Tractor Implements Market will Reach Nearly USD 95.24 Billion, Expanding at a CAGR of 4.8% during the Forecast Period of 2028
The global tractor implements market size was USD 64.84 Billion in 2020 and is expected to register a revenue CAGR of 4.8% during the forecast period. Market revenue growth is primarily driven by various factors such as government subsidies for use of agricultural machinery, limited farm labor, and increasing mechanization in agriculture. Tractor implements are used in agriculture for various types of operations such as sowing, land preparation, seeding, harvesting, irrigation, baling, and others.
Rising demand for modern techniques for agriculture in various countries, growing need for irrigation and crop protection, increasing availability of specialized machinery for cultivation, harvesting, and sowing, and investments in development of innovative techniques are key factors expected to drive tractor implements market revenue growth.
Different types of implements are connected to the tractor at different stages of cultivation, which reduces the time and cost of production. Thus, demand for tractor-mounted equipment is increasing worldwide. Governments in various countries are promoting agricultural mechanization for achieving sustainability in production through investment, tax exemption, and subsidies. Manufacturers are investing heavily in research & development projects across various regions for developing more effective machinery, which is further expected to boost the tractor implements market revenue growth.
The COVID-19 pandemic has considerably hindered production of tractor implements because of prolonged lockdowns in countries across the globe. This has resulted in moderately slow market revenue growth, owing to dip in machinery and equipment sales associated with tractors in the past year.
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Some Key Highlights From the Report
- Irrigation and crop protection segment accounted for the largest revenue share in 2020. Increasing availability of exclusive machinery for harvesting, sowing, and cultivation in agricultural lands is driving demand for improved agricultural techniques for irrigation. Additionally, increasing pesticide application in farms is driving revenue growth of this segment.
- Powered segment is expected to register a faster revenue growth rate over the forecast period. Powered tractor implements involve the use of mechanical and electrical energy for use. There is a high use of powered tractor implements for performing various agricultural tasks, as these implements are useful for improving processing efficiency and mechanizing activities of agricultural production process.
- 4-wheel drive segment is expected to register a rapid revenue growth rate over the forecast period. 4-wheel-drive has more power and productivity, compared to other drives. This type of equipment is the most preferred choice for slopes and undulating terrain, especially for wetland puddling applications. 4-wheel drive tractors allow multiple implements to be attached to perform various functions simultaneously.
- Market in North America accounted for significantly large revenue share in 2020 due to rapid adoption of advanced technologies and increasing demand for irrigation and crop protection practices in the agriculture sector. Additioanlly, growing investments by various major players in the development of tractor implements is a key factor boosting revenue growth of the market in North America.
- Major companies profiled in the market report are CLAAS, Kubota Corporation, Mahindra & Mahindra, Tractors and Farm Equipment Limited, JCB, CNH Industrial N.V., SDF Group, Actuant Corporation, Alamo Group,, and Kuhn Group.
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For the purpose of this report, Reports and Data has segmented the global tractor implements market based on phase type, power type, drive, and region:
Phase Type Outlook (Revenue, USD Billion; 2018-2028)
- Irrigation & Crop Protection
- Sowing & Planting
- Harvesting & Threshing
Power Type Outlook (Revenue, USD Billion; 2018-2028)
Drive Outlook (Revenue, USD Billion; 2018-2028)
- 2-wheel Drive
- 4-wheel Drive
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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