tractor market to be valued usd 79 billion by 2026

MARKET INTELLIGENCE . CONSULTINGwww.techsciresearch.com

2016 – 2026

GLOBAL TRACTOR MARKET

FORECAST & OPPORTUNITIES

2

Scope of ReportType of Interest (POI): Tractor

Review Period

2016 – 2019

Base Year

2020

Estimated Year

2021

Forecast Period

2022 – 2026

Year RangeTRACTOR MARKET DRIVE TYPE

REGION

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

• 2-Wheel Drive

• 4-Wheel Drive

A tractor is referred to tractor head which has a heavy duty towing engine designed to transport cargo. Atractor head vary in size, power, and configuration and are majorly powered by diesel engines, followed bygasoline, CNG, Electric & hybrid engines.

Market Segmentation

• Under 40 HP

• 40 HP & Under 100 HP

• 100 HP & Above

POWER OUTPUT

APPLICATION

• Agriculture

• Non-Agriculture

3

T a b l e o f C o n t e n t s

S. No. Contents Page No.

1. Product Overview (Definition of product and major terminologies used in the report)

2.Research Methodology (Detailed description of the methodology used to conduct the research,Raw data backup, list of all secondary sources, List of respondents for primary surveys)

3. Executive Summary (This chapter covers summary of the complete study.)

4. Voice of Customer

4.1. Factors Influencing Purchase Decision

4.2. Influencer of Purchase

4.3. Unaided/Aided Brand Recall

4.4. Brand Satisfaction Level

5.

Global Tractor Market Outlook, 2016-2026F (This chapter includes a brief overview of theproduct of interest market such as total market’s growth rate, expected growth rate, key growthlevers, leading region, top grossing product types, etc. It includes more of a qualitativeinformation about the market.)

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1. By Power Output (Under 40 HP, 40 HP & Under 100 HP and 100 HP & Above)

5.2.2. By Drive Type (2-Wheel Drive & 4-Wheel Drive)

5.2.3. By Application (Agriculture & Non-Agriculture)

5.2.4. By Company

5.2.5. By Region

5.3. Product Market Map(By Drive Type)

Table of Contents

4



6. Asia-Pacific Tractor Market Outlook







6.2.4. By Country


6.4. Asia-Pacific: Country Analysis

6.4.1. India Tractor Market Outlook

6.4.1.1. Market Size & Forecast

6.4.1.1.1. By Value & Volume

6.4.1.2. Market Share & Forecast

6.4.1.2.1.By Power Output (Under 40 HP, 40 HP & Under 100

HP and 100 HP & Above)

6.4.1.2.2. By Drive Type (2-Wheel Drive & 4-Wheel Drive)

6.4.1.2.3. By Application (Agriculture & Non-Agriculture)

6.4.1.3. Product Market Map(By Drive Type)

Table of Contents

5



6.4.2. China Tractor Market Outlook









6.4.3. Japan Tractor Market Outlook









Table of Contents

6



6.4.4. Australia Tractor Market Outlook









7. Europe Tractor Market Outlook






7.2.4. By Country


7.4. Europe: Country Analysis

Table of Contents

7



7.4.1. Turkey Tractor Market Outlook









7.4.2. Germany Tractor Market Outlook









Table of Contents

8



7.4.3. France Tractor Market Outlook









7.4.4. Italy Tractor Market Outlook









Table of Contents

9



7.4.5. United Kingdom Tractor Market Outlook









7.4.6. Spain Tractor Market Outlook









Table of Contents

10



7.4.7. Portugal Tractor Market Outlook









7.4.8. Belgium Tractor Market Outlook









Table of Contents

11



7.4.9. Austria Tractor Market Outlook









8. North America Tractor Market Outlook







8.2.4. By Country


8.4. Europe: Country Analysis

Table of Contents

12



8.4.1. United States Tractor Market Outlook









8.4.2. Canada Tractor Market Outlook









Table of Contents

13



8.4.3. Mexico Tractor Market Outlook









9. South America Tractor Market Outlook







9.2.4. By Country


9.4. South America: Country Analysis

Table of Contents

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9.4.1. Brazil Tractor Market Outlook









9.4.2. Argentina Tractor Market Outlook









Table of Contents

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10. Middle East & Africa Tractor Market Outlook







10.2.4. By Country


10.4. Middle East & Africa: Country Analysis

10.4.1. South Africa Tractor Market Outlook









Table of Contents

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10.4.2. Kenya Tractor Market Outlook









