Specialty Tractor Market To Reach USD 143.58 Billion By 2028 | CAGR of 4.7%
Increase in crop yield, improved productivity, government initiatives, demand from emerging economies will drive the market at a high CAGR during the forecast period.
Market Size- USD 100.77 Billion in 2020, Market Growth- CAGR of 4.7%, Market trends- Autonomous and Semi-autonomous tractors, below 30HP rating tractors, APAC expected to register the highest market growth during the forecast period
The Specialty Tractor market was valued at USD 100.77 Billion in 2020 and is expected to reach USD 143.58 Billion by the year 2028, at a CAGR of 4.7% CAGR during the forecast period (from 2019-2028). The growth of agriculture in developing regions is one of the key reasons that are driving the growth of the market. Further, government subsidies for farm mechanization is another crucial factor helping in the growth of the market. Tractors are used in farms to help the farmers in performing chores like construction and load pulling. Agricultural usage dominates the usage segment of tractors.
Many manufacturers have specific planting, crops which require special tractor dimensions to operate in the fields, vineyards, or orchards. Though a utility tractor fits some of the desired requirements, there will be modifications required to make the tractor completely fit the given application.
OEMs are offering and integrating advanced safety features in the market considering the vivid nature of applications of such tractors. For instance, New Holland has started offering an automatic traction control system. The system engages front-wheel drive for optimum braking, traction, and steering, only when needed. This system also monitors operation on hilly surfaces to control loads when moving downhill and engages front-wheel drive for extra traction when going uphill. For the most extreme operations, the front-wheel-drive can be fully engaged to provide maximum traction at all times of operations.
Manufacturers are providing remote access to the tractors, which will help monitor critical systems and functions. Machine information and programmed custom alerts can prevent downtime by assisting customers in avoiding equipment failures. John Deere’s JDLink, when combined with Remote Display Access, can give their dealer remote access to the machine to troubleshoot potential problems
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John Deere, Mahindra & Mahindra Ltd, CNH Industrial NV, Kubota Corporation, AGCO, Same Deutz-Fahr, Kuhn, CLAAS, JCB, MTZ (Minsk) and others are operating in the marketplace
Further key findings from the report suggest-
- New niche market segment of specialty tractors with power below 30 HP is growing. These tractors have major applications in in vineyards, orchards, , horticulture, fruits, veggies, and sugarcane
- Specialty tractors made for the applications of orchards or vineyards are witnessing a shift from 30HP 2WD to 22HP 4WD
- These tractors have major applications in agriculture, and particularly in orchards and vineyards.
- Narrow type of tractors is usually used in vineyards due to the narrowest rows of wines and less stable surface
- Low profile tractors are mostly used in orchards due to the mountainous ground or hilly regions. It ensures greater stability than traditional tractors. Low clearance tractors are used for canopied, pergola, or vase cultivation. The compact tractors are used to have better field view and the driving position
- The small size of the narrow tractors assists farmers to harvest their crop with less damage to vines, fruits, and trees allowing higher yields and a more significant return on their investment
- Massey Ferguson launched the MF3700 series of specialty tractors. This tractor series is developed for the orchards and vineyard farmers, those requiring stability on slopes. These specialty tractors are majorly designed for high-value farmers requiring tailored features
- Demand for increased agricultural yield is the prime factor driving the demand for specialty tractor from the agriculture segment. Further, specialty tractors are manufactured by considering the nature of sensitive fruit and vegetable crops and many times farmers have to squeeze between narrow rows of his farm
- New Holland developed a lower power range – compact specialty tractors. This tractor series is specially developed for orchard, nut and viticulture farmers
- Manufactures are more focusing on the operator’s comfort
- Kubota’s M-series specialty tractors offer a touch screen control panel, optional guidance system, and are designed to maximize the operator’s comfort
- John Deere has started offering integrated AutoTrac guidance and JDLink applications in their regular product range
- Narrow range specialty tractors are expected to witness a steady, robust growth owing to their feature of navigating through the narrow path
- Orchards farmers work under unique circumstances, and they need tractors small enough to go between tight rows, with a low profile to have superior mobility and avoid damaging low-hanging fruit
For the purpose of this study, Reports and Data have segmented the industry by Type, by Drive, by Application, by Power and by Region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/specialty-tractor-market
Specialty Tractor by Type (Revenue, USD Million; 2020–2028)
- Low Profile
- High Clearance
Specialty Tractor by Drive (Revenue, USD Million; 2020–2028)
Specialty Tractor by Application (Revenue, USD Million; 2020–2028)
Specialty Tractor by Power (Revenue, USD Million; 2020–2028)
- < 75 HP
- >75 HP
Specialty Tractor by Region (Revenue, USD Million; 2020–2028)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2028?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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