(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">
Dublin, Jan. 09, 2019 (GLOBE NEWSWIRE) -- The "Tractor Market in Latin America - Industry Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The tractor market in Latin America is estimated to reach volumes of around 87 thousand units by 2023, growing at a CAGR of over 4% during 2018-2023.
The favorable government policies and the growing demand for ethanol will drive the tractor sales in the Latin American market. The rising demand for 40-200 HP tractors across the region will create lucrative opportunities for leading manufacturers in the Latin American market. The growing awareness among land-owners about the potential agricultural mechanization will encourage large-scale farmers to adopt technology-driven farming methods in the region.
The growing trend of precision agriculture aided with the increasing penetration of the Internet and rise in the number of smartphones is propelling the demand for farm mechanization in the Latin American market. Leading IT and telecommunication provider such as Cisco is investing in the development of the Internet of Things network in Argentina. Such investments will promote easy access to farmers to agricultural solutions and advanced technology that requires internet connectivity to operate thereby, accelerating the growth of the tractor market in Latin America.
The leading vendors are focusing on offering aftermarket services to increase the credibility of the product and increase brand loyalty among consumers to boost their revenues in the Latin American market. The farmers are leveraging smart technologies such as sensor technology, GPS, and climate satellites to understand the impact of climate change on crop production and promote sustainable practices in the region. The tractor market in Latin America is expected to reach volumes of around 87 thousand units by 2023, growing at a CAGR of more than 4% during 2018-2023.
Tractor Market in Latin America - Dynamics
The growing focus on using alternate fuel-based machines will propel the growth of the tractor market in Latin America. The leading manufacturers are developing tractors with alternative fuels such as bio-diesel and electric or battery operated machines to attract new consumers and boost sales in the Latin American market. The introduction of products will alternative fuel sources will help vendors gain a larger market share and boost their revenues.
The increasing availability of machines that run on liquefied natural gas (LNG), compressed natural gas (CNG), propane, diesel, and kerosene will help in the development of the Latin American market. Bio-diesel tractors initially cost a lot of money but over the period of time require less maintenance thereby, making them more profitable than the traditional ones. The increasing investments in R & D and manufacturing of machines that operate on alternative fuels will revolutionize the tractor market in Latin America.
Key Vendor Analysis
The tractor market in Latin America witnesses the presence of several established players in various segments that includes open fields and horticulture. These companies are driving the demand and controlling the level of competition in the Latin American market. The leading vendors are focusing on offering superior aftermarket services to improve customer loyalty and increase their market share. The increase in farm consolidation is encouraging players to introduce higher horsepower tractors, especially in Brazil to boost their revenues in the Latin American market.
Free trade policies will encourage international companies to invest in business expansion plans in the Latin American market. The increasing focus on the integration of production, machines, and agronomic data will encourage vendors to introduce technologically advanced agricultural solutions to sustain the competition in the tractor market in Latin America.
The major vendors in the Latin American market are:
- Deere & Company
- CNH Industrial
Other prominent vendors include: SDF, Class, Argo Tractors, LS Corporation, Mahindra & Mahindra, Agrale, Zetro, Sonalika Group, and Agrinar.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
8 Market Dynamics
8.1 Market Growth Enablers
8.2 Market Growth Restraints
8.3 Market Opportunities & Trends
9 Agriculture Tractor Market in Latin America
9.1 Historical Data 2010-2016
9.2 Market Size & Forecast 2017-2023
9.3 Porter's Five Forces Analysis
10 Agriculture Tractor market by Wheel Drive
10.1 Market Overview
10.2 2WD Tractor MArket
10.3 4WD Tractor Market
11 Agriculture Tractor Market by HP
11.1 Market Overview
11.2 Below 40 HP
11.3 40-100 HP
11.4 Above 100 HP
12 Major Countries: Agri Tractor Market
13 Brazil: Tractor Market
13.1 Historical Data 2010-2016
13.2 Market Size & Forecast 2017-2023
13.3 Segmentation by HP
13.4 Market Share Analysis
14 Mexico: Tractor Market
14.1 Historical Data 2010-2016
14.2 Market Size & Forecast
14.3 Segmentation by HP
14.4 Market Share Analysis
15 Argentina: Tractor Market
15.1 Historical Data 2010-2016
15.2 Market Size & Forecast
15.3 Segmentation by HP
15.4 Market Share Analysis
16 Competitive Landscape
17 Key Company Profiles
17.1 Deere & Company
18 Other Prominent Vendors
18.3 Argo Tractors
18.4 LS CORP
18.5 Mahindra & Mahindra
18.7 Zetro Tractors
For more information about this report visit https://www.researchandmarkets.com/research/wfwr2w/latin_america?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Laura Wood, Senior Press Manager For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Tractors