APAC Utility Tractor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Utility Tractor Market Analysis
The Asia-Pacific utility tractors market is projected to register a CAGR of 2.9% during the forecast period (2020-2025). Due to the low disposable income of farmers and high labor costs, farmers prefer small and customized compact/utility tractors for agricultural purposes due to small farmland sizes. Moreover, lesser fuel consumption by small tractors helps to empower small and marginal farmers. The trend behind the increase in farm mechanization in China has been due to increased investments in agriculture and technological development. All these factors are said to drive market growth during the study period. Deere and Company, AGCO Corp, Kuhn Group, Kubota Tractor Corp. Mahindra & Mahindra Ltd. and International Tractors Limited are some of the leading players in this region.
APAC Utility Tractor Market Trends
This section covers the major market trends shaping the APAC Utility Tractor Market according to our research experts:
Increasing Cost of Farm Labour
The cost of farm labor is directly proportional to the cost of production, hence increasing labor wages and lack of farm labor have led to the increasing rates of mechanization in the region. This is driving the growth of the utility tractor market. Farmers are increasingly adopting agricultural mechanization as a substitute for manual labor with a more cost-effective, easily available, and more efficient means of agricultural operation. According to the world bank, the employment rate in agriculture is declining. For instance, in 2016 the agricultural employment rate in China was 27.7% which declined to 26.6% in 2019. Additionally, in India, the employment rate has been declining every year. In 2019 the employment rate in agriculture declined to 43. 21% as against 45.12% in 2016. The trend is further expected to continue, thus driving the market.
Rise in Technological Advancements
Farmers in the Asia Pacific region are looking for utility tractors with tailored features, which can fulfill their needs for effective farming. So, to meet consumer demand, many international and domestic agriculture machinery manufacturers are coming up with new technologically-advanced utility tractors, which can handle various farming applications. For instance, in 2019, Mahindra & Mahindra, a leading tractor manufacturer launched ARJUN NOVO 605 DI-I, a 50 HP technologically-advanced tractor that can handle 40 applications, including puddling, harvesting, reaping, and haulage. Further, the tractor can deliver uniform and consistent power with minimum RPM drop in all soil conditions.
APAC Utility Tractor Industry Overview
The Asia-Pacific utility tractors market is highly consolidated with very few players cornering the majority of the market share. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market, globally. Along with innovations and expansions, investments in R&D and developing novel product portfolios are likely to be crucial strategies in the coming years.
Deere and Company, AGCO Corp, Kuhn Group, Kubota Tractor Corp. Mahindra & Mahindra Ltd. and International Tractors Limited are some of the leading players in this region.
APAC Utility Tractor Market Leaders
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Mahindra & Mahindra Ltd.
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AGCO Corporation
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Deere & Company
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Kubota Agricultural Machinery India Pvt. Ltd.
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Massey Ferguson
*Disclaimer: Major Players sorted in no particular order
APAC Utility Tractor Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions & Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Market Drivers
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4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Force Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Buyers/Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products
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4.4.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Geography
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5.1.1 Asia Pacific
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5.1.1.1 China
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5.1.1.2 Japan
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5.1.1.3 India
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5.1.1.4 Australia
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5.1.1.5 Rest of Asia-Pacific
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6. COMPETITIVE LANDSCAPE
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6.1 Most Adopted Competitor Strategies
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6.2 Market Share Analysis
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6.3 Company Profiles
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6.3.1 Claas KGaA mbH
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6.3.2 Mahindra & Mahindra Ltd
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6.3.3 Kubota Agricultural Machinery
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6.3.4 Deere & Company
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6.3.5 Yanmar Co. Ltd
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6.3.6 Kuhn Group
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6.3.7 CNH Global NV
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6.3.8 Massey Ferguson
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6.3.9 Escorts Limited
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6.3.10 International Tractors Limited
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6.3.11 AGCO Corp
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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8. IMPACT OF COVID-19
APAC Utility Tractor Industry Segmentation
The tractors used in agricultural operations between 35 HP-100 HP, especially four-wheeled tractors, have been considered for the study. The report does not cover other agricultural machinery and attachments to tractors. Tractors used for industrial and construction purposes are also excluded from the study.
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APAC Utility Tractor Market Research FAQs
What is the current Asia-Pacific Utility Tractor Market size?
The Asia-Pacific Utility Tractor Market is projected to register a CAGR of 2.9% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Utility Tractor Market?
Mahindra & Mahindra Ltd., AGCO Corporation, Deere & Company, Kubota Agricultural Machinery India Pvt. Ltd. and Massey Ferguson are the major companies operating in the Asia-Pacific Utility Tractor Market.
What years does this Asia-Pacific Utility Tractor Market cover?
The report covers the Asia-Pacific Utility Tractor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Utility Tractor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Utility Tractor Industry Report
Statistics for the 2024 Asia-Pacific Utility Tractor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Utility Tractor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
