Tractor Implements Market: Key Players and Competitive Landscape

Posted by Jyoti on August 9th, 2024

Tractor Implements Industry Overview

The global tractor implements market size was valued at USD 28.69 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030. Rapid industrialization in the agriculture sector has resulted in increased expenditures on labor-intensive products, such as cultivators, harrows, and tillers, boosting industry growth. Furthermore, the increasing scarcity of skilled labor leads to the adoption of new equipment and tools, supporting industry growth. For instance, according to the data published by the International Labor Organization (ILO), headquartered in Geneva, Switzerland, the percentage of people working in the agriculture sector globally decreased from 44% in 1991 to 26% in 2020.

Gather more insights about the market drivers, restrains and growth of the Tractor Implements Market

Several companies have recently focused on launching tractor implements integrated with new technologies like GPS, Google Earth, and robotics due to the rising adoption among farmers, which is driving the industry growth. For instance, in March 2022, KUHN SAS based out in SAVERNE, France, launched a stubble cultivator for contractors and farmers, which is equipped with an operating speed of 15 kph and enables better cultivation of crops. Furthermore, several governments worldwide are investing in agricultural infrastructure expected to propel the industry forward. For instance, in 2020, the Chinese Ministry of Finance issued more than USD 2.8 billion in subsidies for agricultural machinery purchases.

It is expected that by 2025, China will have mechanized 75% of its crop plowing, planting, and harvesting processes. The rising adoption of modernized farm equipment is expected to fuel industry growth, which involves improving crop production and quality. Furthermore, the world’s rising population and increasing disposable income in various developing countries are increasing the global food demand. For instance, in July 2021, according to study findings by Wageningen University & Research, based out inthe Netherlands, food demand is expected to increase by between 35% to 56 % from 2010-2050.

This is shaping the market and boosting the adoption of various tractor implements to increase crop production. Several tractors implement manufacturers struggled to remain operational during the COVID-19 lockdowns, resulting in a sharp decline in business. The industry was negatively impacted in the first half of 2020. However, it bounced back and witnessed growth due to various significant global economies opening. In addition, manufacturers started adopting innovative strategies to recover from the pandemic.

For instance, in August 2021, Farmkart, an agricultural technology startup based out in India, launched rent4farm, a technology-enabled platform that provides unstructured agriculture equipment rental services. It offers competitive prices for renting advanced agriculture equipment and machinery.Although the prospects look promising, the industry is still faced with several challenges regarding the high capital costs of tractor implements, which is one of the bottlenecks for their adoption, especially for small farmers. Furthermore, farmers with small land holdings do not find it cost-effective to invest in tractor implements, which has resulted in one of the challenges hampering the industry growth.

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Tractor Implements Market Segmentation

Grand View Research has segmented the global tractor implements market report based on product and region:

Tractor Implements Product Outlook (Revenue, USD Million, 2018 - 2030)

• Cultivator &Tiller
• Plough
• Planters
• Harrows
• Spreaders
• Baler
• Others

Tractor Implements Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa

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Key Companies profiled:

• Claas KGaA Mbh
• Deere & Company
• Kubota Corp.
• CNH Industrial N.V.
• Agco Corporation
• Tractors and Farm Equipment Limited (TAFE)
• SDF Group
• Mahindra & Mahindra
• J C Bamford Excavators Ltd. (JCB)
• Actuant
• Kuhn Group
• Alamo Group