10.4.3. Saudi Arabia Tractor Market Outlook









Table of Contents

17


11. Impact of COVID-19 on Global Tractor Market

12. Market Dynamics

12.1. Drivers

12.2. Challenges

13. Market Trends & Developments

14. Pricing Analysis

16. Competitive Landscape

14.1. Competition Outlook

14.2. Company Profiles

14.2.1. Company Details

14.2.2. Products & Services

14.2.3. Financials (As Reported)

14.2.4. Key Market Focus & Geographical Presence

14.2.5. Recent Developments

14.2.6. Key Management Personnel

15. Strategic Recommendations

16. About Us & Disclaimer

Table of Contents

RESEARCH METHODOLOGY

19

Research Methodology

✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players in the global tractor market,

overall market size and segmental market size.

In order to conduct industry experts’

interviews, TechSci formulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about the global tractor market.

Data Collection

Data Filter& Analysis

Research &Intelligence

ActionableInsights

BusinessSolution

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Final Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor

Presentations✓ Regulatory Body✓ Associations, etc.

Secondary Research

Primary Research

20


Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of global tractor market. The team has analyzed the

outlook of various segments of this market, while considering the major influencing factors such as surging demand for agricultural products,

increasing consumer inclination towards small-sized tractors. The study includes market forecasting, which would enable our clients to take

better decisions while planning their strategy to achieve sustainability in global tractor market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value and Volume: Market size, in terms of value and volume, for the year 2020 was calculated based on information

collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as tractor

manufacturer and supplier companies, channel partners, market influencers & end users, industry experts, and other industry participants.

• The team interviewed more than 15 – 20 tractor manufacturers, supplier and distributor companies, 45 – 50 channel partners, 80 – 100 end

users, and 15 – 20 industry experts and other value chain stakeholders in the global tractor market to obtain the overall market size from

2016 to 2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out,

to arrive at the market size data during 2016-2020.

21


• Respondents were asked about the current and future market growth rates, market shares by power output, by drive type, by region and by

company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across

various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further

triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares:

Market shares shares by power output, by drive type, by region and by company were calculated based on the responses received through

primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various

segments of tractor market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders

after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in

SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global

tractor market, TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis

✓ Econometric and Judgmental Analysis

22


TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research

also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It

should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the

United States Dollar (USD), with the market size indicated in USD million.

Partial List of Companies Interviewed Key Secondary Sources

▪ Mahindra & Mahindra Ltd.

▪ Deere & Co. (John Deere)

▪ Tractors & Farm Equipments Ltd.

▪ Sonalika International Tractors Ltd.

▪ Escorts Ltd.

▪ Kubota Corporation

▪ CNH Industrial N.V. (New Holland)

▪ AGCO Group

▪ YTO Group (Dongfanghong)

▪ Dongfeng Agricultural Machinery Group Co.,

Ltd

▪ World Bank

▪ TechSci Research Proprietary Database & Knowledge

Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ News Dailies

▪ Credible Paid Databases

23

Industry Brief

According to TechSci Research report, “Global Tractor Market By Power Output (Under 40 HP, 40 HP - Under 100 HP and 100 HP & Above), By Drive Type (Two-Wheel Drive & Four-Wheel Drive),

By Application (Agriculture & Non-Agriculture), By Region, Competition Forecast & Opportunities, 2016-2026F”, the global tractor market is anticipated to grow at a robust growth rate of 4.96% during

the forecast period, owing to the booming demand of agriculture products and increasing mechanization in agricultural industry. The global tractor market is expected to reach 2.80 million units till

2026. India, being the largest tractor producer and market in the world, is expected to reach 1.27 million units till 2026. According to the laid-out Union Budget, the Government of India is planning to

improve farm productivity and mechanization of agricultural practices, strengthen farmers’ income to ease the purchasing of tractors to sustain the growth in the country. China is the second largest

tractor market in the world. According to the National Bureau of Statistics, in 2020, China produced 669.49 million tons of grain which was an increase of 5.65 million as compared to 2019 statistics.

In the country, the wheat output also increased by 0.5%, soybean production edged up 8.3%, and rice output grew by 1.1%. All these hiked agricultural domestic as well as export demands have

increased the mechanization and utilization of tractors in the field, as a result an increase in tractor demand has been observed. To cope with such increasing agricultural demand of rising population,

tractor market is susceptible to withstand a robust growth in the forecast period.

