[153 Pages Report] The tractor implements market is estimated to account for USD 57.3 billion in 2018 and is projected to reach USD 76.1 billion by 2023, at a CAGR of 5.84% during the forecast period. The study includes four major activities to estimate the current market size for tractor implements. Exhaustive secondary research was done to collect information on the overall market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were used to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources were referred to, to identify and collect information for this study. The secondary sources included annual reports, press releases and investor presentations of companies, white papers, certified publications, articles from recognized authors, gold & silver standard websites, regulatory bodies, trade directories, and databases.

Secondary research was mainly used to obtain key information about the industry�s supply chain, the market�s monetary chain, key players, and the market classification and segmentation according to the industry trends to the bottom-most level, and geographical markets. It has also been used to obtain information on key developments from a market-oriented perspective.

Primary Research

The market comprises several stakeholders in the supply chain, which include manufacturers and suppliers of tractor implements and parts. Primary sources from both, the supply and demand sides of the market were interviewed to obtain the qualitative and quantitative information. The primary interviewees from the demand side include research institutions involved in R&D, government agencies, and industry associations. The primary sources from the supply side include tractor implement manufacturers, raw material suppliers, and key opinion leaders.

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These approaches were also used extensively to estimate the size of various dependent submarkets. The research methodology used to estimate the market size includes the following:

The key players in the industry and markets were identified through extensive secondary research.

All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

All the possible parameters that affect the markets covered in this research study was conducted in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

Research included the study of the reports, reviews, and newsletters of top market players along with extensive interviews for opinions from leaders such as CEOs, directors, and marketing executives.

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. In order to arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market was validated using both top-down and bottom-up approaches.

Report Objectives

Determining and projecting the size of the tractor implements market with respect to its phase, power, drive, and regional markets, over a five-year period ranging from 2018 to 2023

Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions

Analyzing the demand-side factors on the basis of the following: Impact of macro- and micro-economic factors on the market Shifts in the demand patterns across different subsegments and regions

Identifying and profiling key market players in the tractor implements market on the basis of the following: Product offering Business strategies Strengths, weaknesses, opportunities, and threats Key financials

Understanding the competitive landscape for a comparative analysis of market leaders and identifying the key market shareholders across the industry.

Analyzing regulatory frameworks across regions and their impact on prominent market players

Providing insights on key investments in product innovations and technology

Scope of Report

Report metric Details Market sizes available for years 2016-2023 Base year considered 2017 Forecast period 2018-2023 Forecast units Value (USD) Segments covered Phase, Power, Drive, and Region Geographies covered North America, Asia Pacific South America, Europe, and RoW Companies covered Deere & Company (US), Kubota Corporation (Japan), AGCO (US), Mahindra and Mahindra (India), SDF (Italy), Kuhn Group (France)

Total 11 major players covered

This research report categorizes the tractor implements market based on phase, power, drive, and region.

On the basis of phase, the tractor implements market has been segmented as follows:

Tillage

Irrigation and crop protection

Sowing and planting

Harvesting and threshing

Others (Loading, packing, and on-field processing equipment)

On the basis of power, the tractor implements market has been segmented as follows:

Powered

Unpowered

On the basis of drive, the tractor implements market has been segmented as follows:

2-wheel drive

4-wheel drive

On the basis of region, the tractor implements market has been segmented as follows:

North America

South America

Europe

Asia Pacific

RoW (Africa and the Middle East)

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company�s specific scientific needs.

The following customization options are available for the report:

Product Analysis:

Product Matrix, which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

Further breakdown of the Rest of Europe tractor implements market into Poland and Ukraine

Further breakdown of the Rest of Asia Pacific tractor implements market into Australia, South Korea, and Thailand

Further breakdown of the Rest of South America tractor implements market into Colombia and Chile

Company Information

Detailed analyses and profiling of additional market players (up to five)

The tractor implements market is estimated to account for USD 57.3 billion in 2018 and is projected to reach USD 76.1 billion by 2023, at a CAGR of 5.84% during the forecast period. High labor cost in the agriculture industry and the need to prevent post-harvest food losses are the major factors driving the tractor implements market.

