Mahindra & Mahindra Leads Global Tractor Market Forecasted to Cross 2.3 Mn Sales by 2023
Surging
demand for food, easy financing options and rising labor cost to drive global
tractor market through 2023
According to TechSci Research report, “Global
Tractor Market By Power Output, By Drive Type, By Application, By Region,
Competition Forecast & Opportunities, 2013 – 2023”, the global tractor market is forecast to witness
unit sales of more than 2.3 million tractors by 2023. Anticipated
growth in the global tractor market can be attributed to growing demand for
mini tractors, rising labor cost, and increasing technological advancements in
tractor manufacturing processes enabling agricultural machinery manufacturers
to offer tractors at affordable prices. According to a consumer survey by
TechSci Research, Mahindra & Mahindra and John Deere are the most recognized
tractor manufacturers across the globe. Moreover, Mahindra & Mahindra accounts
for the highest satisfaction level among the tractor customers.
Browse 152 market data Figures and Tables spread through 231
Pages and an in-depth TOC on "Global Tractor Market"
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On account of large
population and increasing agricultural needs, Asia-Pacific grabbed the largest
share in the global tractor market in 2017. Moreover, major developing
economies such as China and India export
a huge amount of agricultural products, worldwide, which is positively
influencing the tractor market in the region. 2-wheel drive tractors are widely
used in agriculture, logistics, construction and mining industries, as they can
carry more weight and allow rapid unloading. Owing to these advantages, in
addition to their feature of better traction and stability, 2-wheel drive tractor segment is expected to dominate
the tractor market across the globe in the coming years. With increasing
affordability of tractors and growing operations of market leaders such as Mahindra & Mahindra, John Deere,
Tractors & Farm Equipment Limited, etc., the global tractor market is
likely to grow at a healthy pace until 2023.
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“Increasing focus of automakers towards producing affordable
yet reliable tractors, along with growing preference of agricultural machinery
manufacturers towards small-sized tractors, is expected to have a positive
impact on the global tractor market in the coming years. Moreover, technological advancements in the tractor industry, such as use of GPS
and other wireless technologies, in addition to rising
demand for food supplies and increasing labor wages would significantly boost
the demand for tractors, globally, over the course of next five years.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Tractor Market By Power Output, By
Drive Type, By Application, By Region, Competition Forecast & Opportunities,
2013 – 2023” has analyzed
the potential of tractor market across the globe, and provides statistics and
information on market size, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyzes emerging trends along with essential drivers and key challenges
faced by the global tractor market.
About TechSci Research
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Research is a leading global market research firm publishing premium market
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employing innovative research solutions and tracking global and country
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market trends.
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