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(Publishing-NewsWire.com, February 14, 2020 ) The tractor implements market is estimated to account for USD 57.3 billion in 2018 and is projected to reach USD 76.1 billion by 2023, growing at a CAGR of 5.84% during the forecast period. High labor cost and the need to reduce post-harvest losses are the key drivers for the growth of the tractor implements market.
According to the FAO, the Asia Pacific region include developing countries such as India, Thailand, and Vietnam, where agriculture is growing at an exponential rate. Nearly 40% of the global arable land is present in this region. Asia Pacific region is experiencing a shift in agricultural practices from the use of traditional tools towards farm mechanization. Rising urbanization has led to limited agriculture labor in rural areas of the Asia Pacific region, which has led to an increasing need for mechanized farming techniques by investing in agricultural implements. These factors are collectively projected to drive the market for tractor implements in this region.
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The major players in the tractor implements market are CLAAS (Germany), Deere & Company (US), Kubota Corporation (Japan), Mahindra and Mahindra (India), Tractor and Farm Equipment Limited (India), JCB (UK), CNH Industrial (US), SDF Group (Italy), Actuant (US), Kuhn Group (France), and Alamo Group (US). These companies are focusing on introducing and manufacturing various tractor implements that are offered to farmers for speeding up their farming practices. Various strategies such as acquisitions, partnerships, and expansions were adopted by companies with regional competitors, research institutes, and academic institutions to enter the tractor implements market.
CLAAS is a Germany-based company, which manufactures mowers and windrower equipment and provides information technology support for advanced farming techniques. It offers agricultural equipment products, such as various models of harvesters, combines, and balers in its product portfolio. The company operates in all the regions including North & South America, Europe, Asia Oceania, the Middle East, and Africa through their production facilities.
It also focuses on adopting organic strategies such as new product launches. For instance, in June 2018, the company introduced a new range of round balers under the name of VARIANT 400 series, which has improved features for enhanced crop flow, intake, wrapping, and maintenance.
Deere & Company serves the market with a wide product portfolio in various segments such as agriculture, forestry, landscaping and ground care, golf and sports turf, lawn and garden, construction, engines and drivetrain, government and military sales, and rental sales. Under its agriculture segment, it offers various equipment and implements that are attached to tractors for agricultural use.
In May 2018, the company integrated new features of draper and track system in the My Operations mobile app. This will help in improving the performance, efficiency, and ride quality of the S-series combines. In September 2018, the company acquired PLA SA, an Argentina based company that deals with sprayer manufacturing. The acquisition would help the company to expand its product portfolio, as well as its reach to the local farmers in Argentina with its products.
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CNH Industrial N.V. operates in five major business segments such as agriculture equipment, construction equipment, commercial vehicles, powertrain, and financial services. It owns 53 research and development centers, which helps in developing innovative products. The company also has 12 brands, out of which 3 brands offer agricultural equipment products, such as Case IH, Steyr, and New Holland Agriculture. Steyr also deals with agricultural products, but its offerings are limited to heavy-load tractors and trucks, which does not include equipment. In September 2018, Case IH, one of the major agriculture equipment brands of CNH Industrial, developed two new products, namely, Patriot 250 Extreme self-propelled sprayer and a new Puma 185 ROPS tractor, which were launched at Farm-Tech Expo Kenya on September 2018. These products are equipped with new and improved features for enhanced usage.
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