Asia-Pacific is anticipated to spearhead tractors market on a global basis during the forecast period. China and India are likely to remain at the forefront in terms of tractor sales, with the former expected to dominate the tractors market in Asia-Pacific in terms of revenues during 2017 to 2026. Rapidly expanding population and economic growth in China together with other developing regions in Asia-Pacific such as Thailand and India have resulted in remarkable rise of construction activities. High-power tractors have been seeking extensive adoption in the infrastructure development and construction activities, which in turn is likely to favor tractors market growth. Incessant need for enhanced productivity and efficiency in the agricultural sector of Asia-Pacific has led to developments in tractors. Growing income of farmers together with government subsidiaries with regards to agricultural equipment and machinery in Asia-Pacific countries are further influencing the growth of tractors market in the region.
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Growing awareness regarding food security has enabled increasing adoption of automation in the agricultural sector of Asia-Pacific, thereby creating growth avenues for tractors market. Governments across Asia-Pacific are supporting agricultural machinery industry by means of new enhanced regulations, incentives and subsidies in order to facilitate the modernization and development of agriculture industry. Promising policies of the government such as reasonable agricultural loans as well as education for the mechanized farming have been turning a boon for medium and small scale farmers in Asia-Pacific. High concentration of farm-lands, existence of agricultural countries as well as high-density populace have made developing economies such as India and China major markets for tractors.
The tractors market is likely to register approximately 3.2% CAGR during the forecast period, 2017-2026 and Asia-Pacific is holding the maximum revenue share of the global market. Constantly increasing demand for various agricultural products, especially food grains have been compelling cultivators and farmers to integrate mechanized farming for attaining better output from the present limited land resources.
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Rapid increase in adoption of the large-scale farming has been fuelling the demand for tractors integrated with high-power engines. Leading key players and manufacturers are planning to take efforts in improving safety of the tractors by integrating state-of-the-art technologies, while remodeling the structure of tractors. This in turn is likely to eliminate the possibilities of rollovers.
New series of tractors entering the global market feature higher effectiveness in terms of performance and fuel consumption. Manufacturers have been focusing on reducing the carbon footprint of the tractors in order to meet the sustainable farming goals. Apart from this, farmers have been taking immense efforts in enrolling themselves in training programs for the purpose of extending their capabilities with regard to operations of the advanced tractors.
Development of the autonomous driving technologies is expected to enable self-driving tractors penetrate agricultural machinery industry over the assessment period. Driverless tractors are expected to revolutionize the overall landscape for the manufacturing of tractors. IoT technologies and advanced sensors will be incorporated with the tractors for the purpose of transforming their functioning, thereby catering to the increasing needs of farmers in the near future.
Mr. Rohit Bhisey
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