The global tractor engines market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the technological advancement in modern methods of farming. The global agricultural industry is undergoing steady growth in terms of production volume and technological innovation. Farmers are increasingly adopting modern methods of cultivation that promise increased yield and better resistance to crop diseases. Modern methods of farming utilize technology in the form of advanced irrigation systems and mechanized farming tools, such as tractors, cultivators, mechanized plow, combine harvesters, strippers, cutters, and all-terrain vehicles. Adoption of modern methods of farming will drive the demand for tractors and subsequently expand the production of tractor engines.
This market research report on the global tractor engines market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the use of telematics in tractors as one of the key emerging trends in the global tractor engines market:
Global tractor engines market: Use of telematics in tractors
Telematics is an electronic system for monitoring assets like ship, heavy equipment, truck or a car using onboard diagnostics and global positioning system to track movements on a digital map. Uses of telematics go beyond tracking to fleet management solutions, insurance-based services, and emergency services. Telematics in tractors is expected to increase the productivity and utilization of a fleet of tractors.
“Telematics allows farmers to collect information regarding the operations of tractors, geographical location of the vehicle, and distance traveled to calculate the total utilization rate of the fleet. Tractor companies are integrating telematic services in tractors to offer increased utility to buyers. Software companies are developing software that allows farmers to understand and manage data from telematics,” says a senior analyst at Technavio for research on powertrain.
Global tractor engines market: Segmentation analysis
This market research report segments the global tractor engines market by geographical regions (APAC, EMEA, and the Americas).
APAC led the market in 2017 with a market share of nearly 72%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario