Dublin, Dec. 03, 2018 (GLOBE NEWSWIRE) -- The "Tractor Implements Market by Phase (Tillage, Irrigation and Crop Protection, Sowing and Planting, Harvesting and Threshing), Drive (2-Wheel and 4-Wheel Drive), Power (Powered and Unpowered), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The tractor implements market is projected to reach USD 76.1 billion by 2023, from USD 57.3 billion in 2018, at a CAGR of 5.84%

The tractor implements market is driven by various factors such as limited farm labor, government subsidies for usage of farm equipment, and increasing trend of mechanization in agriculture. However, the high cost of tractor implements may hinder the growth of the market in developing countries with less farm income.

In terms of drive, the 4-wheel drive segment is projected to witness the fastest growth from 2018 to 2023.

Growing awareness about the advantages of 4-wheel-drive tractor implements has encouraged adoption across the countries. With advancement in technology of tractors, farmers mainly prefer using 4-wheel-drive tractors equipped with multiple attachment points and high power to gain operational efficiency. These factors drive the tractor implements market for 4-wheel-drive tractors compared to the implements that are used to attach to 2-wheel-drive tractors.

In terms of phase, the tillage segment is estimated to have the largest market share during the forecast period.

The tillage segment is projected to dominate the market share of tractor implements market through 2023. Tillage and other equipment are used in the land development phase of cultivation, which is considered as the longest and the most crucial phase of cultivation. Thus, the demand for tillage and other equipment such as cultivators and harrows continues to remain highly preferred among farmers.

Asia Pacific is estimated to dominate the tractor implements market in 2018.

The Asia Pacific region is considered as the land of agriculture. High production of crops and presence of 40% of arable land in the region, along with investments by key players of farm equipment market, such as Deere & Company, Mahindra and Mahindra, and TAFE are factors that are projected to contribute to the growth of this market. The market for tractor implements in the Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023.

In addition, the growing awareness about various benefits of using tractor implements and increasing support by regional governments is projected to fuel the demand for tractor implements in Asia.

The global market for tractor implements is dominated by large players such as 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).

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.4 Periodization Considered
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Research Assumptions
2.5 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Tractor Implements Market
4.2 Tractor Implements Market, By Phase
4.3 Asia Pacific: Tractor Implements Market, By Key Phase & Country
4.4 Tractor Implements Market, By Power & Region
4.5 Tractor Implements Market, By Drive & Region
4.6 Tractor Implements Market Share, By Key Country

5 Market Overview
5.1 Introduction
5.2 Macroindicators
5.2.1 Urbanization and Declining Agricultural Employment
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Effective Way to Reduce Post-Harvest On-Field Losses
5.3.1.2 High Labor Cost Due to Urbanization
5.3.1.3 High Requirement of Implements During the Land Development Phase
5.3.2 Restraints
5.3.2.1 High Equipment Cost Due to Technology Integration
5.3.2.1.1 Growth in the Market for Used Equipment
5.3.3 Opportunities
5.3.3.1 Increase in the Trend of Hiring Machineries
5.3.3.2 Integration of Technology and Smart Farming
5.3.3.3 Government Subsidiaries for Implements
5.3.4 Challenges
5.3.4.1 Small and Fragmented Fields in Developing Regions
5.4 Regulatory Framework
5.4.1 North America
5.4.1.1 US
5.4.1.2 Canada
5.4.2 European Union
5.4.3 UK
5.4.4 Asia Pacific
5.4.4.1 India
5.4.4.2 China
5.4.4.3 Japan
5.4.5 South America
5.4.5.1 Brazil
5.5 Patent Analysis

6 Tractor Implements Market, By Phase
6.1 Introduction
6.2 Tillage Phase
6.2.1 Shift From Labor-Intensive and Animal-Driven Equipment to Increase the Adoption of Tractor-Mount Equipment for Tillage
6.3 Sowing and Planting Phase
6.3.1 Sowing Implements Would Help in Efficient Usage of Seed Inputs for Optimum Output Per HA
6.4 Irrigation and Crop Protection Phase
6.4.1 Large Industrial Crop Cultivation Area for Corn and Soybean Would Support the Demand for Agricultural Sprayers
6.5 Harvesting and Threshing Phase
6.5.1 Favorable Government Policies in Developing Countries to Increase the Demand for Various Types of Tractor Implements for This Phase
6.6 Others

