China Wheeled Tractor Machinery Market (2017 - 2022)
Chinaâ€™s wheeled tractor machinery market is currently worth USD X.X billion and is expected to grow at a CAGR of 7.1% from 2016 to 2021. China is one of the fastest developing agricultural countries with cultivated farmland limited at 0.08 ha per capita but a population of more than 1.4 billion. China is one of the largest agricultural plant and machinery markets. Tractors provide the power and traction to automate agricultural jobs, especially tillage. The agricultural usage of tractors is the largest segment in the agricultural machinery sector. Improvement in efficiency is one of the reasons why tractors are popularly employed by farmers. Agriculture has been one of the major industries in the country, with various incentives in the form of subsidies to farmers for purchasing farm machines as well as for grain production.
China has been the largest market for agricultural machinery and for wheeled tractors. A number of Chinese manufacturers are also involved with foreign farm machinery companies to produce advanced farm machines in the country. They are also involved in the improvement of the technical performance, along with improved quality and reliability. In addition, foreign-funded agricultural machinery ventures are an integral part of the countryâ€™s wheeled tractor machinery industry. The major driver of the market is the growing demand for agricultural products, which fuels the need to increase yield and productivity. In addition, energy-efficient machinery, along with optimized components and systems, drives the growth of Chinaâ€™s agricultural machinery market. Significant opportunities lie in providing advanced technological equipment in light of the competitive environment in the country where developments are happening at a high rate.
The market has been segmented based on the wheel tractor type and by geography.
On the basis of the wheel tractor type, the market is segmented into:
Row crop tractors
Orchard type tractor
Earth moving tractor
The major companies in Chinaâ€™s wheeled tractor machinery market are:
CNH Global NV
Deere and Company
Farmtrac Tractor Europe
Kubota Tractor Corp
Mahindra & Mahindra Ltd.
Massey Ferguson Tractor
Shandong Wuzheng Group Co., Ltd.