The global utility tractor market size is estimated to register a substantial CAGR during the forecast period, 2021-2028. The growth of market is attributed to increasing demand of small size tractors by small scale farmers, inexpensive and allows them to do multi-task, conserve extra expenses such as labor and miscellaneous.
One of the key reasons for increasing demand for this segment is large size tractors and high HP in hard soil condition, highly used in non-agri segment such as construction and infrastructure.
Although large size tractors can be used in several condition, utility tractors is significantly more capable than a larger one and can be used to its full capacity using attachments such as rear and front attachments, for loading and digging, can also be used for hay cultivation snow removal, seeding, landscaping, digging, and loading.
North America has revolutionized the farming segment by rapid adoption of technologies, the cost incurred in farming is irrevocable and demand for the food is increasing extensively making tractors an efficient part of farming.
The Covid-19 pandemic affected the demand and supply of utility tractor market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period..
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for the food crop is estimated to propel the market during the forecast period.
- Increasing adoption of utility tractors by small scale farmers for reduction in expenses are expected to drive the market in the coming years.
- Rising awareness about the significant use of utility tractors among small scale farmers is estimated to spur the market during the projected period.
- R&D investment and technological advancement against utility tractors such as tailored features is anticipated to create a significant opportunities for the key players.
- High maintenance cost for the large size tractors is expected to hamper the market growth.
Scope of the market
The report on the utility tractor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Utility Tractor Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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-
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Regional Scope
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Asia Pacific [India, Japan, China, and Rest of Asia Pacific], North America [United States, Canada, and Rest of North America], Europe [United Kingdom, Germany, Italy, Spain, France, and Rest of Europe], and Rest of the World [Brazil, South Africa, and Other Countries]
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Deere and Company; AGCO Corp; CNH Industrial; CLAAS KGaA mbH; Mahindra and Mahindra Corporation.
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Market Segment Insights
Asia Pacific is anticipated to dominate the market
In terms of regions, the market is categorized into Asia Pacific [India, Japan, China, and Rest of Asia Pacific], North America [United States, Canada, and Rest of North America], Europe [United Kingdom, Germany, Italy, Spain, France, and Rest of Europe], and Rest of the World [Brazil, South Africa, and Other Countries]. Asia Pacific held more than 81% of the market in 2019. Growth of the market is attributed to rising demand for tractor due to expensive labor cost and low disposable income and increased investment in agricultural. However North America is anticipated to expand at a rapid pace due to early adoption of technological development in farming.
Segments
The utility tractor market has been segmented on the basis of
Regions
- Asia Pacific
- India
- Japan
- China
- Rest of Asia Pacific
- North America
- United States
- Canada
- Rest of North America
- Europe
- United Kingdom
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Rest of the world
- Brazil
- South Africa
- Others countries
Key Players
- Deere and Company
- AGCO Corp
- CNH Industrial
- CLAAS KGaA mbH
- Mahindra and Mahindra Corporation.
Competitive Landscape
Key players competing in the utility tractor market include Deere and Company; AGCO Corp; CNH Industrial; CLAAS KGaA mbH; Mahindra and Mahindra Corporation.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.. For instance
In September 2021, IVECO a subsidiary of CNH Industrial and Nikola inaugurates joint venture manufactured facility for heavy duty trucks ulm in Germany.
In June 2021, CNH Industrial acquires raven industries, enhancing precision agricultural capabilities and scale.
In October 2021, Mahindra and Mahindra Corporation launch 3 new Yuvo tech+ tractors.
In September 2021, Mahindra and Mahindra Corporation farm equipment sector sold around 39,053 units in India.
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