhancing crop production and quality.
The growing global population and rising disposable incomes in developing nations are generating higher demand for food worldwide. A study by Wageningen University & Research in the Netherlands predicted a food demand increase of 35% to 56% between 2010 and 2050. This trend is driving the market and boosting the utilization of diverse tractor implements to bolster crop production. The COVID-19 lockdowns posed challenges for various tractor implement manufacturers, causing a notable business decline in the initial half of 2020. However, as major economies reopened, the industry rebounded and resumed growth. Manufacturers adopted innovative strategies to recover from the pandemic's impact.
US Tractor Implements Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cultivator &Tiller
Fastest Growth
Cultivator &Tiller
Growth Rate
5% CAGR
Global Tractor Implements Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Tractor Implements Market Segmental Analysis
The global tractor implements market is segmented on the basis of product and region. By product, the market is segmented into cultivator &tiller, plough, planters, harrows, spreaders, baler, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Tractor Implements Market Analysis By Product
The cultivator and tiller machinery segment asserted its dominance within the industry, accounting for over 33.3% of the total revenue share in 2021. This segment plays a pivotal role in mechanizing and automating farming operations, offering cultivators and tillers as key tools. BManufacturers are actively engaged in the development and investment of innovative equipment that caters to the practical needs of farmers, particularly in terms of field cultivation and plowing.
For instance, Sweden-based Vaderstad introduced the carrier XT 425-625 disc cultivator in June 2022. This cutting-edge implement optimizes the performance of various machines and enhances efficiency while consuming minimal diesel. The practical benefits of such advancements are manifold, resulting in better agricultural practices and outcomes.
In the context of the harrow segment, it is anticipated to experience the second-highest CAGR between 2022 and 2030. This projection is underpinned by the growing emphasis on effectively managing heavy residues. Harrowing is a cornerstone of soil preparation in the agricultural domain, and companies are launching specialized harrows designed to adeptly handle substantial residues. A case in point is Breviglieri's introduction of the Mekfarmer 80 Power Harrow with a packer roller in August 2021. This innovation seeks to minimize fuel absorption and power consumption while promoting superior soil crumbling. By utilizing such advanced tools, farmers can optimize the utilization of fertilizers, seeds, and irrigation, ultimately enhancing overall agricultural efficiency.
Global Tractor Implements Market By Product
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Tractor Implements Market Regional Insights
A significant highlight is the commanding presence of the Asia Pacific region within the global industry landscape in 2021. This region secured the lion's share, accounting for a remarkable portion exceeding 35.25% of the overall revenue. Impressively, projections indicate that the Asia Pacific region is poised for an even more robust expansion, anticipated to maintain its preeminent position throughout the entire forecast period. Anchoring this dominance are several pivotal driving forces, notably the region's burgeoning population, which engenders a heightened urgency to bolster agricultural yields. A noteworthy trend shaping the region is the increasing adoption of automation and precision agriculture practices, particularly among farmers in developing countries. This adoption trend signifies a positive outlook for the demand of cultivating and tilling machinery, as it aligns seamlessly with the pressing need for advanced equipment to optimize farming efficiency and productivity.
In parallel, North America emerged as the second-largest regional market in the year 2021, and this trajectory is projected to persist as it expands steadily over the forecast horizon. Notably, countries within the North American region are progressively embracing the implementation of automation and smart farming solutions, strategically responding to the growing demand for agricultural output. This adoption is notably underscored by the region's experience of labor shortages, a circumstance that has catalyzed the adoption of mechanized farming products and solutions. These innovative solutions are meticulously engineered to effectively execute a wide spectrum of farm-related activities with utmost precision and productivity, thus mitigating the impacts of labor scarcity and simultaneously elevating the overall yield of agricultural endeavors. These ongoing developments in the Asia Pacific and North American regions are actively shaping the contours of the global industry, underscoring their significance in propelling advancements in agricultural practices worldwide.
Global Tractor Implements Market By Geography
- Largest
- Fastest
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Tractor Implements Market Dynamics
Tractor Implements Market Drivers
Labor Shortages
- Many regions are facing a shortage of skilled labor in agriculture. Mechanized equipment and implements are being adopted to compensate for this labor gap and ensure efficient farm operations.
Modernization of Agriculture
- Governments and agricultural organizations are encouraging farmers to adopt modern farming practices to improve productivity. This is driving the adoption of tractor implements that facilitate precision agriculture and sustainable farming techniques.
Tractor Implements Market Restraints
Maintenance Costs
- Maintenance and repair costs associated with tractor implements can be significant over time. Farmers need to invest in regular upkeep, which can be a concern for those with limited budgets.
Lack of Awareness and Training
- Farmers might lack awareness about the benefits and proper usage of advanced tractor implements. Adequate training and support systems are necessary to ensure effective adoption.
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Tractor Implements Market Competitive Landscape
The competitive landscape of the global tractor implements market is characterized by the presence of several prominent players striving to establish their market positions. Industry leaders such as John Deere, CNH Industrial, and AGCO Corporation hold significant market shares owing to their extensive product portfolios, global distribution networks, and technological innovation. These companies are known for their ability to offer a diverse range of tractor implements tailored to various agricultural applications.
Additionally, regional players like Mahindra & Mahindra Ltd. in India and CLAAS KGaA mbH in Germany have also carved out substantial market niches by leveraging their regional expertise and customer-centric approach. Collaborations, mergers, and acquisitions remain common strategies for companies aiming to expand their market presence, enhance their technological capabilities, and tap into new geographic markets.
Tractor Implements Market Top Player’s Company Profiles
- John Deere (USA)
- CNH Industrial (UK)
- AGCO Corporation (USA)
- Kubota Corporation (Japan)
- Mahindra & Mahindra Ltd. (India)
- CLAAS KGaA mbH (Germany)
- SDF Group (Italy)
- Kuhn Group (France)
- Yanmar Co., Ltd. (Japan)
- Iseki & Co., Ltd. (Japan)
Tractor Implements Market Recent Developments
- In June 2023, Yanmar launched its new line of compact tractor implements.
- In May 2023, Mahindra & Mahindra announced the launch of its new electric tractor.
- In April 2023, John Deere announced the launch of its new See & Spray Exact application system.
- In March 2023, CNH Industrial announced the acquisition of Precision Planting.
- In February 2023, Kubota Corporation announced the launch of its new line of autonomous tractor implements.
Tractor Implements Key Market Trends
- Smart Farming Solutions: IoT (Internet of Things) and sensor technologies are being integrated into tractor implements, enabling real-time data collection, analysis, and decision-making to optimize farming practices.
- Precision Agriculture: The adoption of precision agriculture techniques, enabled by technologies like GPS and remote sensing, is driving the demand for tractor implements that can provide accurate and targeted operations in the field.
Tractor Implements Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global tractor implements market analysis, the global tractor implements market is poised for significant growth driven by factors such as technological advancements, increasing food demand, and the modernization of agriculture. The Asia Pacific region currently leads the market, fueled by a growing population and the adoption of automation practices. North America follows suit, driven by the need to address labor shortages through mechanization. However, challenges like high initial investment costs and maintenance expenses could hinder market expansion, especially for small-scale farmers. The trend towards precision agriculture, smart farming solutions, and sustainability are reshaping the industry landscape. Established players like John Deere, CNH Industrial, and others continue to dominate, while regional players like Mahindra & Mahindra and CLAAS also play pivotal roles.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 31.5 billion |
| Market size value in 2031 | USD 48.87 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tractor Implements Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tractor Implements Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Tractor Implements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tractor Implements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tractor Implements Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tractor Implements Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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