Analysts at Ken Research in their latest
publication “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)" believe that focusing
towards incorporating new and advanced technologies within the equipment, sale
of high efficiency combine harvesters, manufacturing fuel efficient equipment,
providing after sales as well as financial services and focusing towards an
extensive distribution network are some of the factors which are collectively going
to help the market register a positive CAGR of 5.1% in terms of sales volume of
tractors within US during the forecasted period 2019–2024.
“Increase in wagers of farmers coupled with advances
in mechanization over the years has led to rise in demand for automated
machines which would feed the increasing consumer demand for agriculture
related products in the US”.
Market
Demand: The US tractor market has shown steady growth in terms of sales value
for the review period 2014-2018. However, there demand reduced for high HP tractors
which led to lower sales of these tractors in the country. On the other hand
combine harvesters have been suffered from decline both in terms of sales value
and sale volume throughout the review period 2014-2018. It can be attributed to
factors such as reduced commodity prices, weakening farm income and consumers
shifting towards second hand agriculture equipment. However in 2017 and 2018
the market was observed to be recovering owing to farm income revival and
introduction of agriculture equipment financing in the country. Major
operations are conducted by three types of entities namely, domestic OEMs,
international OEMs and distributors. A multitude of new business strategies
were adopted by major players including new product launches, better marketing
strategies and more focus towards after sale services in order to improve their
overall sales value and volume within the market.
Extending Government
Support: The US Department of Agriculture - USDA runs over 60 direct and indirect
aid programs for farmers. Most of the direct aid goes to the farmers of a
handful of crops such as corn, soybeans and wheat which eventually led to the
market recovery. Major types of subsidies include insurance, agriculture risk
coverage, price loss coverage, conservation programs, marketing loans, disaster
aid, research and other support.
Technological
Advancement: Majority of domestic OEMs in the US were observed to introduce tractors
as well as combine harvesters with technologies such as GPS sensors and remote
monitoring. Technological aspect plays a major role in terms of sales as better
technology makes them more efficient and productive.
Market
Dominance: Domestic OEMs such as John Deere established itself as market
leader. The dominance of these players is majorly because of the trust and
brand value attached with these players thus, making it difficult for domestic /
local manufacturers to establish themselves. The major competing parameters for
the entities include access of distribution and dealership network, price of
the products offered, after sales services and digitalization in the
equipments. Apart from that, the shift towards digital farming and its growing
adoption is likely to drive competition in this particular market in the near
future.
Key Segments
Covered
By Tractor
Type
Two-Wheel Drive (2WD)
Four-Wheel Drive (4 WD)
By Tractor
HP
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
For more information on the research
report, refer to below link:
Related reports
Contact Us:
Ken Research
Ankur Gupta,
Head Marketing & Communications
+91-9015378249