The global tractor market is classified on the basis of application type, by power output, by drive type, and by region. Based on application type, the market is segmented into agriculture and non-

agricultural purposes. Tractors are designed to perform as all-purpose farming equipment for plowing, tilling, planting, etc. and hence is majorly used for such purposes. On the other hand, due to

limited application of tractors in heavy construction, mining, and logistics industries, they hold a small share in non-agricultural purposes but increased usage of tractors in domains such as haulage in

light construction and infrastructure projects, will further increase demand of tractors in the forecast period. In terms of engine power output, the tractor market is segmented in three categories. First,

rated engines under 40HP, secondly the tractors with rated engines of 40HP but below 100HP and lastly, tractors with rated engine of 100HP & above. On the basis of drive type, the market is

segmented among two-wheel drive and four-wheel drive. Tractors are significantly used or purchased by rural authorities/associations or farmers. For such communities, price of a tractor is a very

significant factor of making a purchase decision, and on the other hand, utilization & performance of machine for their all-round purposes are considered by them while making a purchase. Tractors

of engines with rated power output of 40HP to below 100HP and of two-wheel drive are most suitable to the consumers due to being relatively inexpensive as well as heavy enough to perform

mentioned farming activities and hence are in most demand all over the globe. However, with increasing utilization of tractor in heavy construction as well as large scale farming activities are aiding

the sales of heavy tractors with four-wheel drive and rated engine output of above 100HP.

In addition to that, by region, the market is distributed into Asia-Pacific, North America, Europe, South America, and Middle East & Africa. India and China are one of the largest exporters of Rice.

China has 7% of the arable land and with that, they feed 22% of the world’s population. Around 58% of Indian population is indulged in agricultural activities, the country has a total 96-million-hectare

irrigated area. Both the countries are the largest wheat producers in the world. Hence, to withstand such enormous agricultural needs, tractor demand in these countries is the most. Tractor market in

these two countries is expected to grow at a robust rate to reach around 1.30 million units cumulatively till 2026.

Due to the implementation of lockdown to prevent the spread of the COVID-19 pandemic, sales of tractors in the end of first quarter and in the starting month of second quarter slightly declined in

most of the countries. However, a very strong agricultural & food demand was followed afterwards in the remaining year of 2020, driving the year’s performance to a positive trend. India and China

witnessed a massive increase of 10.94% and 53.12% in 2020 as compared to 2019 sales. Nevertheless, some of the countries including Japan, France, Italy, United Kingdom, Spain, Belgium, etc.

witnessed a degrowth in the year 2020, mainly due to contraction of production units and halt on international trade. However, the market is seen to be recovering at a good pace and is expected to

overcome in the 2021-2022 period. Hence, giving positive outlook to the market eventually.

Mahindra & Mahindra Ltd. holds the largest share in global tractor market, followed by Deere & Co. (John Deere) and Tractor & Farm Equipments Ltd., which holds double-digit shares individually.

Other international leaders of the market are Sonalika International Tractors Ltd., Escorts Ltd., Kubota Corporation, CNH Industrial N.V, AGCO Corporation (with subsidiary brands: Massey

Fergusson, Valtra & Fendt), Case IH, CLAAS KGaA mbH, YTO Group (Dongfanhong), Deutz-Fahr GmbH, Dongfeng Agricultural Machinery Group Co., Ltd., etc. which holds single-digit shares.

“Mahindra & Mahindra Ltd. dominated the market in the year 2020, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive

technological demands of their customers as well as withstanding government’s safety and emission norms. The demand for tractors is anticipated to increase globally in the coming years, on

account of increased needs of mechanized farming and growing government’s focus on strengthening agriculture industry and improving productivity.”, said Mr. Karan Chechi, Research Director with

TechSci Research, a research based global management consulting firm.

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Sample Data - Snapshot

Global Tractor Market Size, By Value (USD Million) & By Volume (Million Units), 2016–2026F

5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00

10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00

2016 2020 2021E 2026F

By Value (USD Million)

By Volume ( Million Units)

CAGR By Value & Volume

XX%CAGR By Value & Volume

YY%

Global Tractor Market Share, By Power Output, By Volume, 2016–2026F

33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%

34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34%

33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

100 HP & Above

Under 40 HP

40 HP & Under 100 HP

Europe Tractor Market Share, By Drive Type, By Volume, 2016–2026F

50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%

50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

2-Wheel Drive

4-Wheel Drive

25

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FORECAST & OPPORTUNITIES2016 – 2026

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TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in

number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The

proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’

model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich

evaluation of the opportunities available in the market.

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tractor market to be valued usd 79 billion by 2026

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