The Tractor Implements Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tractor Implements Global Market Report 2024, The tractor implements market size has grown strongly in recent years. It will grow from $70.02 billion in 2023 to $75.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to agricultural mechanization, farm labor shortages, government subsidies, crop diversity, rise in global food demand, aging farmer population.
The tractor implements market size is expected to see strong growth in the next few years. It will grow to $100.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising population, rise in e-commerce platforms, rapid industrialization, rise in disposable income, emerging markets. Major trends in the forecast period include integration of iot sensors, customization and modularity, remote monitoring and maintenance, data-driven decision-making, electric and hybrid implement adoption.
The increase in irrigation and crop protection is expected to propel the growth of the tractor implements market going forward. Irrigation is the process of supplying water to land in order to assist agricultural development. Puddlers, a type of tractor implement, are used in crop fields, notably in rice plantations, to aid with growth and irrigation. The growing availability of harvesting and sowing machinery is driving up demand for irrigation and crop protection, which is significantly expanding the tractor implements industry. For instance, according to data published by The World Bank, a US-based group of five international organizations, in 2020 70% of all freshwater withdrawals globally are currently accounted for the needs of agriculture. The World Bank also stated that by 2050, agriculture production will increase by nearly 70%, resulting in increasing demand for irrigation and crop protection. Therefore, the increase in irrigation and crop protection will drive the growth of the tractor implements market.
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The tractor implements market covered in this report is segmented –
1) By Phase: Tillage, Irrigation And Crop Protection, Sowing And Planting, Harvesting And Threshing, Other Phases
2) By Power: Powered, Unpowered Implements
3) By Drive: 2-Wheel Drive, 4-Wheel Drive
Technological advancements have emerged as the key trend gaining popularity in the tractor implements market. Major companies operating in the tractor implements sector are focused on developing new technological solutions to reinforce their position. For instance, in February 2022, Carbon Robotics, a US-based agricultural robotics startup, introduced the new self-driving LaserWeeder implement, which is a self-driving laser weeding robot that can be attached to a tractor through a three-point hitch. The prime advantage of the LaserWeeder implement includes cost-effective weed control for row crops.
The tractor implements market report table of contents includes:
- Executive Summary
- Tractor Implements Market Characteristics
- Tractor Implements Market Trends And Strategies
- Tractor Implements Market – Macro Economic Scenario
- Global Tractor Implements Market Size and Growth
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- Global Tractor Implements Market Competitive Benchmarking
- Global Tractor Implements Market Competitive Dashboard
- Key Mergers And Acquisitions In The Tractor Implements Market
- Tractor Implements Market Future Outlook and Potential Analysis
- Appendix
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