The tractor implements market is estimated to account for USD 57.3 billion in 2018 and is projected to reach USD 76.1 billion by 2023, growing at a CAGR of 5.84% during the forecast period. High labor cost and the need to reduce post-harvest losses are the key drivers for the growth of the tractor implements market.
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Asia Pacific is projected to dominate the tractor implements market during the forecast period
According to the FAO, the Asia Pacific region include developing countries such as India, Thailand, and Vietnam, where agriculture is growing at an exponential rate. Nearly 40% of the global arable land is present in this region.
Asia Pacific region is experiencing a shift in agricultural practices from the use of traditional tools towards farm mechanization. Rising urbanization has led to limited agriculture labor in rural areas of the Asia Pacific region, which has led to an increasing need for mechanized farming techniques by investing in agricultural implements. These factors are collectively projected to drive the market for tractor implements in this region.
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Key players in the tractor implements market include Deere & Company (US), Kubota Corporation (Japan), Mahindra and Mahindra (India), SDF (Italy), and Kuhn Group (France).
These players have a significant presence in the tractor implements market. In addition, these companies are focusing on developing, introducing, and manufacturing various tractor implements, which enable farmers to speed up their farming practices. To enter the equipment industry, key players are adopting various strategies such as acquisitions, partnerships, and expansions.
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