WiseGuyReports.com adds “Global Wheel Tractor Market Professional Survey Report 2019” reports to its database.
PUNE, MAHARASTRA, INDIA, November 21, 2019 /EINPresswire.com/ — Wheel Tractor Market:
The wheel is said to be the most important invention in human history. The invention of the wheel has made the world a smaller place. It is used in all automobiles. One of the most crucial areas where the wheel is used is agriculture. A wheel tractor is a heavy equipment that is used for earthmoving. The wheel tractor market is expected to see a rise in the near future. A tractor provides the power to automate agricultural jobs mainly tillage.
Agricultural implements are towed behind a tractor. This is done to provide a source of power for the mechanization of implements. It is seen that in emerging economies, there is more demand for wheel tractor. Farmers are more dependent upon tractors because tractors improve their efficiency of work. As the population is increasing, the demand for food is also increasing. Henceforth, there is a need for using more tractors to amplify yields and productivity.
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It is expected to register a CAGR of 5.8% in the coming years. The key drivers include increasing farm mechanization rates, increasing costs of farm labor, shorter replacement cycles of tractors, etc. The agricultural usage of wheel tractors is the largest segment in the sector. In emerging economies, the demand for agriculture products is increasing and so is the support of the government. This seems favorable for the global wheel tractor market.
Market key player
John Deere, New Holland, Kubota, Mahindra, Kioti, AGCO-Challenger, Zetor, Claas, Case IH, Grillo, AgriArgo, Same Deutz-Fahr, VST Tillers, Ferrari, Earth Tools
On the basis of the type of service offered, the global Wheel Tractor market is classified into Two-Wheel Tractors, Four-Wheel Tractors, and Other. The agricultural sector demands the use of different kinds of tractors. Each kind has its unique purpose. The four-wheel tractor is considered to dominate the market. Utility tractor, row crop tractor, and orchard are the most used tractors.
From the application perspective, the global Wheel Tractor market can be divided into Agriculture, Horticulture, and Other. As the concept of mechanized agriculture is gaining popularity, the need for wheel tractor in the agriculture sector is also increasing.
The global Wheel Tractor market report divides the entire market into North America, China, Japan, Southeast Asia, Europe, and India. While currently North America and Europe have dominance in the market, Asia Pacific is expected to make its presence felt in the near future. Countries like India and China are the forefront regions where the maximum number of tractors is being sold. This is because of the increasing agricultural investments in these countries. North America is believed to be the second-largest consumer of wheel tractor in the world. It has major shares in terms of high-powered tractors. It is followed by Canada. The factors that contribute to this high consumption include technological advancements, the economic feasibility of machinery, and high replacements of old tractors.
In September 2019, Anit Gote has bought the latest Italian tractor under the famed Ferrari badge. He is the first Indian to do the same. He said that his profits have soared because of the high-tech Ferrari tractor.
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Source: EIN Presswire