Tractor Implements Market Analysis and Global Forecast to 2023

The tractor implements market is estimated to account for USD 57.3 billion in 2018 and is projected to reach USD 76.1 billion by 2023, at a CAGR of 5.84% during the forecast period. High labor cost in the agriculture industry and the need to prevent post-harvest food losses are the major factors driving the tractor implements market.

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On the basis of power, the powered segment is projected to witness the fastest growth during the forecast period.

The growing awareness about the benefits of powered equipment that are attached to tractors has encouraged farmers to use these implements in the fields. Powered tractor implements require mechanical and electrical power for its movement, which makes it more effective in performing various tasks during each farming phase as compared to using unpowered machineries.

On the basis of drive, the 4-wheel segment is projected to witness the fastest growth in the tractor implements market during the forecast period

There are mainly two types of tractors used by farmers in agricultural fields, which include 2-wheel-drive and 4-wheel-drive tractors. The demand for implements in 4-wheel-drive tractors is projected to remain high compared to 2-wheel-drive tractors due to the associated benefits. The 4-wheel-drive equipment has more power and efficiency compared to the other drive. Moreover, 4-wheel-drive tractors enable the end-users to attach multiple implements at the same time, due to which they remain more preferred by farmers. On the account of these factors, this segment is projected to witness the fastest growth during the forecast period.

On the basis of phase, the irrigation & crop protection segment is projected to grow at the fastest rate in tractor implements market

The irrigation & crop protection segment accounted for the second largest share and is projected to grow at the highest CAGR between 2018 and 2023. Increasing availability of exclusive machineries for harvesting, plowing, and sowing in the market, as well as sprayers and applicators as implements for tractors, are factors that are projected to reflect positively on the segment growth as compared to harvesting, tillage, and sowing segments.

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The major players in the tractor implements market are CLAAS (Germany), Deere & Company (US), Kubota Corporation (Japan), Mahindra and Mahindra (India), Tractor and Farm Equipment Limited (India), JCB (UK), CNH Industrial (US), SDF Group (Italy), Actuant (US), Kuhn Group (France), and Alamo Group (US).

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