Tractor Exhaust Market to be Dominated by Agriculture Sector till 2026
Ongoing research and development activities and huge demand
for better fuel efficiency is driving the growth of Global Tractor Exhaust
Market in the forecast period, 2022-2026.
According
to TechSci Research report, “Tractor Exhaust Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026”,
the global tractor exhaust market is anticipated to grow at a steady CAGR in
the forecast period, 2022-2026. Improvement in the disposable income of the
consumers enables them to invest in the adoption of advanced farming equipment,
thereby fueling the demand for the global tractor exhaust market. Market
players are launching tractors based on varying consumer requirements of
loading capacity, mileage, color, and engine capacity to boost the sales of the
tractor exhaust systems across the globe.
However,
the noise released by the engine while releasing the gases from the tractor may
restrain the growth of the global tractor exhaust market in the forecast
period.
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Tractor Exhaust Market"
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The global Tractor Exhaust market is segmented into
tractor drive type, tractor application, demand category, regional
distribution, and company.
On the basis of drive
type, the global tractor exhaust market is divided into two-wheel drive and
four-wheel drive. The two-wheel-drive segment is expected to account for major
market share for the forecast period, 2022-2026. The increasing focus of the
market players on redesigning the equipment with increased horsepower and the
easy handling of the two-wheel drive is expected to boost the demand for
two-wheel-drive segment. Launching a new tractor with an advanced exhaust
system and higher performance and efficiency is expected to fuel the demand for
two-wheel drive segment.
On the basis of tractor
application, the global tractor exhaust market is divided into agriculture and
non-agriculture. The agriculture segment is expected to hold the largest market
share in the next five years. The use of tractors for farming purposes is
considered crucial to ensure good agricultural production. The growing
population across the globe and the rise in food requirements encourage the
farmers to adopt advanced technologies and equipment to boost the agriculture
yield. The use of scientifically advanced seeds and fertilizers and the
adoption of modern agricultural methods using tractors are expected to
accelerate the agriculture industry, which is expected to influence market
growth in the next five years.
On the basis of demand
category, the global tractor exhaust market is divided into OEM and
replacement. The OEM segment is expected to account for a significant market
share in the next five years. Large-scale manufacturing of tractors for
agriculture and non-agriculture practices around the globe and the use of
exhaust systems in the tractors to ensure the proper functioning of the
tractors are the major driving factors influencing the market demand. OEMs
manufacture tractor exhaust systems using quality raw materials and providing
excellent after-sales service and warranty facility to the customers, thereby
expected to create huge potential for the market growth.
The Asia-Pacific region
is expected to dominate the global tractor exhaust market for the next five
years. The increasing adoption of advanced technologies to boost agriculture
productivity and mechanical tools in farming practices is driving the demand
for the global tractor exhaust market. Availability of easy financing options
and the farmers' growing awareness of the adoption of modern farming techniques
fuel the demand for highly efficient agriculture tractors. The presence of
large agriculture fields in developing countries and the critical role of the
agriculture industry in developing the country's economy is further
contributing to the market growth.
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“The rise in farm mechanization costs in
the emerging economies and the need to lower the use of human labor in the
agriculture field to minimize the operating expenses is boosting the demand for
tractors around the globe. Rough use of tractors for various purposes increases
the tractors’ wear and tear, which creates the need for shorter tractor
replacement cycles. Additionally, the support from the leading authorities to
the farmers by providing incentives, financial assistance, income tax rebates
on the purchase of farm equipment is expected to propel the global tractor
exhaust market growth till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Tractor Exhaust Market -
Global Industry Size, Share, Trends, Competition, Opportunity and Forecast,
2016-2026, Segmented By Tractor
Drive Type (Two-Wheel Drive & Four-Wheel Drive), By Tractor Application
(Agriculture & Non-Agriculture), By Demand Category (OEM vs Replacement),
and By Region”, has evaluated the future
growth potential of global tractor exhaust market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global tractor exhaust market.
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