South America Wheeled Tractor Machinery Market (2017 - 2022)
The South American wheeled tractor machinery market has been estimated at USD XX.X billion in 2016 and is expected to reach USD XX.X billion by 2021, at a CAGR of 6.6% during the forecast period from 2016 to 2021.Tractors provide the power and traction to automate agricultural works, majorly tilling of farmlands. However, the tractor is used in varied tasks even outside agriculture. Agricultural equipment is towed behind a tractor, which is a power source for the mechanization of implements. 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. Besides, demand from emerging economies and the high level of government support in these regions is fueling the growth of the industry.
The market is driven by the increasing population, growing demand for food, and the necessity to increase yields and productivity. The future of the tractor machinery market appears positive. Opportunities in this market are the higher tractor penetration in the developing nations like Brazil and Argentina, where machinery use in agriculture is growing. Low purchasing power in these developing regions appears to be a hindrance to the otherwise lucrative market. Brazil is one of the main agricultural machinery markets in South America and also provides a great opportunity to consolidate the growing market for farm machines and equipment for the manufacturers.
The market has been segmented based on the wheel tractor type and by geography.
Segmentation by Wheel Tractor Type:
Row crop tractors
Orchard type tractor
Earth Moving Tractor
On the basis of geography, the market has been segmented into Brazil, Argentina, and Others.
Some of the major companies in South Americaâ€™s wheeled tractor machinery market are: