Technavio, a tech-focused market research firm, has published a new report on the global tractor engines market, which is expected to grow at a CAGR of close to 7% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global tractor engines market into the following key regions: the Americas, APAC, and EMEA.
Top three contributors for the global tractor engines market are elaborated below
Tractor engine market in APAC: China and India are the major countries contributing to the tractor engine market in APAC. Increase in wages for agricultural laborers and scarcity of laborers due to increased urbanization has been driving the market for tractors in China. Moreover, the Chinese government is planning to give more property rights to farmers, making it easier to group small plots of farm areas.
According to Praveen Kumar, a lead analyst at Technavio, specializing in research on powertrain, “The growth of tractors in India is mainly driven by the rise in need to increase production using modern farming techniques and wages of agricultural laborers. Moreover, the cancellation of excise duty on low power tractors is likely to increase the sales of the same.”
Tractor engine market in EMEA: Europe is the major contributor to the tractor engine market and is expected to post an impressive growth rate during the forecast period. High compact tractors with an engine capacity of about 155 hp are highly preferred in Europe. Besides this, the economic recovery in Spain, Greece, and Iceland is likely to drive the market for tractors in these countries.
Tractor engine market in the Americas: In the Americas, high-powered tractors are widely preferred for covering large areas of farmland for agriculture. The increased requirement for agricultural exports to China will drive the American farmers to invest more into tractors and other modern techniques of farming to increase output.
The top vendors operating in the global tractor engines market are:
- John Deere
Other prominent vendors in the market include Mahindra & Mahindra, Case New Holland, and Massey Ferguson.
Other related reports:
- Global Walking Tractor Market 2017-2021
- Global Tractor Rental Market 2016-2020
- Global Agricultural Machinery Market 2016-2020
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