DUBLIN, September 15, 2017 /PRNewswire/ --
The "Global Agricultural Tractor Market 2017-2021" report has been added to Research and Markets' offering.
The global agricultural tractor market to grow at a CAGR of 3.08% during the period 2017-2021.
Global Agricultural Tractor Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the sales volume of the agricultural tractor.
One trend in the market is increase in consolidation of fragmented land in Europe and Americas. The trend of consolidating lands, depending on their size, in the Americas and Europe is increasing as the profitability of larger farms is much greater compared with smaller farms. Bigger firms, such as Farm and Ranch Supplies, Archer-Daniels Midland, and Monsanto have started dominating the agricultural market.
According to the report, one driver in the market is increase in the wages of laborers has led to declining profit margins for farmers. The rise in minimum labor wages has increased the cost of producing crops and has adversely affected the profitability of farmers across all the regions. APAC countries, such as India and China, which had an abundance of cheap agricultural laborers, are also experiencing a rise in the minimum wage of agricultural laborers due to government intervention, causing acute scarcity of the agricultural laborers. For instance, the Indian government increased the daily wages of unskilled agricultural laborers by about 60% in 2016.
Further, the report states that one challenge in the market is high price of agricultural all-wheel drive tractors: Restricting their demand in APAC. The prices of all-wheel drive agricultural tractors are high compared with two-wheel drive agricultural tractors. For small farmers, it is not feasible to purchase all-wheel drive agricultural tractors. In India, the price of all-wheel drive agricultural tractors is more than the price of two-wheel drive agricultural tractors. In China, most of the farmers have small farmland holdings, and it is not feasible to operate all-wheel drive agricultural tractors in small fields. Though the all-wheel drive agricultural tractors have several benefits, their high price acts as a deterrent in attracting consumers for the purchase.
- Escorts Group
- John Deere
- Mahindra Tractors
- Massey Ferguson
Other prominent vendors
- New Holland
- McCormick Tractor
- Sonalika Tractors
- Tractors and Farm Equipment (TAFE)
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Market Segmentation By Driveline
Part 07: Market Segmentation By Engine Power
Part 08: Regional Landscape
Part 09: Decision Framework
Part 10: Drivers And Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Key Vendor Analysis
Part 14: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/8hb4f9/global
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