The "Tractor Market - Global Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global tractor market is projected to produce over 2.8 thousand units by 2023, growing at a CAGR of around 5% during 2017-2023.
The rapid emergence of custom-hiring-center model will attribute to the growth of the global tractor market. The custom hiring of farm machinery refers to renting out of farm machinery for operators that cannot afford to invest in high-value machinery in the global market. The growing prominence of pay-per-use model will boost the demand for innovative machinery in the global market.
The establishment of custom hiring centers is an ideal scenario to increase farm mechanization and offer access to small farmers to expensive agriculture tractors and equipment at a reasonable price in the world market. The increasing availability of new technologies due to this rent model will encourage farmers to adopt resilient climate practices and sustainable technologies in the global tractor market. For instance, in India, custom hiring centers for farm implements were established in 100 National Innovations on Climate Resilient Agriculture villages that will successfully empower small farmers to improve agriculture operations.
The global tractor market is highly concentrated, and the top three players control the majority of the market share. The key manufacturers are offering a wide range of product portfolio in all segments to gain a larger global market share and attract a large group of consumers. The vendors are investing in the development of advanced agriculture equipment technology for precision farming and machine automation in the global market. The increasing incorporation of auto-steering and telematics will enable players to sustain the competition in the global tractor market. The launch of technologically advanced machines and high-end hp will revolutionize the market during the forecast period.
