A rapidly growing population and a subsequently rising demand for food has put pressure on farmers to equip themselves with the latest and advanced mechanized farming techniques. This has resulted in the increased demand for farm tractors in North America and Europe. The market is also supported by favorable government policies encouraging the usage as well as purchase of agro machinery and various farming equipment. Easy access to credit provided by country-specific governments in these two regions has benefited the adoption of Farm Tractor Market in Europe and North America.
The North America and Europe farm tractor market is expected to record sales volume of 582.2 thousands units by 2024. By revenue, the market is projected to expand from US$13.6 bn in 2015 to US$17.23 bn by 2024. While the North America farm tractor market will register a modest 3.0% CAGR by value during the forecast period, Europe is expected to exhibit a 5.4% CAGR from 2016 to 2024.
Less Than 40 HP Segment Dominates across U.S. and Germany
Farm tractors are equipped with engines having different horsepower. Based on horsepower, the farm tractor market is classified into less than 40 HP, 40 HP–80 HP, 80 HP–120 HP, 120 HP–180 HP, 180 HP–250 HP, and more than 250 HP.
Of these, the less than 40 HP segment occupies a major chunk of the North America and Europe farm tractor market, especially in the U.S. and Germany. Followed by the 40 HP–80 HP segment, these two are expected to collectively account for 62% and 69% respectively in North America and Europe in 2015. Banking on the positive demand for the low horsepower segment, tractor manufacturers are increasingly focusing on the less than 40 HP segment to maintain their market position.
This 84 page report gives readers a comprehensive overview of the Farm Tractor Market. Browse through 05 data tables and 34 figures to unlock the hidden opportunities in this market :
This report on the North America and Europe Farm Tractor market provides analysis for the period 2014–2024, wherein 2015 is the base year and the period from 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report covers all the prevalent trends and technologies playing a vital role in the growth of the farm tractor market over the forecast period in both the regions. The report also highlights various drivers, restraints, and opportunities expected to influence the market growth during the forecast period till 2024.
The study provides a holistic perspective on market growth throughout the above forecast period in terms of revenue and volume (in US$ Bn and ‘000 Units), across North America and Europe geographies. Cross segment analysis for the U.S and Germany farm tractor has also been provided in the report. Other Europe and North America countries for which market size analysis has been provided within the scope of the study include Canada, the U.K. and France. The report also provides key developments in farm tractor industry that impacted the farm tractor industry and changed its landscape. The key market indicators provided in the report analyzes the country wise arable land area available in the year 2015.
North America and Europe Farm Tractor : Segmentation and Methodology
This research report provides in-depth analysis of the North America and Europe farm tractor on the basis of horsepower. The horsepower segment is classified into less than 40 HP, 40 HP – 80 HP, 81 HP – 120 HP, 121 HP – 180 HP, 181 HP – 250 HP, and more than 250 HP. Additionally, the farm tractor report also covers horsepower category wise price trend analysis for the all the countries covered in the scope of study and analyzes the impact of fluctuating prices the market in the two regions. The report also provides Porters Five Force Analysis for the North America and Europe farm tractor . This model provides comprehensive analysis of various attributes, and highlights vital factors acting as entry barriers to new players in farm tractor , anticipated threat of substitutes for farm tractors, analysis of supplier’s and buyer’s power, and degree of competition in the farm tractor .