7 Tractor Implements Market, By Power
7.1 Introduction
7.2 Powered
7.2.1 Powered Equipment Reduces On-Field Human Efforts
7.3 Unpowered
7.3.1 Low Efficiency of Unpowered Equipment is Projected to Hinder the Market Growth

8 Tractor Implements Market, By Drive
8.1 Introduction
8.2 2-Wheel Drive
8.2.1 Implements on 2-Wheel-Drive Tractors are Cheaper and Suitable for Small-Scale Farms in Developing Regions
8.3 4-Wheel Drive
8.3.1 High Functioning of Tractor Implements Suited for 4-Wheel-Drive Tractors is Projected to Witness Strong Growth

9 Tractor Implements Market, By Region
9.1 Introduction
9.2 North America
9.2.1 Us
9.2.1.1 Availability of More Advanced Machinery With Customized Tractor Attachments in the Market
9.2.2 Canada
9.2.2.1 Increase in Harvested Crop Area Drives the Tractor Implements Market in Canada
9.2.3 Mexico
9.2.3.1 The Developing Phase of Agriculture Mechanization in Mexico Provides Huge Scope for the Tractor Implements Industry
9.3 Europe
9.3.1 Germany
9.3.1.1 Acceptance of Highly Advanced Technology Such as Combines and Harvesters Leads to Low Demand for Tractor-Based Implements
9.3.2 France
9.3.2.1 Adoption of Sustainable Agriculture and Precision Farming Could Favor the Development of Tractor Implements
9.3.3 UK
9.3.3.1 Increasing Area Under Industrial Crops Can Drive the Need for Higher Agricultural Operational Efficiency
9.3.4 Italy
9.3.4.1 Slower Decline in Cereal Crop Cultivation and Lower Export Demand for Agricultural Machinery are Expected to Create A Sluggish Market
9.3.5 Rest of Europe
9.4 Asia Pacific
9.4.1 India
9.4.1.1 High Implementation of Tractorization Rather Than Mechanization in India
9.4.2 China
9.4.2.1 High Investment By Key Players Drives the Chinese Tractor Implements Market
9.4.3 Japan
9.4.3.1 Decline in Agricultural Employment has Resulted in Farm Mechanization Growth in Japan
9.4.4 Rest of Asia Pacific
9.4.4.1 Low Government Contribution Results in Lack of Mechanization in Thailand's Agricultural Sector
9.5 South America
9.5.1 Brazil
9.5.1.1 Government Subsidies to Boost the Tractor Implements Market
9.5.2 Argentina
9.5.2.1 Reduction and Elimination of Export Taxes to Boost the Production in Argentina
9.5.3 Rest of South America
9.6 RoW
9.6.1 Africa
9.6.1.1 Low Agricultural Cash Income has Resulted in Low Demand for Tractor Implements in A Challenging Market Such as Africa
9.6.2 Middle East
9.6.2.1 Small Farms and Lack of Training Restrict Agricultural Mechanization in the Middle East

10 Competitive Landscape
10.1 Overview
10.2 Company Share Analysis
10.3 Competitive Scenario
10.3.1 Mergers & Acquisitions
10.3.2 Expansions & Investments
10.3.3 Agreements, Partnerships, and Joint Ventures

11 Company Profiles
11.1 Claas KGaA Mbh
11.2 Deere & Company
11.3 Kubota Corporation
11.4 CNH Industrial N.V.
11.5 Agco Corporation
11.6 Tractors and Farm Equipment Limited (TAFE)
11.7 SDF Group
11.8 Mahindra & Mahindra
11.9 J C Bamford Excavators Ltd. (JCB)
11.10 Actuant
11.11 Kuhn Group
11.12 Alamo Group

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Related Topics: Tractors