According to a new market report published by Transparency Market Research titled “Farm Tractor Market (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 Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027,” the North America and Europe Farm Tractor market is expected to record sale volume of 650 thousands tractors by 2027. Furthermore the farm tractor market in the region is estimated to expand at a CAGR of 3.88 % during the forecast period from 2019 to 2027. Increasing demand for food, favorable government policies, growing farm mechanization and hobby farming are the key factors driving the growth of the farm tractor market in the region.
Comparing the two regions, North America farm tractor dominated the market in 2018 in terms of unit shipments. The market revenues from North America farm tractor market is estimated to be US$ 5.4 Bn in 2019. This is owing to positive growth in the U.S. farm tractor market which witnessed huge demand for medium tractors in below 40 HP- 80 HP horsepower category. However, higher horsepower segments exhibited marginal volume growth in the country. Conversely, farm tractor market in Canada is estimated to witness steep decline in the shipments. This is owing to the frequent fluctuations and weakening of Canadian dollar. The farm tractor market across all the horsepower segments is estimated to witness a dip in 2019 as well. Moreover, all the major tractor manufacturers witnessed tough time in maintaining their market shares in the Canada, as large volume of local demand is met through imports, which escalates proneness to currency fluctuation.
In 2018, Europe farm tractor market recorded shipments of 281 thousand units with Germany being the top contributor followed by France and the U.K. Additionally, Italy is anticipated to be a major contributor in the rest of Europe farm tractor segment. European countries including the U.K, Finland and the Netherlands, have relatively large (area) farms, and therefore farm tractor market above 40 HP is estimated to exhibit significant market share in these countries. However, in other European countries including Germany, small and compact tractor segment is anticipated to dominate the market. The presence of large farms, although in few numbers, is anticipated to generate demand for higher horsepower tractor segment during the forecast period till 2027.
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Farm tractor prices across all the horsepower segments witnessed high fluctuations in the Europe market as well. This is owing to frequent price adjustments from major farm tractor manufacturers to maintain their market shares in the region amidst weak sales forecast. Tractor manufacturers are also working towards incorporating new technologies so as to differentiate their offering from others while adding value to products and services being delivered. This is seen as key strategy in the long run for players to retain their competitive position. Moreover, with expected proliferation of smart technologies in agricultural applications, this is seen as more of a need then the strategy to ensure sustainable growth in the long run.
The report also provides value chain analysis covering key actors in the farm tractor value chain including component manufactures, OEMs (tractor), distribution channel partners, and the end-users. In addition to this, forward and backward integration scenarios is covered in the study which analyses the changing scenarios of widening scope of work and services provided by tractor manufacturers. The market attractiveness analysis for North America and Europe regions is also included within the scope of the research report. The market attractiveness analysis compares the farm tractor market of prominent countries in both the regions based on market size, potential opportunities, and the Compounded Annual Growth Rate (CAGR).
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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 2018. 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.
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