New York, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Four-Wheel Drive Tractor Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06144621/?utm_source=GNW
The global four-wheel-drive tractor market is expected to grow from $14.45 billion in 2020 to $15.61 billion in 2021 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $19.25 billion in 2025 at a CAGR of 5.4%.
The four-wheel-drive tractor market consists of sales of four-wheel-drive tractors by entities (organizations, sole traders, and partnerships) that manufacture four-wheel drive tractors for agricultural purposes.A four-wheel-drive tractor consists of a four-wheel drive axle that can distribute power to all its wheels simultaneously.
It helps in providing less slippage, great traction with better performance.
The main types of four-wheel-drive tractors are less than 40 horsepower (HP) tractors, 40HP to 100HP tractors, 100HP to 200HP tractors, above 200HP tractors.Less than 40HP tractors are tractors powered by less than 40 horsepower.
These tractors are operated manually and autonomously. These tractors are used in farming, construction, and others.
North America was the largest region in the four-wheel-drive tractor market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Key companies operating in the market are focusing on manufacturing smart four-wheel drive tractors, which is gaining significant popularity in recent years.Smart tractors are used to reduce emissions and provide more sustainable data and work efficiently.
For instance, in December 2020, Monarch Tractor, a US-based company that is engaged in manufacturing tractors launched electric, diver optional, smart tractors that can be integrated onto a single platform. This smart tractor helps farm managers understand and visualize real-time farming operations by gathering digitized data from the farming field.
In March 2021, Keestrack, a Belgium-based company that is engaged in manufacturer of mining, recycling, and construction equipment company had signed an agreement to acquire Goldoni for an undisclosed amount.The acquisition expands Keestrack’s business in the agricultural market and to parallelly grow in the construction industry.
Goldoni is an Italy-based company that specializes in manufacturing agricultural machinery such as a specialized tractor, four-wheel drive tractor, and serves in more than 64 countries and 200 distributors around the world.
The increase in mechanization in the agriculture industry is contributing to the growth of the four-wheel-drive tractors market.Four-wheel drive tractors provide better traction, more pulling power, fuel-efficient, longer service intervals, and distribute power to all wheels depending on the requirement.
According to a report by the PWC and Federation of Indian Chambers of Commerce & Industry (FICCI) in 2019, the US and Europe’s farm mechanization level is 95%, Russia’s mechanization level is 85%, and Brazil has 75%. The rise in mechanization in the agriculture increases need for better traction, fuel-efficient tractors, which in turn, is propelling the demand for four-wheel drive tractors.
The countries covered in the four-wheel-drive tractor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06144621/?utm_source=GNW
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