On the basis of power, the powered segment is projected to witness the fastest growth during the forecast period.

The growing awareness about the benefits of powered equipment that are attached to tractors has encouraged farmers to use these implements in the fields. Powered tractor implements require mechanical and electrical power for its movement, which makes it more effective in performing various tasks during each farming phase as compared to using unpowered machineries.

On the basis of drive, the 4-wheel segment is projected to witness the fastest growth in the tractor implements market during the forecast period

There are mainly two types of tractors used by farmers in agricultural fields, which include 2-wheel-drive and 4-wheel-drive tractors. The demand for implements in 4-wheel-drive tractors is projected to remain high compared to 2-wheel-drive tractors due to the associated benefits. The 4-wheel-drive equipment has more power and efficiency compared to the other drive. Moreover, 4-wheel-drive tractors enable the end-users to attach multiple implements at the same time, due to which they remain more preferred by farmers. On the account of these factors, this segment is projected to witness the fastest growth during the forecast period.

On the basis of phase, the irrigation & crop protection segment is projected to grow at the fastest rate in tractor implements market

The irrigation & crop protection segment accounted for the second largest share and is projected to grow at the highest CAGR between 2018 and 2023. Increasing availability of exclusive machineries for harvesting, plowing, and sowing in the market, as well as sprayers and applicators as implements for tractors, are factors that are projected to reflect positively on the segment growth as compared to harvesting, tillage, and sowing segments. Hence, the demand for these implements continues to remain high compared to other tractor implements. The demand for advanced agricultural techniques for irrigation and pesticide application is also projected to fuel the growth of the irrigation & crop protection segment.

Asia Pacific is projected to dominate the tractor implements market during the forecast period

According to the FAO, the Asia Pacific region include developing countries such as India, Thailand, and Vietnam, where agriculture is growing at an exponential rate. Nearly 40% of the global arable land is present in this region. Asia Pacific region is experiencing a shift in agricultural practices from the use of traditional tools towards farm mechanization. Rising urbanization has led to limited agriculture labor in rural areas of the Asia Pacific region, which has led to an increasing need for mechanized farming techniques by investing in agricultural implements. These factors are collectively projected to drive the market for tractor implements in this region.

Key Market Players

The major players in the tractor implements market are CLAAS (Germany), Deere & Company (US), Kubota Corporation (Japan), Mahindra and Mahindra (India), Tractor and Farm Equipment Limited (India), JCB (UK), CNH Industrial (US), SDF Group (Italy), Actuant (US), Kuhn Group (France), and Alamo Group (US). These companies are focusing on introducing and manufacturing various tractor implements that are offered to farmers for speeding up their farming practices. Various strategies such as acquisitions, partnerships, and expansions were adopted by companies with regional competitors, research institutes, and academic institutions to enter the tractor implements market.

Recent developments

In October 2018, Kubota Corporation established a new distribution center in the US state of Kansas. This expansion would help the company to realign and enhance its distribution network in the US for business growth.

In September 2018, Deere & Company acquired PLA SA, an Argentina-based company that deals with sprayer manufacturing. The acquisition would help the company in expanding its product portfolio and reaching the local farmers of Argentina with its products.

In September 2018, Case IH, one of the major agriculture equipment brands of CNH Industrial has developed two new products, Patriot 250 Extreme, which is a self-propelled sprayer, and new Puma 185 ROPS tractor in Tech Expo Kenya. These products have new and improved features in terms of their usage and operation.

Key questions addressed by the report:

Which market segments to focus on in the next two to five years for prioritizing efforts and investments?

Which region has the highest share in the tractor implements market?

Which type of tractor implements have high demand in each key country market?

What are the trends and factors responsible in influencing the procurement of tractor implements in key emerging countries? What is the level of customization and price range preferred by the local consumers?

Which are the key players in the market and how intense is the competition?

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