Companies in the agricultural tractors market are conducting data-driven research before investing in new manufacturing technologies since financial situations have been squeezed for many during the coronavirus crisis. Although India holds lucrative incremental opportunities for companies in the agricultural tractors market, farmers are relatively slow in the adoption of new technologies such as driverless tractors. Nevertheless, this trend is changing as an increasing number of NGOs are empowering India’s agricultural sector, which is increasing farmers’ acceptance of smart agricultural tractors, machinery, and other equipment. Driverless tractors are being highly publicized for uniformly plowing the fields. Even a slight acceleration or sudden brake by the driver results in furrows that are too deep or too shallow. Hence, companies in the market for agricultural tractors should increase the availability of driverless tractors to overcome such challenges for tractor owners.
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Evolving Market Trends Triggering Innovations in High-powered Agricultural Tractors
The growing trend of farm mechanization is being largely driven by government policies, such as loan waivers, schemes, and policies that are expected to drive the growth of the agricultural tractors market in developing countries across the globe. Farm mechanization is a fast-growing phenomenon in the market for agricultural tractors, since emerging economies are being uplifted by government efforts to revolutionize the agriculture industry.
Companies are developing high-powered tractors and expanding their network of dealers with the help of effective marketing strategies. Such trends are improving the commercial aspect of the global agricultural industry, which generally is considered technologically and commercially backward. It has been found that the demand for two-wheel drive tractors is expected to rise in the near future, due to changing requirements in farming activities such as the need to pull large-size implements on large acres of land.
Trade of Agricultural Tractors to rising Post Coronavirus Crisis
The agricultural tractor market has witnessed relatively low-intensity disruptions due to the coronavirus outbreak. Similar to the healthcare and food & beverage industries, the agricultural sector has been working at breakneck speeds to meet volatile demand & supply trends.
Agricultural tractor providers are adopting contingency planning to prevent disruptions across the availability of logistics services, customer demand, and supply of materials. Import & export of agricultural tractors is projected to rise, owing to an increase in shipment and demand for the same. The reopening of country borders is helping resolve transport and logistic issues, owing to stringent regulations being followed during the transport of raw materials.
Untapped Opportunities for Collaborations with Engineering Students Give Rise to Driverless Tractors
There is a rising demand for low-cost innovations in the agricultural tractor market. This demand has led to innovations in driverless tractors. Companies are expected to join forces with think tanks and researchers that practice science experiments outside of the academic setup to form talent pools in their R&D centers.
First-year engineering students are innovating in driverless tractors that are gaining recognition among popular news outlets. Companies in the market for agricultural tractors are gaining cognizance about driverless tractors and benefitting from innovations in these tractors since they hold promising potential to eliminate the costs associated with hiring a driver. Hence, companies in the market of agricultural tractors should collaborate with engineering talents to further innovate in driverless tractors.
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Are Indian Farmers Ready for Next Big Shift toward Mechanization?
India, being one of the leading economies in Asia Pacific, is contributing to one of the highest estimated revenues among all regions throughout the forecast period in the agricultural tractors market. However, Indian farmers are relatively slow in the adoption of mechanized technologies as compared to those in India and China. Hence, government schemes such as the Balanced Farm Mechanization are being introduced to provide subsidies on agricultural tractors to increase mechanization levels among Indian farmers.
The goal of the Indian Government is to promote the agricultural sector through its Rashtriya Krishi Vikasa Yojana (RKVY).
Next-gen Self-driving Tractors Transforming Agricultural Tractors Market
Self-driving tractors are becoming a recurring trend in the global agricultural tractors market similar to autonomous cars that have become a fast-growing phenomenon. These leading-edge tractors are expected to increase agricultural yields and improve overall effectiveness & efficiency of stakeholders throughout the agricultural value chain.
Leading companies are innovating in autonomous tractors that produce zero emissions and provide a power output of 500 kW. They are increasing the availability of advanced tractors that offer versatility, dynamic performance, sophisticated technology, and unmatched utility, among other features.
Agricultural Tractors Market: Overview
- The surge in demand for compact tractors in small farms and technological advancements, such as integrating telematics with agricultural tractors, rapid adoption of mechanization in the agriculture industry, and proactive government initiatives, along with an increase in the number of medium-scale farmers across the globe are major factors expected to boost the agricultural tractors market during the forecast period
Drivers of Agricultural Tractors Market
- Governments of various countries have promoted the adoption of machinery for agricultural activities across the globe. This has resulted in change from traditional agriculture practices to more mechanized processes.
- India has a lower level of mechanization as compared to that of other developing countries such as China and Brazil; however, it is definitely in its growth stage. For instance, the Government of India is encouraging ‘Balanced Farm Mechanization,’ by providing subsidies on agricultural tractors to increase mechanization level, which is expected to boost the tractors market. Goal of the government is to promote the agricultural sector through its Rashtriya Krishi Vikasa Yojana (RKVY). The scheme is being implemented throughout India with 100% central assistance in order to increase level of farm mechanization in the agriculture sector in India.
- Similarly, the Government of Canada has implemented the “Canadian Agricultural Loans Act” (CALA) program that provides farmers with a loan up to $500 Thousand for purchasing land or tractors. Thus, such government initiatives are expected to propel the agriculture tractors market during the forecast period.
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Agricultural Tractors Market Segmentation
- The global agricultural tractors market has been segmented based on engine power, propulsion, drive type, level of autonomy, application, and region
- Based on engine power, the below 30 HP segment accounted for a major share of the global agricultural tractors market in 2020. The segment accounted for more than 60% share of the market in 2020. This high share can be attributed to the low cost, compact size, and greater convenience offered by tractors of power below 30HP to perform all basic farming operations. This equipment is adopted primarily in Asia Pacific, where approximately 85% of farmlands are below 10 hectares, and these tractors are preferred by most farmers in the region. Furthermore, the electrification of tractors in the below 30 HP segment is expected to gain momentum during the forecast period.
- Based on drive type, the agricultural tractors market has been bifurcated into 2WD and 4WD segments. In terms of revenue, the 2WD segment accounted for a major share of the global agricultural tractors market in 2020. The segment accounted for more than 70% share of the market in 2020. The segment is also estimated to expand at a notable growth rate during the forecast period. Low upfront costs and better maneuverability are long-term factors that are expected to drive the 2WD segment across the globe. 2WD tractors are highly preferred among middle-income farmers in across the globe.
Agricultural Tractors Market: Regional Analysis
- Based on region, the global agricultural tractors market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- Asia Pacific accounted for a major share of the global agricultural tractors market. The Asia Pacific region includes China, India, Japan, South Korea, Australia, and others for the market analysis.
- Increasing Gross Domestic Product (GDP), infrastructure investments, rising per capita income, growing inclination toward mechanization, and government initiatives for FDI, coupled with high containerized transportation have created significant opportunities for the farming business, which, in turn, is driving the agricultural tractors market in Asia Pacific.
- Increasing farm mechanization driven by government efforts and subsidies/ loan waivers is expected to drive farm tractor sales in India. However, China has witnessed a decline in tractor sales in 2020 and 2019, owing to delays in farm equipment subsidies in Chinese provinces and the upgrade of emission regulations.
Agricultural Tractors Market: Competition Landscape
- Key players operating in the global agricultural tractors market include
- Deere & Company
- Mahindra Group
- Kubota Corporation
- Massey Ferguson
- New Holland
- SDF Group
- CNH Industrial N.V.
- Eicher Motors Limited
- Escorts Limited
- Force Motors Limited
- Mahindra & Mahindra Limited
- International Tractors Limited (Sonalika)
- TAFE Limited
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