South America Utility Tractor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Utility Tractor Market Analysis
The South America utility tractors market is projected to register a CAGR of 2.8% during the forecast period (2020-2025). Utility tractors are increasingly becoming popular among farmers. These tractors allow farmers to carry out various tasks in the agricultural fields with small farm implements. Due to the continuous technological innovation in agri-machinery, declining farm labors in the region, and the need for increasing agricultural productivity to meet food requirements from a growing population are some of the driving factors. Brazil Dominates the market owing to the adoption of modern farming practices and large scales production of crops and the government subsidies make it attractive to farmers that boost the utility tractors' market growth. Some of the leading players in the market studied are Deere & Company, AGCO Corporation, Mahindra & Mahindra Ltd., CNH Industrial America LLC. and CLAAS KGaA mbH.
South America Utility Tractor Market Trends
This section covers the major market trends shaping the South America Utility Tractor Market according to our research experts:
Rising Labour Scarcity and Wages
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 agricultural employment rate in Brazil in 2016 was 10.8% which had declined to 9.39% by 2018. This trend is expected to continue during the forecast period. The declining employment rate in agriculture coupled with the rising cost of labor is enabling farmers to shift towards mechanization. Thus the utility tractors usage will see a growth during the forecast period.
Brazil Dominates the Market
Agriculture is one of the main activities in Brazil that contributes significantly to the Brazilian economy. Brazil is one of the major producers of grain, meat, sugar, coffee, and other products. The declining farm laborers to excessive urbanization and industrialization along with the above factors have created a very strong growth for the agriculture tractors market. As per world bank statistics, Brazil's agricultural land area accounted for 33.9% of the total land area a slight decline from the previous year, and this trend is anticipated to continue during the study period indicating the need for enhancing the productivity which can be done through mechanization. The Government is focused on increasing the agriculture export outputs and hence promoting enhancing farm productivity and the quality of products. The Brazilian government has several incentive programs for agriculture from credit lines. Inovagro, which enables technological innovation of agribusiness, planned for technological advancements had received USD 382 million during 2016-17.
South America Utility Tractor Industry Overview
The South America utility tractors market is 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. Some of the leading players in the market studied are Deere & Company, AGCO Corporation, Mahindra & Mahindra Ltd., CNH Industrial America LLC. and CLAAS KGaA mbH.
South America Utility Tractor Market Leaders
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Deere & Company
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AGCO Corporation
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Mahindra & Mahindra Ltd.
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CLAAS KGaA mbH
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CNH Industrial America LLC.
*Disclaimer: Major Players sorted in no particular order
South America 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 South America
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5.1.1.1 Brazil
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5.1.1.2 Argentina
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5.1.1.3 Rest of South America
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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 Tractors and Farm Equipment Limited (TAFE)
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6.3.2 Claas KGaA mbH
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6.3.3 Mahindra & Mahindra Ltd
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6.3.4 Kubota Agricultural Machinery
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6.3.5 Deere & Company
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6.3.6 CNH Global NV
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6.3.7 Massey Ferguson
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6.3.8 International Tractors Limited
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6.3.9 AGCO Corp
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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8. IMPACT OF COVID-19
South America Utility Tractor Industry Segmentation
For the purpose of this report, the tractors used in agricultural operations between 35 HP-100 HP, especially four-wheeled tractors, have been considered. 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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South America Utility Tractor Market Research FAQs
What is the current South America Utility Tractor Market size?
The South America Utility Tractor Market is projected to register a CAGR of 2.80% during the forecast period (2024-2029)
Who are the key players in South America Utility Tractor Market?
Deere & Company, AGCO Corporation, Mahindra & Mahindra Ltd., CLAAS KGaA mbH and CNH Industrial America LLC. are the major companies operating in the South America Utility Tractor Market.
What years does this South America Utility Tractor Market cover?
The report covers the South America Utility Tractor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Utility Tractor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America Utility Tractor Industry Report
Statistics for the 2024 South America Utility Tractor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Utility Tractor analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
