Large Scale Farming to Drive the Demand for Tractors Equipped with 60-140 HP Engines Through 2026

The report on the Tractors Market provides a bird’s eye view of the current proceedings and the impact on the COVID-19 pandemic. Further, the report ponders over the various factors that are likely to impact the overall dynamics of the Tractors Market once the COVID-19 pandemic subsides. The current trends, growth opportunities, restraining factors, and drivers are discussed in the report in detail.

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As global food consumption levels soar through the roof, the average crop yield of agricultural sectors across the globe is being hard-pressed beyond its threshold. While depending on uncertain elements such as weather, crop quality, soil quality and incentive schemes distresses the farmers, their reliability on tractors as the key agricultural machinery remains conformed. In the future, increasing farm produce and the outcomes of several major farming activities will remain highly dependent on the effective utilization of tractors.

New sensors and IoT technologies are being integrated in the production of tractors. Leading manufacturers are offering multi-functional tractors to consolidate their utility and provide a time-saving solution for farmers. Governments are implementing initiatives towards enrollment of farmers in training programs that improve the abilities in operating advanced tractors. However, high costs of tractors compel farmers towards obtaining loans, wherein agricultural funding institutions fail to slacken the high interest rates.

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In the view of such factors, the global tractors market is pegged to witness a sluggish growth in the near future. Fact.MR’s forecast study has addressed such factors and analyzed their impact on the future adoption of tractors worldwide. Key findings from the report reveal that during the forecast period, 2017-2026, the global tractors market is assessed to reflect a sluggish growth at 2.8% CAGR in terms of volume. The report further estimates that by the end of 2026, the global tractors market will touch a valuation of US$ 161 billion.

Sales of Tractors with 60-140 HP Engines to Incur Boost from Increasing Adoption of Large-Scale Farming High crop produce threshold of large-scale farming is driving its adoption in the global agricultural landscape. To meet the requirements of plowing and tilling across large farms, tractors with high power engines are witnessing a growing demand. The report estimates that throughout the forecast period, 30% of tractors sold globally will be equipped with 60-140 HP engines. The report also estimates that the demand for tractors with 140-400 HP engines will reflect fastest volume growth by reflecting a CAGR of 3.1% over the forecast period.

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Tractors Built on Hydraulic Mechanism will Account for More than Half of Market Volumes; Utility Tractors to Represent Most Profitable ApplicationConsidering their usage as heavy fieldwork equipment, tractors developed on hydraulic systems provide key advantages in terms of fluid transmission, fuel consumption and simple operability. Adoption of hydraulic tractors is pegged to remain economical for farmers in the years to come. By the end of 2026, nearly 1700 thousand units of hydraulic tractors will be sold across the globe. It is further estimated that utility tractors will account for nearly one-fourth share of global market volumes throughout the forecast period. High profit margins associated with the production of tractors for utility applications will remain lucrative for market players in the approaching years.

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