5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
India
The Asia-Pacific wheeled tractor machinery market, estimated at USD XX billion in 2016 is expected to reach USD XX billion by 2021, at a CAGR of 6.8% over the forecast period. Tractors provide the power and traction to automate agricultural jobs, especially tillage. Agricultural implements are towed behind a tractor, providing a source of power for the mechanization of implements. The agricultural usage of tractors is the largest segment in the agricultural machinery sector. Ease of working and improvement in efficiency are some of the reasons why tractors are popularly employed by farmers.
Market Dynamics
The demand from emerging economies and the high level of government support in these regions are fueling the growth of the industry. India leads the market with the highest number of tractors purchased in the world, followed by China. Agriculture is the backbone of India with 60.6% geographical area being agricultural land. China, with 300 million agricultural employees, produces food for 20% of the world’s population with only 10% arable land worldwide. The Japanese use highly technical equipment for agriculture.
The driving forces of the market are increasing population, growing demand for food, the necessity to amplify yield and productivity. Opportunities lie in higher market penetration in the developing nations like China and India, where machinery use in agriculture is growing. In addition, government subsidies and incentives aid the growth of the wheeled tractor market to a great extent. However, food security issues along with lower purchasing power in the developing regions appear to be a hindrance to the otherwise lucrative market.
Market Segmentation
By wheel tractor type, the market is segmented into:
On the basis of geography, the market is segmented into China, Japan, India, Australia, and others.
Key Industry Players
The major companies in Asia-Pacific wheeled tractor machinery market are:
Key Deliverables in the Study
5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
India
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