The report titled “US
Tractor and Combine Harvesters Market Outlook to 2024 – By Tractor Type (2WD
and 4WD), By Tractor HP (<40 HP, 40-100 HP and >100 HP) and By Combine
Harvester HP (Upto 250 HP, 250-350 HP and Above 350 HP)” provides a comprehensive analysis on US tractors and combine harvesters market.
The report covers
various aspects including market overview, value chain analysis, market
evolution, market size of tractors and combine harvesters by sales value and
volume, market segmentation by type and its sub segments by horse power, trade
scenario, regulatory framework impacting the US market, snapshot on secondhand agriculture
equipment market, equipment financing market, rental market and after sale
services market, customer profiling in US agriculture equipment market and competition
landscape. The report concludes with market projections for future described
above and analyst recommendations highlighting the major opportunities and
cautions for US tractor and combine harvester market.
US
Agriculture Equipment Market Overview
US agriculture equipment market was
observed to be at maturity stage owing to the advances in mechanization and technological
developments in agriculture that have been particularly influential in driving
change in the farm sector coupled with rapid growth in average farm productivity.
Also, increasing presence of both international as well as domestic players
coupled with new government initiatives has created a positive impact on the
market. Agriculture within the US is characterized by various trends. One of
the trends is the fall in the number of small farms. Another trend in the US
Agriculture Sector is increase in productivity of the sector. Both agricultural
production as well as the output of an agricultural worker has improved. This
improvement is partially a result of consolidation of farms and partially a
result of new technologies and farming methods.
US
Tractor Market Size
Tractors are multipurpose equipment with
ability to handle multiple implements such as harrows, ploughs, sprayers and
others. The US tractor market both in terms of sales value and volume has increased
at a positive CAGR during the review period 2014-2019. The market experienced a
decline in terms of sales volume during 2015 and recovered gradually over the
years. Factors such as technological advancements and increased consumer demand
have increased the demand for mechanized farming thereby have enhanced the
sales of tractors in the country. US Tractor Market
Segmentation
By Tractor
Type (2WD and 4WD)
Two wheeled tractors were observed to
dominate the US tractor market during 2018. Tractors in the range 5-200 HP
usually come in the category of two-wheeled drive tractors. 2-Wheel Drive tractor
is generally used in dry farming conditions as well as for the purpose of field
farming transportation. The remaining market share was captured by four wheeled
tractors.
By
Horse Power (<40 HP, 40-100 HP and Above 100 HP)
The tractors with horse powers below 40
are the compact tractors that serve basic farming tasks such as mowing and
manure handling. The segment was observed to clearly establish itself as market
leader within US tractor market during 2018. The remaining market share was
collectively captured by tractors falling in the HP range of 40-100 and above
100 HP in the year 2018.
US
Combine Harvester Market Size
US combine harvesters market both in
terms of sales value and volume has been experiencing a negative CAGR during
the review period 2014-2018. Low commodity prices, weakening farm income and
elevated used equipment levels in the US were observed to pressurize high
demand for farm equipment, especially high HP models of combine harvesters. As this
equipment is expensive in nature, farmers within US remained apprehensive of
making such big purchases, and instead approached second hand market or delayed
purchases.
US
Combine Harvesters Market Segmentation
By
Horse Power (up to 250 HP, 250-350 HP and more than 350 HP)
Combine harvesters of up to 250 HP
dominated the country’s combine harvesters market during the year 2018,
followed by 250-350 HP and more than 350 HP ranges. Earlier, farmers had to
harvest crops by carrying out a series of laborious operations one after the
other. Emergence of harvesting machinery has effectively reduced their time and
efforts thus, meeting the growing demands of urban dwellers and help towards
breaking up soil efficiently.
Comparative
Landscape in US Tractor and Combine Harvester Market
Both the US tractor as well as combine
harvester market was observed to be heavily concentrated along with the
presence of both domestic and international players in the market such as John
Deere, New Holland, AGCO, Mahindra, Kubota and others. In addition to that, it
has become extremely difficult to enter and expand within the market as existing
players such as market leader – John Deere and other players have clearly established
their brand identity and new players may not be able to find adequate means of
distribution since the market is broad. Some of the parameters on the basis of
which companies compete within this segment include price, after sale services,
access of distribution & dealership channels and level of digitalization in
their machineries and equipments.
US
Tractor and Combine Harvester Market Future Outlook and Projections
Over the forecast period, it is estimated
that US tractor market in terms of sales volume will increase at a positive
CAGR during the period 2019-2024. The market is forecasted to grow owing to
technological innovations such as driverless tractors, ease of financial support
and growing consumer demand. On the other hand the US combine harvester market
is anticipated to recover during the forecast period as farmers are expected to
further shift towards large size farming. Although agricultural land has been
shrinking in the US, the demand for large farms has been increasing. Additionally,
the constant increase in consumption demand is pushing farmers to produce more
at a time, which would require more farmland. With larger farms, the use of
combine harvesters will be on the rise because harvesting hay on a large farm
is not manually possible.
Key Segments
Covered
By Tractor Type
Two-Wheel
Drive (2WD)
Four-Wheel
Drive (4 WD)
By Tractor HP (For Two-Wheel Drive Tractors)
40 HP
40-100 HP
Above 100 HP
By Combine Harvesters HP
Up to 250 HP
250-350 HP
Above 350 HP
Key Target
Audience
Existing Agricultural Equipment Companies
New Market Entrants- Domestic OEMs
New Market Entrants- Foreign OEMs
Agricultural Equipment Financing Companies
Government Bodies
Investors & Venture Capital Firms
Agricultural Equipment Manufacturers
Agricultural Equipment Distributors
Agricultural Equipment Associations
Time Period
Captured in the Report:
Historical Period: 2014 -2018
Forecast Period: 2019-2024
Companies
Covered:
John Deere
New Holland
AGCO
Mahindra
Kubota
CaseIH
Claas
Gleaner
Massey Ferguson
Other Players (Kioti, Yanmar, Zetor, Ventrac, Farmtrac, Deutz Fahr,
Challenger, International Harvester, MacDon and Colombo)
Key Topics
Covered in the Report
Executive Summary
Research Methodology
US Agriculture Equipment Market Value Chain Analysis
US Agricultural Equipment Market Overview
US Agriculture Equipment Market Ecosystem
US Tractor Market
US Combine Harvester Market
Regulatory Framework in US Agricultural Equipment Market
Customer Profiling in US Agriculture Equipment Market
US Agriculture Equipment Second hand Market
Comparative Landscape in US Agriculture Equipment Market
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report, refer to below link:
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