The global tractors and trailers market is poised for impressive growth, characterized by a robust Compound Annual Growth Rate (CAGR) during the forecast period.
The global tractors and trailers market is poised for impressive growth, characterized by a robust Compound Annual Growth Rate (CAGR) during the forecast period. Key drivers of this growth include the increasing demand for food and rising agricultural production. As agricultural activities surge worldwide, the need for tractors and trailers to transport goods becomes paramount. Although the COVID-19 pandemic is anti**ted to have a negative impact on the tractor and trailer market in 2023, the growing adoption of the latest technology by farmers is expected to drive substantial market growth by 2028.
Government Support and Policies:
Furthermore, government support and policies aimed at promoting farming are fueling significant growth in the tractors and trailers market. Beyond agriculture, these vehicles also find applications in industrial and other commercial sectors. The introduction of technologically advanced tractors and trailers by automakers positions the market for healthy growth.
The global tractors and trailers market is segmented based on trailer type, application, horsepower, and region. In terms of application, the agriculture segment dominates the global market in revenue and is projected to maintain its dominance in the coming years. The increasing number of agricultural activities and the demand for food grains drive the high demand for tractors and trailers.
Browse 40 market data Tables and 285 Figures spread through 341 Pages and an in-depth TOC on " Global Tractors and Trailers Market "
Regionally, Asia Pacific is expected to lead the global tractors and trailers market, driven by the surge in agricultural activities in the region. Countries like China and India are prominent agricultural producers, resulting in substantial demand for tractors and trailers for the transportation of food grains.
Leading players in the global tractors and trailers market include Escorts Group, Mahindra Tractors, John Deere, Massey Ferguson Limited, The Sonalika Group, New Holland, CNH Industrial N.V., Kubota Corp., ACE Tractors, Captain Tractors, Force Motors, and others. Key market players are focusing on increasing production to meet the growing demand for tractors and trailers. They are also implementing growth strategies such as mergers and acquisitions to expand their global market share.
Objectives of the Study:
What Will You Get in the Sample Report:
The sample report will provide a comprehensive analysis of the global tractors and trailers market, offering insights into market trends, drivers, challenges, segmentation, key players, regional outlook, and competitive strategies. This information will equip readers with valuable data for informed decision-making within the tractors and trailers industry.
Who Will Benefit from This Report:
TechSci Research performed primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of tractor and trailer manufacturers globally. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include suppliers and distributors that could not be identified due to the limitations of secondary research. TechSci Research analysed trailer type, application, horsepower and regional presence of all major tractor and trailer manufacturers across the globe.
TechSci Research calculated the market size of tractors and trailers market using a bottom-up approach, where data for various end-user segments were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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