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Global Utility Tractor Market is segmented by geographies such as North America, Europe, Asia-Pacific, South America, and Africa which covering more than 15 countries is also provided.
Fastest Growing Market:
The Utility tractors market units was 1,108,154 in 2019 and is expected to register a CAGR of 3.1% during the forecast period (2020-2025). The 35 HP to 100 HP segment includes many compact and utility-type tractors meant for small- to mid-sized farming tasks. Compact utility tractors (40HP-70HP) are being increasingly adopted by small-scale farmers as they are much smaller in size than the average agricultural tractors and are priced much lower. Despite the low-cost, compact tractors can help farmers perform many tasks with the help of farm equipment, such as backhoes and front-end loaders, and save labor wage expenses. Although a key reason for the increasing demand for larger (41-50 HP) tractors is the hard soil condition, increased use in non-agri segments, such as infrastructure and construction fields, has also contributed to the increase in demand in this category.
Utility tractors are more than capable of working with significant front or rear attachments, like front-end loaders and backhoes, for loading and digging, but can also be used for landscaping, seeding, hay cultivation, and snow removal that drives the market for this segment, globally.
In April 2018, Mahindra launched Arjun Novo 65 HP and 75 HP tractors in the Indian market, which delivers maximum PTO power manages heavy implements in hard and sticky soil conditions.
For the purpose of this report, the tractors used in agricultural operations between 35 HP-100 HP, especially four-wheeled tractors, have been considered. The report does not cover other agricultural machinery and attachments to tractors. Tractors used for industrial and construction purposes are also excluded from the study.
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Farming in North America is being currently revolutionized by the rapid technological development in utility tractors. Farm costs are inevitable with the increasing demand for food crops, thus, making tractors as an inevitable part of efficient farming. Additionally, farmers in the Asia Pacific region are also looking for utility tractors with tailored features, which can fulfill their needs for effective farming. So, in order to meet consumer demand, many international and domestic agriculture machinery manufacturers are coming up with new technologically-advanced utility tractors, which can handle various farming applications.
For instance, in 2019, Mahindra & Mahindra, a leading tractor manufacturer launched ARJUN NOVO 605 DI-I, a 50 HP technologically-advanced tractor that can handle 40 applications, including puddling, harvesting, reaping, and haulage, among others. Further, the tractor has the ability to deliver uniform and consistent power with minimum RPM drop in all soil conditions.
Thus, the ability of these utility tractors to handle various farming applications is making consumers impulsive toward their purchase, which is boosting the demand for utility tractor globally.
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Accounting for about more than 81% of the global market share in 2019, Asia Pacific is the largest market for agricultural utility tractor, in terms of volume in the world. In developing countries, the demand for 35HP - 100HP tractors is high due to the low disposable income of farmers and high labor costs. Farmers prefer small and customized compact/utility tractors for agricultural purposes due to small farmland sizes. Moreover, lesser fuel consumption by small tractors helps to empower small and marginal farmers. The trend behind the increase in farm mechanization in China has been increased investments in agriculture as well as the government push towards farm mechanization. The investments in farm mechanization create the demand for utility tractor in the Asia Pacific. In India, custom hiring services have benefitted smaller farmers and a new breed of entrepreneurs, who operate utility tractors for the benefit of small landholders has emerged.
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The utility tractors market is highly consolidated with very few players cornering majority of the market share. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market, globally. Along with innovations and expansions, investments in R&D and developing novel product portfolios are likely to be crucial strategies in the coming years.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 North America
18.104.22.168 Rest of North America
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.1.4 Rest of the World
188.8.131.52 South Africa
184.108.40.206 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 Deere and Company
6.3.2 CNH Global NV
6.3.3 AGCO Corporation
6.3.4 CLAAS KGaA mbH
6.3.5 Mahindra and Mahindra Corporation
6.3.6 Kubota Corporation
6.3.7 Escorts Group
6.3.8 Tractors and Farm Equipment Limited (TAFE)
6.3.9 Kuhn Group
6.3.10 Yanmar Company Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS