North America and Europe Farm Tractor Market -key Insights Based on Product Type, End-use and Regional Demand Till 2024

Albany, USA, 2018-May-08 — /EPR Network/ —Market Research Reports Search Engine (MRRSE) has recently updated its massive research catalog by adding a new study, titled “Farm Tractor Market”. The study offers a clear insight about the prevailing trends and innovations happening in the Farm Tractor Market. Readers can further access details about research highlights and executive summary to gain a better idea about this assessment. The market overview covers key industry developments and market opportunity map during the mentioned forecast period. In addition, a holistic view of the entire global market scenario across all the prime regional segments, such as (Regions) has been delivered.

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The top three players in the North America and Europe farm tractor market – Deere and Company, CNH (Case New Holland) Industrial, and AGCO Corporation – accounted for a share of just under 70.0% in 2015, hinting at the rather consolidated nature of the competitive landscape. Among these, Deere and Company alone held a share of over 35% that year, emerging as the clear leader. MRRSE finds that the degree of rivalry among players in the North America and Europe farm tractor market is quite high owing to the strong presence of large and established companies.

Enhancing product portfolio, investing in innovations, and forming strategic alliances are some of the key growth tactics employed by players in this market. In September 2016, market leader John Deere launched a new 450 HP tractor that is specially designed to achieve reduction in fuel consumption. This has enabled the company to reinforce its strategic plan of focusing on innovation.

By revenue, the North America and Europe farm tractors market is projected to expand from US$13.6 bn in 2015 to US$17.23 bn by 2024, with North America registering a 3.0% CAGR and Europe exhibiting a 5.4% CAGR therein. By volume, the farm tractors market in North America and Europe is projected to witness a 5.1% CAGR during the forecast period.

The North America farm tractor market was pegged at around 245 thousand units in 2015. Despite a declining sales volume across the higher horsepower segment, the market exhibited marginal volume growth from the previous year owing to the rise in demand for tractors below 40 HP. While the sales of farm tractors will continue a positive trend in the U.S., the sales in Canada have been witnessing a downward trend owing to a weak dollar and higher prices of the tractors.

In 2015, the Europe farm tractor market volume was pegged at around 153 thousand units. The market has been recording a decline in year-on-year growth in terms of volume over the last two years owing to a low demand from several European countries, including Germany, France, Turkey, the U.K., and Italy. However, the trend is likely to change in 2017, MRRSE predicts. “Tractor manufacturers are poised to lower the prices across different horsepower segments so as to attract more sales and recover from the sluggish demand,” the lead analyst states.

Complete Report details with List of Tables and Figures @ https://www.mrrse.com/north-america-europe-farm-tractor-market

There has been a growing trend of farm mechanization across North America and Europe owing to the numerous benefits offered, including considerable savings in terms of time and resources, improved efficiency, and increased production. In addition to this, precision farming has driven the need for mechanization among various farm practices, thereby fueling the demand for farm tractors. The shortage of farm laborers in these regions has also propelled the use of mechanized farming techniques and equipment such as farm tractors.

Another significant factor that has boosted the adoption of farm tractors across Europe and North America is the growing demand for agricultural products, brought on by the rising population. “In view of this, governments in these regions have focused their attention on encouraging the usage of mechanized farming techniques by offering subsidies and easy access to credit to farmers,” the author of the study notes.

The report provides competition landscape covering the market share of the leading players in the Europe and North America market based on their revenues in 2015. In addition to this, competition matrix compares and analyzes prominent players in terms of their capabilities and future potential. This includes attributes such as market position, offerings, R&D focus, top line growth, market share, segment growth infrastructure facilities and future outlook. Company profiles of the players covered in the study includes detailed information and analysis based on business overview, strategies, product offering. Furthermore, SWOT analysis of these players is also covered in the company profile section.

The key players in the North America and Europe farm tractor market covered in the study includes Deere and Company, CNH Industrial N.V., Kubota Corporation, SDF Group, AGCO Corporation, Class KGaAmbH, and Mahindra USA Inc., Daedong USA, Inc., Argo Tractors S.P.A. and International Tractors Ltd., among others.

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The North America and Europe farm tractor market is segmented as below:

North America and Europe Farm Tractor Market, by Horse Power

• Less than 40 HP
• 40 HP – 80 HP
• 81 HP – 120 HP
• 121 HP – 180 HP
• 181 HP – 250 HP
• More than 250 HP

North America and Europe Farm Tractor Market, by Geography

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • France
  • The U.K
  • Rest of Europe

 

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