Tractor Implements Market (By Phase Type: Tillage, Irrigation & Crop Protection, Sowing & Planting, Harvesting & Threshing, Others; By Power Type: Powered, Unpowered; By Drive: 2-wheel Drive, 4-wheel Drive) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global tractor implements market size was exhibited at USD 30.81 billion in 2022 and is projected to hit around USD 52.03 billion by 2032, growing at a CAGR of 5.38% during the forecast period 2023 to 2032.

Key Pointers:

• By Phase Type, the irrigation & crop protection segment is predicted to record the maximum market share in 2022.
• By Power Type, the powered distribution segment is expected to generate the largest market share in 2022.
• By Drive, the 4-wheel drive segment is projected to capture the highest market share in 2022.

Tractor Implements Market Report Scope

Rapid industrialization in the agriculture sector has resulted in increased expenditures on labor-intensive products, such as cultivators, harrows, and tillers, boosting industrygrowth. Furthermore, the increasing scarcity of skilled labor leads to the adoption of new equipment and tools, supportingindustry growth. For instance, according to the data published by the International Labor Organization (ILO), headquartered in Geneva, Switzerland, the percentage of people working in the agriculture sector globally decreased from 44% in 1991 to 26% in 2020.

Several companies have recently focused on launching tractor implements integrated with new technologies like GPS, Google Earth, and robotics due to the rising adoption among farmers, which is driving the industry growth. For instance, in March 2022, KUHN SAS based out in SAVERNE, France, launched a stubble cultivator for contractors and farmers, which is equipped with an operating speed of 15 kph and enables better cultivation of crops. Furthermore, several governments worldwide are investing in agricultural infrastructure expected to propel the industry forward. For instance, in 2020, the Chinese Ministry of Finance issued more than USD 2.8 billion in subsidies for agricultural machinery purchases.

It is expected that by 2025, China will have mechanized 75% of its crop plowing, planting, and harvesting processes. The rising adoption of modernized farm equipment is expected to fuel industry growth, which involves improving crop production and quality. Furthermore, the world’s rising population and increasing disposable income in various developing countries are increasing the global food demand. For instance, in July 2021, according to study findings by Wageningen University & Research, based out inthe Netherlands, food demand is expected to increase by between 35% to 56 % from 2010-2050.

This is shaping the market and boosting the adoption of various tractor implements to increase crop production. Several tractors implement manufacturers struggled to remain operational during the COVID-19 lockdowns, resulting in a sharp decline in business. The industry was negatively impacted in the first half of 2020. However, it bounced back and witnessed growth due to various significant global economies opening. In addition, manufacturers started adopting innovative strategies to recover from the pandemic.

For instance, in August 2021, Farmkart, an agricultural technology startup based out in India, launched rent4farm, a technology-enabled platform that provides unstructured agriculture equipment rental services. It offers competitive prices for renting advanced agriculture equipment and machinery.Although the prospects look promising, the industry is still faced with several challenges regarding the high capital costs of tractor implements, which is one of the bottlenecks for their adoption, especially for small farmers. Furthermore, farmers with small land holdings do not find it cost-effective to invest in tractor implements, which has resulted in one of the challenges hampering the industry growth.

Some of the prominent players in the Tractor Implements Market include:

• Claas KGaA Mbh
• Deere & Company
• Kubota Corp.
• CNH Industrial N.V.
• Agco Corporation
• Tractors and Farm Equipment Limited (TAFE)
• SDF Group
• Mahindra & Mahindra
• J C Bamford Excavators Ltd. (JCB)
• Actuant
• Kuhn Group
• Alamo Group

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Tractor Implements market.

By Phase Type

• Tillage
• Irrigation & Crop Protection
• Sowing & Planting
• Harvesting & Threshing
• Others

By Power Type

• Powered
• Unpowered

By Drive

• 2-wheel Drive
• 4-wheel Drive

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)