CHICAGO, May 17, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Latin America tractor market will grow at a CAGR of 4.31% during 2022-2028
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Agriculture equipment and machinery manufacturers are also increasingly entering the precision agriculture vertical. John Deere, one of the leading vendors in the Latin America tractor market, acquired Blue River. Blue River is a leading vendor of machine learning-based agriculture equipment. It manufactures intelligent spray systems that distinguish between crop plants and unwanted weeds and enables farmers and farm managers to reduce herbicide expenses and grow healthier crops.
A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.
Governments must adopt efficient and sustainable farming practices to ensure food security and safety. Precision agriculture is practiced by developed nations to boost productivity. At the same time, developing nations still have a low level of agricultural mechanization. Crops are grown using the management concept of precision farming in accordance with the requirements of the soil. The emphasis on agricultural mechanization will boost demand for tractors and the sense of accuracy in farming in Latin America using cutting-edge tractors.
Latin America Tractor Market Report Scope
Report Scope | Details |
Market Size (2028) | 96,793 Units |
Market Size (2022) | 75,128 Units |
CAGR (2022-2028) | 4.31 % |
Historic Year | 2020-2021 |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Horsepower, Drive Type, and Geography |
Largest Segment by Horsepower | 50 HP-100 HP |
Largest Segment by Drive Type | 2-Wheel Drive |
Largest Segment by Geography | Brazil |
Market Dynamics | ·Government Subsidies and Credit Support Systems ·Investments by International Manufacturers ·Agriculture as an Increasing Part of GDP ·Increased Farm Mechanization |
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Brazilian tractor sales are estimated to reach more than 46k units by 2028 with the increased demand for food production. For Brazilian governments, food self-sufficiency is the key agenda due to the decline in arable land due to urbanization, exploitation of natural resources, and a massive shift in food production and consumption patterns.
Climatic changes, which include increasing incidences of droughts, flash floods, unpredictable rainfall, and temperatures, are wreaking further havoc on the stressed agricultural output. In addition, human-driven factors such as the encroachment of forest land, indiscriminate water consumption and wastage, and unscientific use of pesticides and fertilizers to achieve short-term productivity are additional constraints to the agricultural value chain.
Mechanized feedlots typically characterize the agricultural scenario in Brazil to automatic irrigation systems and agricultural machinery. As the demand for food and associated resources from the Latin American largest economy rises, there has been a tremendous rise in input resources, such as the use of farm machinery to improve productivity and efficiency. Also, the agriculture sector in Brazil is typically marked by a tremendous decline in the labor force, a consistent rise in productivity, and the consolidation of smaller farms into medium and larger ones.
Investments by International Manufacturers Driving the Market Growth
The business of domestic tractor manufacturers took a hit due to instability in governments and fluctuation in currencies, inflation, and closed markets. Domestic manufacturers manufacture tractors and other related machinery according to the need and use of farmers. Tractors and other related agricultural machinery perform regular and mundane field tasks. However, these machines are less efficient than those in developed countries, such as the US, Germany, France, and Italy, which are technologically advanced. The entry of international vendors, such as John Deere, and AGCO, changed the outlook of the tractor industry in Latin American countries. Farmers now have the option to choose products that fulfill their needs to the maximum. Small farmers can choose lower HP tractors, and large agriculture corporations can easily opt for higher HP tractors. International vendors that invested in Latin America brought their expertise to agriculture equipment. These players utilized their global presence and capabilities to invest in R&D to develop innovative farming activities. Thereby boosting the adoption of tractors in the market.
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Recent Developments in The Latin America Tractor Market:
- In March 2022, John Deere launched the new electric variable transmission (EVT) for select 8 Series Tractors and a new JD14X engine for 9 Series.
- CNH Industrial partnered with Monarch Tractors in March 2021, a US-based agri-technology company, to improve long-term sustainability and raise awareness of the importance of zero-emission agriculture among farmers.
- In February 2022, New Holland North America, CNH industrial brand, announced the launch of the world's first production T6 Methane Power tractor in the US.
Why Should You Buy This Report?
