Utility Tractor Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Utility Tractor Market is segmented by Application (Dairy farmland, Hay and Agriculture Products, Landscaping), By Drive Type ( Pedestrian, Wheeled, Two-Wheelers, Four-Wheelers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

The Global Utility Tractor Market is expected to grow at a High CAGR during the forecast period (2024-2031).

Utility Tractor Market Summary

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• Utility tractors are the compact form of agriculture tractors ranging between 40-100 HP and are used for various agriculture operations and non-agriculture purposes.
• These tractors are designed for landscaping, digging, snow removal, and other domestic property maintenance. Utility tractors feature a rollover protection structure to keep the user safe.
• The manufacturers are focusing on technological development in utility tractors for energy-efficient and eco-friendly tractors, due to consumer demand. Construction equipment manufacturers are trying to incorporate a GPS-based advanced tracking system that will enable a driver to track the location and improve the efficiency of the wheeled utility tractors.
• The primary market players are increasing strategies such as acquisition, partnership, and expansion to expand their business. New product developments and launches will further drive market growth in the coming years.

Market Drivers

• With the increasing global population, the demand for food and related products has increased over the past few years. To meet the global food demand in 2050, agricultural production is expected to grow by 48.6% globally.
• The utility tractor market is growing as manufacturers are innovating new advanced technology in tractors. For instance, driverless tractors that use GPS maps and electronic sensors have been the latest addition to the Indian agricultural tractor market.

Market Restraints

• The high cost of raw material is a significant restraint to the utility tractor market globally as high price is a severe threat to vendor margins.
• Utility tractors need regular servicing to perform efficiently. Apart from routine servicing, many vendors in the market are led to provide urgent support if the equipment breaks down on a construction site in a remote area. This leads to customer dissatisfaction and adds to their costs, further increasing the total cost of ownership.

Segmentation Analysis

By application

• The utility tractor market is segmented into dairy farmland, Hay and Agriculture Products, and Landscaping.
• The use of tractors for building, and housing development require landscapes, and with the growth in some such projects, there is a rise in the sales of utility tractors that are used for views.
• Battery-powered tractors are increasingly used in dairy farms due to their low noise operation, and emission-free. E.g.: Fendt e100 Vario electric tractor.
• High energy requirements of tractors and growing urbanization are resulting in a decrease in sales of utility tractors for agriculture.

Competitive landscape

• The tractor players are introducing driverless tractors, which are trending in the utility tractor market. One of the significant tractor players Mahindra & Mahindra is planning to launch its driverless tractor in 2019 while it would launch a driver-assist model in 2018.
• The market players are introducing new products and technologies and undergoing acquisitions to be competitive in the market.
• In April 2018, Kubota UK has launched the L1361 Compact Utility Tractor, featuring a 36.6vhp three-cylinder Kubota D1803-M-E2 engine, manual or three-range hydrostatic transmission, and a 38-liter capacity fuel tank for extended periods of use.
• In March 2017: Yanmar Holdings Co., Ltd and the Development Bank of Japan Inc. (DBJ) acquired an additional interest in International Tractors Limited (ITL), a leading Indian tractor manufacturer, where Yanmar provided ITL with technical guidance since 2005.
• In June 2017, John Deere added two compact utility tractors, the 260B Backhoe, and the 120R Loader. For their product that improves the productivity and power needed to complete a variety of applications.

Why purchase the report?

• Visualize the composition of the Utility Tractor market across each indication, regarding by application type, and drive type, highlighting the critical commercial assets and players.

• Identify business opportunities in the Utility Tractor market by analyzing trends and co-development deals.

• Excel data sheet with thousands of data points of the Utility Tractor market – level 4/5 segmentation

• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

• Product mapping in excel for the essential Utility Tractor products of all major market players

Who can benefit from this report?

• Raw Material Suppliers/ Buyers

• Product Suppliers/ Buyers

• Industry Investors/Investment Bankers

• Education & Research Institutes

• Research Professionals

• Emerging Companies

• Manufacturer