Tractor Implements Market Projected to Garner Significant Revenues by 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. The study includes four major activities to estimate the current market size for tractor implements. Exhaustive secondary research was done to collect information on the overall market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were used to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

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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. Hence, the demand for these implements continues to remain high compared to other tractor implements. The demand for advanced agricultural techniques for irrigation and pesticide application is also projected to fuel the growth of the irrigation & crop protection segment.

Asia Pacific is projected to dominate the tractor implements market during the forecast period

According to the FAO, the Asia Pacific region include developing countries such as India, Thailand, and Vietnam, where agriculture is growing at an exponential rate. Nearly 40% of the global arable land is present in this region. Asia Pacific region is experiencing a shift in agricultural practices from the use of traditional tools towards farm mechanization. Rising urbanization has led to limited agriculture labor in rural areas of the Asia Pacific region, which has led to an increasing need for mechanized farming techniques by investing in agricultural implements. These factors are collectively projected to drive the market for tractor implements in this region.

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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). These companies are focusing on introducing and manufacturing various tractor implements that are offered to farmers for speeding up their farming practices. Various strategies such as acquisitions, partnerships, and expansions were adopted by companies with regional competitors, research institutes, and academic institutions to enter the tractor implements market.