This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:
- Market Size & Forecast Volume (Units) 2020-2028
- Segmentation by Horsepower
- Segmentation by Wheel Drive
- Segmentation by Geography
- Production and trade values
- Major current and upcoming projects and investments
- Competitive intelligence about the economic scenario, advantages in Latin America, industry dynamics, and market shares
- Latest and innovative technologies
- COVID-19 impact analysis of the industry
- Company profiles of major and other prominent vendors
- Market shares of major vendors
Key Company Profiles
- John Deere
- CNH Industrial
- AGCO
- Kubota
- Claas
- Deutz-Fahr
- Mahindra
- KIOTI
- Yanmar
Market Segmentation
Horsepower
- Less Than 50 HP
- 50 HP-100 HP
- Above 100 HP
Wheel Drive
- 2-Wheel-Drive
- 4-Wheel-Drive
Geography
- Brazil
- Mexico
- Argentina
- Colombia
- Peru
- Others
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Table of Content
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 MARKET AT A GLANCE
7 PREMIUM INSIGHTS
8 INTRODUCTION
8.1 OVERVIEW
8.1 VALUE CHAIN ANALYSIS
8.1.1 OVERVIEW
8.1.2 RAW MATERIAL & COMPONENT SUPPLIERS
8.1.3 MANUFACTURERS
8.1.4 DEALERS/DISTRIBUTORS
8.1.5 RETAILERS
8.1.6 END-USERS
8.2 TECHNOLOGICAL ADVANCES
9 MARKET OPPORTUNITIES & TRENDS
9.1 INCREASED FOCUS ON SMART & AUTONOMOUS TRACTORS
9.1.1 SWATH CONTROL AND VARIABLE RATE TECHNOLOGY (VRT)
9.1.2 HIGH DEMAND FOR AUTONOMOUS EQUIPMENT
9.2 SHORTAGE OF AGRICULTURAL LABORERS
9.3 PROSPECTS OF PRECISION FARMING
10 MARKET GROWTH ENABLERS
10.1 GOVERNMENT SUBSIDIES & CREDIT SUPPORT SYSTEMS
10.2 INVESTMENTS BY INTERNATIONAL MANUFACTURERS
10.3 GDP CONTRIBUTION OF AGRICULTURAL SECTOR
10.4 INCREASED FARM MECHANIZATION
11 MARKET RESTRAINTS
11.1 HIGH DEMAND FOR USED & RENTAL TRACTORS
11.2 UNFAVORABLE WEATHER CONDITIONS
11.3 LACK OF AWARENESS OF LATEST INNOVATIONS IN AGRICULTURAL TRACTORS
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13 HORSEPOWER
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 LESS THAN 50 HP
13.3.1 MARKET OVERVIEW
13.3.2 MARKET SIZE & FORECAST
13.3.3 MARKET BY COUNTRY
13.4 50-100 HP
13.4.1 MARKET OVERVIEW
13.4.2 MARKET SIZE & FORECAST
13.4.3 MARKET BY COUNTRY
13.5 ABOVE 100 HP
13.5.1 MARKET OVERVIEW
13.5.2 MARKET SIZE & FORECAST
13.5.3 MARKET BY COUNTRY
14 DRIVE TYPE
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 2-WHEEL DRIVE
14.3.1 MARKET OVERVIEW
14.3.2 MARKET SIZE & FORECAST
14.3.3 MARKET BY COUNTRY
14.4 4-WHEEL DRIVE
14.4.1 MARKET OVERVIEW
14.4.2 MARKET SIZE & FORECAST
14.4.3 MARKET BY COUNTRY
15 COUNTRY
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 OVERVIEW
15.3 BRAZIL
15.3.1 MARKET OVERVIEW
15.3.2 MARKET SIZE & FORECAST
15.3.3 MARKET BY HORSEPOWER
15.3.4 MARKET BY DRIVE TYPE
15.4 MEXICO
15.4.1 MARKET OVERVIEW
15.4.2 MARKET SIZE & FORECAST
15.4.3 MARKET BY HORSEPOWER
15.4.4 MARKET BY DRIVE TYPE
15.5 ARGENTINA
15.5.1 MARKET OVERVIEW
15.5.2 MARKET SIZE & FORECAST
15.5.3 MARKET BY HORSEPOWER
15.5.4 MARKET BY DRIVE TYPE
15.6 COLOMBIA
15.6.1 MARKET OVERVIEW
15.6.2 MARKET SIZE & FORECAST
15.6.3 MARKET BY HORSEPOWER
15.6.4 MARKET BY DRIVE TYPE
15.7 PERU
15.7.1 MARKET OVERVIEW
15.7.2 MARKET SIZE & FORECAST
15.7.3 MARKET BY HORSEPOWER
15.7.4 MARKET BY DRIVE TYPE
15.8 OTHERS
15.8.1 MARKET OVERVIEW
15.8.2 MARKET SIZE & FORECAST
15.8.3 MARKET BY HORSEPOWER
15.8.4 MARKET BY DRIVE TYPE
16 COMPETITIVE LANDSCAPE
16.1 COMPETITION OVERVIEW
16.1.1 MARKETING & PROMOTIONAL ACTIVITIES
16.1.2 RECENT DEVELOPMENTS BY TOP BRANDS
17 KEY COMPANY PROFILES
17.1 JOHN DEERE
17.1.1 BUSINESS OVERVIEW
17.1.2 PRODUCT OFFERINGS
17.1.3 KEY STRATEGIES
17.1.4 KEY STRENGTHS
17.1.5 KEY OPPORTUNITIES
17.2 CNH INDUSTRIAL
17.3 AGCO
17.4 KUBOTA
18 OTHER PROMINENT VENDORS
18.1 CLAAS
18.1.1 BUSINESS OVERVIEW
18.1.2 PRODUCT OFFERINGS
18.2 DEUTZ-FAHR
18.3 MAHINDRA
18.4 KIOTI
18.5 YANMAR
19 REPORT SUMMARY
19.1 KEY TAKEAWAYS
19.2 STRATEGIC RECOMMENDATIONS
20 QUANTITATIVE SUMMARY
20.1 MARKET BY COUNTRY
20.2 MARKET BY HORSEPOWER
20.3 MARKET BY DRIVE TYPE
21 APPENDIX
21.1 ABBREVIATIONS
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