Global Tractor Telematics Market 2018-2022
About this market
Farmers in the developed countries are adopting modern methods of farming that involve the use of tractors. The continuous development in the agricultural industry in APAC, especially in countries such as India, China, Indonesia, and Vietnam, is expected to drive the demand for agricultural machinery, including tractors. Rising acceptance of modern farming practices is expected to pave the way for the development of advanced technologies such as tractor telematics during the forecast period. Also, high penetration of tractors will increase the market scope for tractor telematics which, in turn, will drive the tractor telematics market growth.
Increased utility offered by telematics
Telematics is a technology that deals with the transmission of information over long distances such as details about the vehicle's position and onboard diagnostics of the vehicle. Tractors equipped with telematics technology possess important utilitarian features that allow the tractor owners and manufacturers to develop better and sophisticated future models of tractors.
Rising prices of tractors
A tractor plays an important role in increasing the agricultural production. However. rising prices of raw materials like steel, which is used for building tractors, will cause a reduction in sales of tractors and potentially affect the growth of the tractor telematics market during the forecast period. Prices of farm equipment have been increasing since 2016, following their rising production costs due to high raw material prices.
For the detailed list of factors that will drive and challenge the growth of the tractor telematics market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Hello Tractor and Mahindra & Mahindra the competitive environment is quite intense. Factors such as the rising demand for agricultural tractors in APAC and increased utility offered by telematics, will provide considerable growth opportunities to tractor telematics companies. Case IH (CNH Industrial), Cummins, Deere & Company, ERM Electronic Systems, Hello Tractor, and Mahindra & Mahindra are some of the major companies covered in this report.
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