Overview and Scope
Tractor implements refer to a collection of tools that are attached to an agricultural tractor used in agricultural practices to reduce human labour and enhance field crops. A tractor is used to pull or push the machinery and make farming operations more convenient. Agricultural implements towed behind or mounted on the tractor also provide a source of power if the implement is mechanized.
Sizing and Forecast
The tractor implements market size has grown strongly in recent years. It will grow from <b>$70.02 billion in 2023 to $75.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. </b> 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 <b>$100.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. </b> 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.
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the tractor implements market in 2023 The regions covered in the tractor implements market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the tractor implements market include <b> CLAAS Group, Deere & Company, Kubota Corporation, Mahindra & Mahindra Limited, Tractors and Farm Equipment Limited, J.C. Bamford Excavators Limited, CNH Industrial N.V., SDF Group, Actuant Corporation, Kuhn Group, Alamo Group Inc., AGCO Corporation, Sonalika Tractors, Escorts Limited, Enerpac Tool Group, Bucher Industries, ASI Corp, Minsk Tractor Factory, New Holland Agriculture, Yanmar Co. Ltd., McCormick Tractors, Same Deutz-Fahr, Farmtrac, VST Tillers Tractors, Daedong Industrial, LS Tractor, Branson Tractors, TYM Tractors, Zetor Tractors A.S., Landini Tractors, Antonio Carraro, Argo Tractors </b>
The tractor implements market report table of contents includes:
1. Executive Summary
2.Tractor Implements Market Characteristics
3.Tractor Implements Market Trends And Strategies
4.Tractor Implements market analysis
5.Tractor Implements Market Size And Growth
6.Tractor Implements Segmentation
7.Tractor Implements Regional And Country Analysis
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27.Tractor Implements Competitive Landscape And Company Profiles
28.Tractor Implements Key Mergers And Acquisitions
29.Tractor Implements Future Outlook and Potential Analysis
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