New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Four-Wheel Drive Tractor Global Market Report 2022" - https://www.reportlinker.com/p06284608/?utm_source=GNW
The global four-wheel drive tractor market is expected to grow from $15.72 billion in 2021 to $16.76 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The market is expected to grow to $19.41 billion in 2026 at a compound annual growth rate (CAGR) of 3.7%.
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, great traction with better performance.
The main types of four-wheel-drive tractors are less than 40 horsepower (HP) tractors, 40HP to 100HP tractors, 100HP to 200HP tractors, and above 200HP tractors.Less than 40HP tractors are tractors powered by less than 40 horsepower.
The propulsion systems are diesel, hybrid electric, electric.These tractors are operated manually and autonomously.
The various end-users involved are farm, construction, and other end-users.
North America was the largest region in the four-wheel-drive tractor market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in mechanization in the agriculture industry is contributing to the growth of the four-wheel-drive tractors market.Four-wheel drive tractors provide better traction, more pulling power, are fuel-efficient, have longer service intervals, and distribute power to all wheels depending on the requirement.
According to a report by the PWC and Federation of Indian Chambers of Commerce & Industry (FICCI) in 2019, the US and Europe’s farm mechanization level is 95%, Russia’s mechanization level is 85%, and Brazil has 75%. The rise in mechanization in the agriculture increases need for better traction, fuel-efficient tractors, which in turn, is propelling the demand for four-wheel drive tractors.
Key companies operating in the market are focusing on manufacturing smart four-wheel drive tractors, which is 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.
In March 2021, Keestrack, a Belgium-based company that is engaged in manufacturer of mining, recycling, and construction equipment company had signed an agreement to acquire Goldoni for an undisclosed amount.The acquisition expands Keestrack’s business in the agricultural market and to parallelly grow in the construction industry.
Goldoni is an Italy-based company that specializes in manufacturing agricultural machinery such as a specialized tractor, four-wheel drive tractor, and serves in more than 64 countries and 200 distributors around the world.
The countries covered in the four-wheel-drive tractor market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284608/?utm_source=GNW
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