Global Four-Wheel Drive Tractor Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
6 Aug, 2021
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 and greater traction with better performance.
Global Four-Wheel Drive Tractor Market Size And Drivers:
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 four-wheel drive tractor market is expected to reach $19.25 billion in 2025 at a CAGR of 5.4%. The increase in mechanization in the agriculture industry is contributing to the growth of the four-wheel drive tractor market.
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Trends In The Global Four-Wheel Drive Tractor Market
Key companies operating in the market are focusing on manufacturing smart four-wheel drive tractors, which have been 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.
Global Four-Wheel Drive Tractor Market Segments:
The global four-wheel drive tractor market is further segmented based on power output, propulsion system, operation, end use and geography.
By Power Output: Less than 40 HP, 40 HP to 100 HP, 100 HP to 200 HP, Above 200 HP
By Propulsion System: Diesel, Hybrid Electric, Electric
By Operation: Manual, Autonomous
By End-Use: Farm, Construction And Mining, Others
By Geography: The global four-wheel drive tractor market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the four-wheel drive tractor market in 2020.
Read More On The Report For The Global Four-Wheel Drive Tractor Market At:https://www.thebusinessresearchcompany.com/report/four-wheel-drive-tractor-global-market-report
Four-Wheel Drive Tractor Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides four-wheel drive tractor market overviews, analyzes and forecasts market size and growth for the global four-wheel drive tractor market, four-wheel drive tractor market share, four-wheel drive tractor market players, four-wheel drive tractor market segments and geographies, four-wheel drive tractor market’s leading competitors’ revenues, profiles and market shares. The four-wheel drive tractor market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.