Low-end HP Tractors are Likely to Dominate Agricultural Tractor Market in APAC
Posted on April 11, 2017 at 11:31 am | | Khyama
APAC is expected to be the largest market for agricultural tractors in 2022
The below 40 HP tractors and 40-100 HP tractors segments constituted almost 97% of the APAC market in 2016.
The latest report released on “Global Agriculture Tractor Market – Strategic Assessment and Forecast 2017–2022”, by Beige Market Intelligence has thrown up interesting information about the global agricultural tractor market. The 174- page report provides a detailed market analysis of the major segments of the global agricultural tractor market.
The market research report states that APAC is expected to account for more than 70% of the overall market share of the global agricultural tractor market by 2022. Analysts at Beige Market Intelligence expect that the contribution of below 40 HP tractors and 40-100 HP tractors will be maximum to the growth of the agricultural tractor market in APAC region during the forecast period 2017–2022.
Agricultural Tractor Market in APAC
In terms of unit sales, APAC was the largest agricultural tractor market in 2016. The demand for agriculture tractors is coming from developing economies such as India, China, Thailand, and Bangladesh. The growing population of countries such as India and China has put a huge pressure on the agriculture sector in terms of production. In order to meet the increasing demand for food, these countries are taking significant initiatives toward increasing food productivity. Increasing demand for farm machinery such as agricultural tractors in the region is mainly to improve per unit yield in the region and mitigate declining farming population.
In the APAC region, the demand for below 40 HP tractors is high. Countries such as India and China are registering a high demand for 40–100 HP tractors, however, the average HP remains under 100 HP in these countries. One of the major reasons for the demand for low HP tractors in this region is low farm income of farmers.
The report provides a comprehensive study of the agricultural tractor market in the key geographies such as North America, Europe, Latin America, and MEA. It provides the market size of each segment such as Below 40 HP, 40-100 HP, Above 100 HP, and 4WD in the key regions. The report also offers the market size and forecast of the agricultural tractor market in key countries.
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