London, 24 February 2015: TechNavio, the independent tech-focused global research firm, has published a report on the Global Agricultural Tractor Market 2015-2019, which is expected to grow at a CAGR of 6.57 percent from 2014-2019.
Rise in global population has led to an increase in the demand for food and related products over the past few years. Therefore, various governments are focused on increasing food productivity to meet the needs of the growing population, which has propelled the demand for agricultural machinery equipped with modern technologies.
“Farmers are turning their attention to low-powered machinery, which requires less investment and therefore vendors are also capitalizing on this opportunity,” says Faisal Ghaus, Vice President of TechNavio.
“Need for better productivity and increased labor costs are forcing farmers to shift to the usage of low powered machinery like tractors.”
Key Market Drivers
- Rise in Global Population
- Demand from Emerging Countries
- Increased Government Support
- Replacement of Tractors
Key Market Trends
- Advances in Technology
- Increased Versatility
- Increased Demand for Low-powered Machinery
- Alternative Fuel Tractors
Key Market Vendors
- AGCO Corp.
- CNH Industrial Capital LLC
- Deere & Company
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
