Specialty Tractors Market Size Worth USD 5.32 Billion in 2032 | Emergen Research
Increasing crop and agricultural yields is one of the major factors driving specialty tractors market revenue growth
Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) -- The global specialty tractors market size was USD 3.80 Billion in 2022 and is expected to register a steady revenue CAGR of 3.4% during the forecast period, according to latest analysis by Emergen Research. Increasing crop and agricultural yields and rising demand for high-efficiency equipment in agriculture to enhance productivity and reduce labor costs are primary factors driving market revenue growth. Specialty tractors are built for certain tasks and includes a wide range of tractor types, each designed for a specific use. These tractors allow farmers to cover larger areas in short time span, which lead to higher yields and more efficient use of resources.
In addition, increasing prevalence of precision farming techniques is another key factor driving revenue growth of the market. Specialty tractors equipped precision farming with precision farming technologies, such as Global Positioning System (GPS)-guided systems and variable rate application capabilities, are instrumental in implementing precision planting, fertilizing, and harvesting. These tractors not only maximize resource utilization but also minimizes waste, ultimately leading to heightened.
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Moreover, rising strategic initiatives taken by major companies is another factor driving market revenue growth. For instance, on 9 February 2023, AGCO Corporation, a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, launched the Fendt 200 Vario series tractors to North America. The Fendt 200 Vario tractors are available in three models ranging from 94 to 114 rated horsepower, all featuring the performance and world-class features Fendt customers expect. The Fendt 200 Vario series can be configured as a standard tractor or in one of three specialty crop variants.
However, high cost associated with specialty tractors is the key factor, which could restrain market revenue growth. The specialized features, technology, and design tailored for specific tasks often entails the integration of advanced technologies and specialized features, which can lead to higher production costs.
*Scope of Research *
*Report Details* *Outcome*
Market Size in 2022 USD 3.80 Billion
CAGR (2023–2032) 3.4%
Revenue Forecast To 2032 USD 5.32 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Type, driver, power, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Deere & Company, Kubota Corporation, Agco Corporation, CNH Industrial N.V, SDF S.p.A., Doosan Bobcat Inc., CLAAS KGaA MBH, Tractors and Farm Equipment Limited, KIOTI Tractor, and YANMAR HOLDINGS CO., LTD.
Customization Scope 10 hours of free customization and expert consultation
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*Major Companies and Competitive Landscape *
The global specialty tractors market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective specialty tractors products in the market. Some major players included in the global specialty tractors market report are:
· Deere & Company
· Kubota Corporation
· Agco Corporation
· CNH Industrial N.V.
· SDF S.p.A.
· Doosan Bobcat Inc.
· CLAAS KGaA MBH
· Tractors and Farm Equipment Limited
· KIOTI Tractor
· YANMAR HOLDINGS CO., LTD.
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*Strategic Development*
· On 3 February 2023, Agtonomy, an agricultural technology software firm specializing in creating climate-responsible solutions for growers of specialty crops, launched its latest innovation, the TeleFarmer Solution. This technology enables farmers to remotely perform labor-intensive field activities such as weeding, spraying, mowing, and transportation. This development is especially significant for specialty crop farmers who grapple with severe labor shortages leading to escalating costs. The TeleFarmer Solution operates through a tele-guidance software system, effectively transforming tractors into remotely controlled vehicles.
· On 1 September 2022, New Holland Agriculture, a subsidiary of CNH Industrial, launched the Blue Series SIMBA at the 7th EIMA Agrimach Expo 2022 in Bengaluru, marking its entry into the sub-30HP compact tractor segment in India. A part of the Blue Series line-up, this tractor is specifically engineered for specialized tasks including spraying, rotation, and inter-row cultivation in areas such as vineyards, orchards, sugarcane fields, and cotton fields. The inaugural batch of 21 tractors was presented to customers during the launch event.
*Some Key Highlights From the Report*
· The narrow segment accounted for largest revenue share in the global specialty tractors market in 2022. This is due to rising demand for narrow tractors since these are designed to fit more readily between rows of crops and trees, managing the natural twists and turns of growth patterns wh. Narrow tractors disturb less soil, resulting in a reduced environmental footprint. In addition, integration of technologies such as GPS-guided systems, have made it easier to operate narrow tractors accurately and efficiently, which is also expected to drive revenue growth of this segment during the forecast period.
· The agriculture segment is expected to register steadily fast revenue growth rate in the global specialty tractors market due to increasing need for specialized tractors as these help to reduce operational costs by optimizing resource usage. Rising demand for specialty crops, such as organic produce, specialty fruits, and nuts, necessitates tractors that can handle the unique requirements of these crops. In addition, specialized tractors can navigate tight planting rows and manage specialized equipment for these crops, hence driving revenue growth of this segment. Specialty tractors are adaptable to various terrains and crop types, making these ideal for diverse agricultural environments, including orchards, vineyards, row crops, and specialty crop production.
· On 14 November 2022, John Deere announced a lineup of specialty tractors designed for work in narrow orchards and vineyards with the addition of the new 5EN and 5ML Series. This popular 5EN from the past is back and updated with a 5075EN model available in an open operator station or cab configuration. The new 5ML cab provides head-to-toe comfort with a flat floor, spacious headroom, and ergonomic, well-placed controls.
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Emergen Research has segmented the global specialty tractors market on the basis of type, driver, power, application, and region:
· *Type Outlook (Revenue, USD Billion; 2019–2032)*
· · Narrow
· Low Profile
· High Clearance
· *Driver **Outlook (Revenue, USD Billion; 2019–2032)*
· · 2WD
· 4WD
· *Power **Outlook (Revenue, USD Billion; 2019–2032)*
· · < 75 HP
· > 75 HP
· *End-use **Outlook (Revenue, USD Billion; 2019–2032)*
· · Agriculture
Orchards
Vineyards
Others
· · Forestry
· Construction
· · Others
· *Regional Outlook (Revenue, USD Billion; 2019-2032)*
· North America
· U.S.
· Canada
· Mexico
· Europe
· Germany
· France
· UK
· Italy
· Spain
· Benelux
· Rest of Europe
· Asia Pacific
· China
· India
· Japan
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Rest of LATAM
· Middle East & Africa
· Saudi Arabia
· UAE
· South Africa
· Turkey
· Rest of Middle East & Africa
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