South America Tractor Market, Led by 2-wheel Drive Tractors, to Reach $ 4 Billion by 2023
Improvements in road infrastructure along
with increasing demand from e-commerce sector to boost tractor sales across South
America region during forecast period
According
to TechSci Research report, “South
America Tractor Market By Power Output, By Drive Type, By Application, By
Country, Competition Forecast & Opportunities, 2013-2023”, South America truck market is projected to surpass
$ 4 billion by 2023, due to continuous improvement of road infrastructure and rising
number of construction activities in the region’s emerging economies. Moreover,
rising adoption of tractors in place of farm animals to plough the field coupled
with surging labor costs is further likely to steer growth in South America
tractor market in the coming years.
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market data Figures spread through 51 Pages and an in-depth TOC on "South
America Tractor Market"
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On the
basis of drive type, South America tractor market is segmented into 2-wheel
drive and 4-wheel drive. The 2-wheel drive tractors segment dominated the
market in 2017, and the segment is expected to continue its dominance during
forecast period as well due to extensive use of 2-wheel drive tractors in
agriculture, construction and mining sectors, as these tractors provide better
traction and stability and can carry more weight apart from allowing rapid
unloading. Below 40 HP tractors accounted for the largest share in South
America tractor market on the back of rising concerns regarding environmental
pollution.
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“Easy
availability of finance for the purchase of tractors and emergence of
autonomous tractors backed by technological advancements in the automotive
industry is pushing demand for tractors across various countries of South
America. Moreover, various leading manufacturers are focussing on increasing
production of tractors and expanding their product portfolio, which would have
a significant positive impact on the region’s tractor market going forward.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“South America Tractor
Market By Power Output, By Drive Type, By Application, By Country, Competition
Forecast & Opportunities, 2013-2023” has analyzed the potential of tractor market across the South
America region, and provides statistics and information on market sizes, 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 South America tractor
market.
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