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The report provides an overview of the North American agricultural tractor machinery market, which has been segmented based on product type (less than 40 HP, 40 to 100 HP, above 100 HP, and 4 WD farm tractors), primarily depending on the end applications. Based on geography, the market is segmented into the United States, Canada, Mexico, and the Rest of North America.
2016 - 2026
North America's agricultural tractor machinery market is expected to register a CAGR of 6.2% over the forecast period (2020-2025). With changing industrial trends, leading to the development of more sophisticated agricultural machinery, farming methods have taken a giant leap forward. Farm mechanization increased the productivity of the producer, improved the quality of the product, and reduced the hazards of operations. However, with developing technology, in the foreseeable future, driverless tractors, which use GPS maps and electronic sensors, may come into play. The United States and Canada are the major markets in the region, but tractor sales are projected to be the fastest in Mexico.
The report provides an understanding of the North American agricultural tractor machinery market, which has been segmented based on product type (less than 40 HP, 40 to 100 HP, above 100 HP, and 4 WD farm tractors), primarily depending on the end applications. Based on geography, the market is segmented into the United States, Canada, Mexico, and the Rest of North America. The reports provides an overview of the major players in the industry and the key strategies adopted by them to sustain and grow in the market studied.
|Below 40 HP|
|Above 100 HP|
|4 WD Farm Tractors|
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With changing industrial trends, leading to the development of more sophisticated agricultural machinery, farming methods have taken a giant leap forward. Increased farm consolidation, large production base, and greater governmental support through subsidies are driving the sales of agricultural tractor machinery.
In most of the markets in North America, farmers are increasingly adopting advanced technology, such as precision farming systems and GPS-controlled agricultural machinery. The North American market is driven by the sales of higher engine-power tractors, with tractors of power more than 40 HP contributing a major market share.
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Farming has traditionally been a highly-labor intensive method in agriculture. However, the continually rising real wage of farm labor had a positive impact on the demand for tractors in the region, as farmers are increasingly adopting agricultural mechanization, including tractors, as a substitute for manual labor. According to the World Bank database, in 2018, in the United States, the agriculture sector accounted for 1.423% of the total employment rate, as compared to 1.447% in 2016. Moreover, the average hourly real wage for nonsupervisory hired farmworkers increased by 10.4%, from USD 12.00 to USD 13.25 during 2014-2018, which further instigated the demand for tractors in the country. According to the Conference Board of Canada, the country’s agriculture sector had a labor shortage of 16,500 workers in 2017, which was followed by an instant shoot up of the wage rate in the country. As such, the rapid shrinkage of farm labor has given a boost to the tractor market, and thus, driving the demand for tractors.
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The North American agricultural tractor machinery market is consolidated, with few players dominating the market. Deere & Company, AGCO Corp., CNH Industrial NV, Same Deutz-Fahr Deutschland GmbH, and Claas KGaA mbH are some of the major players operating in the market. The companies are focusing on strengthening their base, by offering enhanced product features, competitive pricing, enhanced quality, increased scale of operation, and technological innovation. In December 2018, Deere & Company launched the four-wheel-drive 3028EN tractor, which offers advanced technology and features suited for orchard and paddy farming.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Below 40 HP
5.1.2 40-100 HP
5.1.3 Above 100 HP
5.1.4 4 WD Farm Tractors
5.2 By Geography
5.2.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Deere and Company
6.3.2 AGCO Corp.
6.3.3 Claas KGaA mbH
6.3.4 CNH Industrial NV
6.3.5 Same Deutz-Fahr Deutschland GmbH
6.3.6 Kubota Corporation
6.3.7 Mahindra & Mahindra Ltd
6.3.8 Escorts Limited
6.3.9 Tractors and Farm Equipment Ltd
6.3.10 Kverneland Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability