Astute Analytica published a new report on the global Agriculture Tractors Market. The global markets report analysis of the growth momentum and revenue inflows in this industry, including the impact of COVID-19. The market study report presents important factors that positively and negatively affect the growth of this vertical in order to suggest stakeholders in making decisions. In addition, the report offers data on the past, present, and future companies' scenarios. The report also contains key segments and leading players.
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The global agriculture tractors market is projected to witness a growth opportunity of US$ 35,793.4 million during the period 2022-2030. The market is estimated to reach US$ 98,798.5 million by 2030, registering a CAGR of 9.4% during the forecast period.
The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally. It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.
Impact Analysis of COVID-19
The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close. This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.
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Leading players hold a substantial share in the market, accounting for more than 50% of market revenue in 2021. This makes the market highly competitive in nature. However, the rising competition and increasing focus of market players on consolidation strategies are expected to transform the competitive landscape to oligopolistic towards the end of the forecast period. Some of the key players in the market are Deere Company, Mahindra Mahindra Ltd. India, Sonalika Group, and CNH Industrial America LLC. Other prominent players in the market include Massey Ferguson Ltd., Escorts Ltd., Kubota Corporation, AGCO Corp (Fendt), SDF S.p.A. (Deutz Fahr), New Holland (CNH Industrial N.V.), and Claas Group. The market players are adopting various strategies such as mergers, acquisitions, and new product launches to stay competitive.
Recent strategies adopted by key market players are:
- In October 2021, Mahindra Mahindra Ltd.’s Farm Equipment sector unveiled the Yuvo Tech+ range of innovative tractors. The new tractors are powered by an mZIP 3-cylinder engine with greater cubic capacity technology, delivering the best power and fuel economy in the category. The Yuvo Tech+ range features 12F (forward) + 3R (reverse) transmission technology, as well as a three-speed range option (H-M-L) based on soil type and farm applications.
- In August 2021, Sonalika released its new 'Sonalika Agro Solutions' tractor and equipment rental app to bridge the gap between farmers and high-tech agricultural machinery. The website connects farmers with many machinery renters in their area who rent out high-tech agricultural implements. Farmers can select from a variety of solutions based on their preferences and needs.
- In December 2021, Case IH and MacDon Industries Ltd. established a collaboration to provide co-branded draper headers for Case IH Axial-Flow combines. Except for South America, the new line of draper headers would be available for order in early 2022 from Case IH Dealers worldwide.
Factors leading to the growing presence of players in the agriculture tractors market are:
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China is one of the world's largest auto marketplaces, both in terms of sales and production. According to Statista, worldwide passenger vehicle manufacturing will exceed 66 million units in 2020. China produced about a third of these automobiles in that year. In the year 2020, Germany accounted for about 5% of global production.
By 2020, the Chinese government expects car production to reach 30 million units and 35 million by 2025. The China Association of Automobile Manufacturers estimated a sale of 27 million vehicles in 2018. It includes 23.79 million passenger vehicles, a 4.08 percent decrease from 2017, and 4.38 million commercial vehicles, a 5.05% rise. This is the first annual fall in passenger vehicle sales in at least 20 years.
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