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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Tractor Implements Global Market Report 2022' -
, AGCO Corporation, Sonalika Tractors , Escorts Limited, John Deere, Enerpac Tool Group, and Bucher Industries.
The global tractor implement market is expected to grow from $58.87 billion in 2021 to $64.63 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The tractor implement market is expected to grow to $82.36 billion in 2026 at a CAGR of 6.2%.
The tractor implement market consists of sales of tractor implement services by entities (organizations, sole proprietors, and partnerships) that help tractors work efficiently and effectively while farming.Tractor implements are the farming attachments that are attached to tractors.
Its components can be basic, complex, or a mix of the two. The simple unit conducts a single activity at a time, but the combined unit is made up of two distinct units that do two different operations at the same time.
The main functions of tractor implements are tillage, irrigation and crop protection, sowing and planting, harvesting and threshing, and others.The tillage tractor implements are used to open up and loosen the soil.
Tillage is the mechanical manipulation of soil for crop production that has a substantial impact on soil properties such as soil water conservation, soil temperature, infiltration, and evapotranspiration processes. The various power types include powered and unpowered, which are divided by drive into 2-wheel drive and 4-wheel drive.
Asia Pacific was the largest region in the tractor implement market in 2021. The regions covered in the tractor implement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The tractor implements market research report is one of a series of new reports that provides tractor implements market statistics, including global market size, regional shares, competitors with a tractor implements market share, detailed tractor implements market segments, market trends and opportunities, and any further data you may need to thrive in the tractor implements industry. This tractor implements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increase in irrigation and crop protection is expected to propel the growth of the tractor implement market going forward.Irrigation is the process of supplying water to land in order to assist agricultural development.
Puddlers, a type of tractor implement, are used in crop fields, notably in rice plantations, to aid with growth and irrigation.The growing availability of harvesting and sowing machinery is driving up demand for irrigation and crop protection, which is significantly expanding the tractor implements industry.
For instance, according to data published by The World Bank, a US-based group of five international organizations, in 2020 70% of all freshwater withdrawals globally are currently accounted for the needs of agriculture.The World Bank also stated that by 2050, agriculture production will increase by nearly 70%, resulting in increasing demand for irrigation and crop protection.
Therefore, the increase in irrigation and crop protection will drive the growth of the tractor implement market.
Technological advancements have emerged as the key trend gaining popularity in the tractor implement market.Major companies operating in the tractor implements sector are focused on developing new technological solutions to reinforce their position.
For instance, in February 2022, Carbon Robotics, a US-based agricultural robotics startup, introduced the new self-driving LaserWeeder implement, which is a self-driving laser weeding robot that can be attached to a tractor through a three-point hitch. The prime advantage of the LaserWeeder implement includes cost-effective weed control for row crops.
In October 2021, Kverneland Group, a Norway-based agricultural machinery manufacturer, acquired 80% of the shares of ROC S.R.L. company for an undisclosed amount. Kverneland Group was strengthened by the acquisition, which allowed it to add new product lines and generate synergies between the two companies. It also offers considerable benefits in a number of areas, including product development, manufacturing, and, most crucially, the further digitization of farming systems and solutions. ROC S.R.L is an Italy-based agricultural, mining, and construction equipment manufacturer.
The countries covered in the tractor implement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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