Tractor Engines Market to Grow by 832.77 Th Units | Government Initiatives to Support Sustainable Agriculture Practices to Drive Growth | Technavio
NEW YORK, Dec. 7, 2021 -- Some of the primary growth drivers for the tractor engines market are the mechanization of agriculture and growth in the agriculture machinery market, government initiatives to support sustainable agriculture practices, and changes in engine design to promote multi-brand usage. However, factors such as the small size of farmlands encouraging the use of manual workers may hamper the market growth. Farmers with small landholdings prefer to employ manual labor instead of investing in farming machinery and farm vehicles.
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The tractor engines market size is expected to grow by 832.77 th units from 2020 to 2025. The growth momentum of the market will accelerate at a CAGR of 5.77%. The market is expected to post a year-over-year growth rate of 5.27% in 2021.
Regional Analysis
- 71% of the growth will originate from APAC.
- India, China, and Japan are the key countries for the tractor engines market in APAC.
- Market growth in this region will be faster than the growth of the market in APAC, North America, Europe, South America, and MEA.
- The growing demand for tractors from developing countries such as China and India will drive the tractor engines market growth in APAC over the forecast period.
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Notes:
- The tractor engines market size is expected to accelerate at a CAGR of 5.77% during the forecast period.
- The tractor engines market is segmented by engine power (low power engine and high power engine) and geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many vendors holding significant market share.
- The research report offers information on several market vendors, including Caterpillar Inc., CNH Industrial NV, Cummins Inc., Deere and Co., Escorts Ltd., Kohler Co., Mahindra and Mahindra Ltd., Sonalika International Tractors Ltd., Volkswagen AG, and Yanmar Holdings Co. Ltd.
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Tractor Engines Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.77% |
Market growth 2021-2025 |
832.77 th units |
Market structure |
Fragmented |
YoY growth (%) |
5.27 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 71% |
Key consumer countries |
India, China, US, Japan, and Brazil |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Caterpillar Inc., CNH Industrial NV, Cummins Inc., Deere and Co., Escorts Ltd., Kohler Co., Mahindra and Mahindra Ltd., Sonalika International Tractors Ltd., Volkswagen AG, and Yanmar Holdings Co. Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio