Surging demand for food, easy financing options and rising labor cost to drive global tractor market through 2023

According to TechSci Research report, “Global Tractor Market By Power Output, By Drive Type, By Application, By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global tractor market is forecast to witness unit sales of more than 2.3 million tractors by 2023. Anticipated growth in the global tractor market can be attributed to growing demand for mini tractors, rising labor cost, and increasing technological advancements in tractor manufacturing processes enabling agricultural machinery manufacturers to offer tractors at affordable prices. According to a consumer survey by TechSci Research, Mahindra & Mahindra and John Deere are the most recognized tractor manufacturers across the globe. Moreover, Mahindra & Mahindra accounts for the highest satisfaction level among the tractor customers.

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On account of large population and increasing agricultural needs, Asia-Pacific grabbed the largest share in the global tractor market in 2017. Moreover, major developing economies such as China and India export a huge amount of agricultural products, worldwide, which is positively influencing the tractor market in the region. 2-wheel drive tractors are widely used in agriculture, logistics, construction and mining industries, as they can carry more weight and allow rapid unloading. Owing to these advantages, in addition to their feature of better traction and stability, 2-wheel drive tractor segment is expected to dominate the tractor market across the globe in the coming years. With increasing affordability of tractors and growing operations of market leaders such as Mahindra & Mahindra, John Deere, Tractors & Farm Equipment Limited, etc., the global tractor market is likely to grow at a healthy pace until 2023.

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“Increasing focus of automakers towards producing affordable yet reliable tractors, along with growing preference of agricultural machinery manufacturers towards small-sized tractors, is expected to have a positive impact on the global tractor market in the coming years. Moreover, technological advancements in the tractor industry, such as use of GPS and other wireless technologies, in addition to rising demand for food supplies and increasing labor wages would significantly boost the demand for tractors, globally, over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Tractor Market By Power Output, By Drive Type, By Application, By Region, Competition Forecast & Opportunities, 2013 – 2023”has analyzed the potential of tractor market across the globe, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the global tractor market.

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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.