Tractor Implements Global Market Report 2024

Tractor implements refer to a set of tools and machinery attached to an agricultural tractor, designed to enhance field crop management and reduce the need for manual labor in farming operations. Agricultural tractors are employed to pull or push these implements, providing a source of power if the implement is mechanized.

The primary functions of tractor implements include tillage, irrigation and crop protection, sowing and planting, harvesting and threshing, among others. Tillage implements are used to open up and loosen the soil, playing a crucial role in soil manipulation for crop production. Tillage has a significant impact on various soil properties, including soil water conservation, temperature, infiltration, and evapotranspiration processes. These implements can be categorized based on power types into powered and unpowered, and based on the drive into 2-wheel drive and 4-wheel drive configurations. The diverse range of tractor implements serves to mechanize and streamline various agricultural tasks, contributing to increased efficiency in farming operations.

The tractor implements market research report is one of a series of new reports that provides tractor implements market statistics, including global market size, regional shares, competitors with a tractor implements market share, detailed tractor implements market segments, market trends and opportunities, and any further data you may need to thrive in the tractor implements industry. This tractor implements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed during the historical period can be attributed to various factors, including the adoption of agricultural mechanization, challenges related to farm labor shortages, government subsidies supporting agricultural practices, the promotion of crop diversity, the increasing global demand for food, and the aging population of farmers. These factors collectively contributed to the historical expansion of the utilization of tractor implements and other mechanized solutions in agriculture.

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 anticipated growth in the forecast period can be attributed to several factors, including the rising global population, the increasing prevalence of e-commerce platforms, rapid industrialization, a rise in disposable income, and the emergence of new markets. Key trends expected during this period encompass the integration of IoT (Internet of Things) sensors into tractor implements, a focus on customization and modularity of agricultural machinery, the adoption of remote monitoring and maintenance practices, the promotion of data-driven decision-making in farming operations, and the increasing adoption of electric and hybrid implements for sustainable agriculture.

The tractor implements market is anticipated to experience growth, driven by the increasing focus on irrigation and crop protection. The process of supplying water to land to aid in agricultural development, known as irrigation, has become crucial. Tractor implements like puddlers, particularly utilized in rice plantations, contribute significantly to crop growth and irrigation efforts. The tractor implements industry is expanding as there is a growing availability of harvesting and sowing machinery, boosting the demand for irrigation and crop protection. Notably, data from The World Bank indicates that 70% of global freshwater withdrawals in 2020 were attributed to agricultural needs. The World Bank also predicts a 70% increase in agricultural production by 2050, emphasizing the rising demand for irrigation and crop protection, thus propelling the growth of the tractor implements market.

The tractor implements market is poised for growth due to the escalating demand for food. The tractor implements play a crucial role in addressing the increasing food demand by enhancing agriculture productivity, facilitating precision farming, optimizing land utilization, and supporting post-harvest handling. Reports from Springer Nature Group project a global food demand increase ranging from 35% to 56% between 2010 and 2050. Additionally, data from the USDA Economic Research Service reveals that the agriculture, food, and related industries contributed 5.4% to the U.S. gross domestic product in 2021. Therefore, the surging demand for food is expected to be a significant driver for the growth of the tractor implements market.

Technological advancements are emerging as a prominent trend in the tractor implements market. Leading companies in the sector are actively engaged in developing innovative technological solutions to strengthen their market position. For example, Carbon Robotics, a U.S.-based agricultural robotics startup, introduced the LaserWeeder implement in February 2022. This self-driving laser weeding robot, attachable to a tractor, offers cost-effective weed control for row crops, showcasing the influence of technological advancements in the tractor implements market.

Major companies are focusing on product innovation. Innovation in tractor implements involves the development of advanced attachments and tools that enhance tractor functionality and productivity in various agricultural tasks. In August 2021, John Deere, a prominent U.S.-based farm equipment supplier, launched the 6155MH Tractor as part of the M Series. This tractor, tailored for high-value crop growers and sugarcane producers, is designed for field operations such as cultivating, harrowing, spraying, or pulling harvest trailers.

In October 2021, a notable strategic move in the tractor implements market involves the acquisition of 80% of the shares of ROC S.R.L. by Kverneland Group, a Norway-based agricultural machinery manufacturer. This acquisition strengthens Kverneland Group by expanding its product lines and generating synergies with ROC S.R.L. The collaboration is expected to bring benefits in areas like product development, manufacturing, and the continued digitization of farming systems and solutions. ROC S.R.L., an Italy-based manufacturer, is engaged in producing agricultural, mining, and construction equipment.

Major companies operating in the tractor implements market include 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

Asia-Pacific was the largest region in the tractor implements market in 2023 The regions covered in the global tractor implements market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the tractor implements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The tractor implements market consists of revenues earned by entities by providing services such as digging, plowing, cultivating, harrowing, and seeding. The market value includes the value of related goods sold by the service provider or included within the service offering. The tractor implements market also includes sales of rotavators, ploughs, cultivators, tractor-trailers, harrows, mulchers, and many others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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