Uncertainty in overall global markets due to COVID-19 undoubtedly had a major impact on equipment purchases including tractor sales in most part of H1-2020 but Q2-2020 onwards green shoots started appearing in all major markets including India.
- Europe still accounts for more than 60% of global tractor exports compared to just 18% of Asian manufacturers, despite the fact that Asian market accounts for 60% share of global tractor sales.
- Row-crop tractors and harvesters mostly used on commercial farming operations have shown a decline which can be attributed to the reflection of uncertainty in the overall agricultural economy.
- Electrification and autonomous features are the way forward for tractor industry much like the auto industry.
- India tractor market has come out unscathed as the COVID pandemic rages within the country. Rural markets are leading the rebound even as many urban and semi urban centres remain under partial lockdown.
- After implementing BS6 emission norms (equivalent of Euro 6) for auto industry, the tractor market is now gearing up to adopt BS TR-Tractor EM-Emission (TREM) 4 norms (for tractors over 50 HP) by October 2020.
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- In Jan 2020, Kubota introduced an unmanned, X Tractor, which is not only electric, but also smart enough to determine the best time for planting and collecting plants.
- In Germany, tractor sales grew by 2.6% YOY to finish at 29K units. More than 74% of overall sales was for Tractors with more than 50HP output.
- China`s farm mechanization rate is estimated at 69% in Q1-2020. It is still low as compared to developed markets and that is where a big opportunity lies.
- The global tractor sales volume was ~2.1 Million units in 2019 a rise of 10% compared to 1.9 Million units in 2016.
- UK sources various high horsepower models from US. UK tractor registrations in June 2020 declined by 15% YOY. Many tractor productions plants have started production post lockdown, although at a much lower capacity.
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COMPANY PROFILES
- Mahindra and Mahindra
- Escorts
- FPT Industrial
- John Deere
- Massey Ferguson
- Kubota
- International Harvester
- Deutz-Fahr
- Yanmar
- Zetor
- VST
- Swaraj
- Sonalika
- Foton
- First Tractor Company
- Armatrac
- Branson
- Fendt
- Iseki
- JCB
- TYM
- TAFE
- New Holland
- McCormik
- Landini
THIS TRACTOR MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS
- Tractor Market size and Forecast, by region, by application
- Average B-2-B price forTractor Market, by region, per user
- Technology trends and related opportunity for new Tractor Market tech suppliers
- Market share of leading vendors, by region,
- Coronavirus impact on Tractor Market earnings
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Country: India
Website: https://mobilityforesights.com/