Market Overview:

A tractor is an engineering vehicle employed in farming and specially designed to deliver high torque at slow speeds. The usage of the tractor is very much high in agriculture and even outside agricultural farms; the most significant segment of this machinery is of agricultural use. Most commonly the term tractor is used to define a farm machine that mechanizes agricultural tasks with the use of power and traction. Global Wheeled Tractor Machinery Market is estimated to grow at a CAGR of 6.8% throughout the forecast period to reach USD 57.37 billion by 2024 from its estimated value of USD 41.29 billion in 2019.

Market drivers and restraints:

Apart from just agricultural tasks, wheeled tractors also provide a source of power to tow the agricultural implements. Farmers conventionally use tractors because of the improvement in efficiency and effortless farming. They are utilized for gardening as well as non-agricultural activities, and farmers generally use tractors for tilling the farmlands. Increasing demand from rising economies along with government support in this segment is fuelling the growth of the market.

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Report segmented as:

By design:

• Two wheeled machinery
• Four wheeled machinery

By function:

• implement carrier,
• garden tractor
• earth moving the tractor
• row crop tractors
• utility tractors
• industrial tractors
• rotatory tillers
• orchard tractors

Geographical analysis:

Geographically, the world market is segregated into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. A moderation in sales growth in many developing countries like Brazil, China, and India after a lengthy period of quick gains will counterbalance an active recovery in the US, Western Europe, and Japan from the effects of the 2008-2009 economic recession. North America and Europe have a significant share in the high-power wheeled tractor sector. Asia-Pacific leads the market in terms of volume and the region also offers high potential with more profound market penetration possibilities.

Important market players:

Important wheeled tractor manufacturing companies are

• Mahindra & Mahindra,
• Deere and Company,
• AGCO tractor,
• CNH Global NV,
• Massey Ferguson,
• Farmtrac Tractor,
• Escorts,
• Foton Loval,
• Goldani,
• Kukje,
• Lindner,
• LS Mtron,
• Machinery and Industrial group NV,
• Shibaura,
• Tractorul UTB
• VST Tillers.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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