Utility Tractors Market 2019-2026 Global Utility Tractors Market to 2026 – Rising demand for agri-products is driving the demand for Utility Tractor is driving the global utility tractor market Utility tractors are the compact form of agriculture tractor ranging between 40-100 HP and are used for various agriculture operations and non-agriculture purpose. A new trend in the tractor market is introduction of driverless tractors. One of the major tractor player Mahindra & Mahindra is planning to launch its driverless tractor in 2019 while it would launch a driver assist model in 2018. Some of the unique features of the driverless tractor are: Autosteer, Auto-headland turn, Auto-implement lift, skip passing, geofence lock, and remote engine start/stop. Rising Agriculture Mechanization Rate in Emerging Countries is Primary Factor Driving the Global Utility Tractor Market Emerging countries are witnessing the high level of mechanization in the Agriculture sector. Increased tractor penetration in India, China, Russia, Brazil, and the African region stems from a growing interest among customers to increase productivity. It has become vital for these countries to improve their farming processes to meet the growing demand for agricultural products, increase farm income, and boost economic growth. Market investment is growing, and so is the focus on R&D, which is creating an excess of opportunities for technological leapfrogging. Increased urbanization and food production have incentivized the use of advanced agricultural tractors; vendors are capitalizing on the growing demand for farm products by rolling out tailored agricultural machinery in the market. These factors are expected to fuel demand for agricultural tractors in emerging countries and boost overall market growth during the forecast period. High cost of raw materials, inadequate maintenance and after-sales support are hindering the growth of utility tractors market The high cost of raw material is a significant restraint to the utility market globally as high price is a severe threat to vendor margins. The cost of primary raw materials used in the manufacturing of agricultural utility vehicles such as steel, rubber, and iron have increased significantly over the past few years. In addition, operating expenses such as salaries and wages of labor are rising which is burdening vendors to produce highly efficient agricultural machinery at affordable costs to cope with increasing competition in the market. The next evolution in lawn tractors is expected to be features and technologies that reduce downtime. Since every office building, housing development require landscapes and with the growth in number of such projects, there is a rise in the sales of utility tractors that are used for landscapes. These tractors are increasingly chosen for their ease of operation and reliability in sports turf projects like golf courses, football and rugby pitches. Due to the increasing emphasis on maintenance, these tractors are being used for the maintenance of landscapes in highways & road corridors. Consumers desire products that are more reliable, more durable, last longer, and reduce maintenance intervals & reduce the cost of ownership over the entire life of the product. Latest technologies as depth check system are used in utility tractors to minimize over digging or under digging. Asia-Pacific to dominate the global utility tractors market DMI segments the global utility tractors market into – North America, South America, Europe, AsiaPacific (APAC), and Middle East and Africa.
Liberalized land policies, government subsidies for mechanization, inadequacy of farm lab our, multiple applications of utility tractors have all contributed to the growth in Asia pacific region. Increase in yield along with increase in farmers income is motivating the farmers to invest in agricultural machinery, consequently leading to a growth in utility tractors. There are approximately 300 million farmers in china, there is a market for 500000 new utility tractors sale each year. The liberalized land policy in China, enables the farmers to easily lease a land, this led to increase in farm sizes, which consequently led to increased usage of utility tractors. Approximately, 60% of farms in China are mechanized. The government offers many subsidies which are approximately 30% of the price of the equipment. Indirect subsidies in the form of remitting agricultural tax, special discount rates are also offered. This is contributing to the growth of farming activities and increase in utility tractors. The global Utility Tractors market is highly competitive and is experiencing new technological innovations through investments The global utility tractor market is consolidated market with 4 companies occupying the majority of the market share in 2017. Globally, over 80% of the Utility Tractor market is attributed to three major players which are headquartered in US or Europe. These recognized players include Deere & Company, CNH Global N.V., AGCO Corporation, and Kubota. The markets in the North America as well as in Europe are highly consolidated with few major players amidst high level of competition between them. Global utility tractor market is currently experiencing new product launches and developments in advanced machine learning based technologies. In Sept 2016, TAFE- Tractors and Farm Equipment, world’s third largest tractor manufacturer, launched the ‘SMART’ series of Massey Ferguson tractors and the Premium Compact Utility tractor for the Indian market. In April 2018, Kubota UK has launched the L1361 Compact Utility Tractor, featuring a 36.6hp three-cylinder Kubota D1803-M-E2 engine, manual or three range hydrostatic transmission and a 38-liter capacity fuel tank for extended periods of use. Utility Tractors Market Taxonomy: By Application • • •
Dairy Farmland Hay and Agriculture Products Landscaping
By Deployment
Pedestrian Wheeled o Two-Wheeled o Four-Wheeled
By Region
North America South America Europe Asia-Pacific
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Middle East and Africa
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