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The flourishing farming sector is always aiming for higher yields and profitability, thus the farmers are inclined towards various farming machinery which can help them to increase the overall profitability. Farm truck is one of the most purchased farm machines due to its multifunctional and efficient nature. For instance, utility truck, it’s an all-purpose machine and is designed for ploughing and driving other equipment such as mower, baler, and others through its drive and is one of the best options for farmer who cannot afford more machines to perform specific jobs. The increasing popularity of this farm truck is predicted to drive the farm truck market growth.
The prominent players operating in the market are embarking on the new product launch, especially easy to use and more efficient farm trucks to increase their market prominence in the upcoming years. For instance, in September 2017, Mahindra and Mahindra announced the launch of driverless tractor in Indian market. The tractor is armed with a GPS based tool autosteer, which allow the tractor to travel along a straight line.
This machine era has bought vast changes in agriculture across the globe. Farm life and living standards have also changed with changing agriculture. The use of labor saving machines such as trucks has greatly reduced the amount of time and number of persons required for producing food for an increasing population. Overall, this spells an attractive outlook for farm truck market. In additions, technological advancement in the market such as autonomous trucks is expected to boost the sales of the product. The increase in adoption of track tractors, especially for land development and seed bed preparation is projected to positively impact the product growth. Several government bodies are providing funding and subsidy to growers to invest in essential farming machines, which is likely to be a favorable factor for product growth. Moreover, the shortage of skilled laborers and increasing labor wages are projected to fuel the demand for farm trucks.
Key Market Driver -
Shortage of Skilled labour and an Increase in Mechanization in Emerging Economies
Key Market Restraint -
High cost of Farm Trucks
The high initial investment is predicted to impede the market growth. The easy availability of farm trucks on rental basis is predicted to restrain the sale of the product.
The prominent players operating in the global farm trucks market are John Deere, Mahindra and Mahindra, AGCO Corporation, Kubota Corporation, CNH Industrial N.V., JCB, Tractors and Farm Equipment’s Ltd., International Tractors Ltd., Iseki & Co., Ltd., Alamo group Inc., and Others.
Wheeled trucks are predicted to hold prominent share in the global market. The comparatively low cost of this product is predicted to boost the demand for this product. Wheeled trucks are one of the essential farm machinery which can be easily used for several activities such as standalone machine or with other machines; this is expected to positively impact the sales of the product. For instance, raw crop tractor is an general machine and it is designed to perform all the agriculture activities such as ploughing, weed control, levelling, and many others, on top of that the machine can run other farm machines such as harvesters and water pumps. Moreover, even with better performance promised by modern wheeled trucks, the producers and consumers are looking forward to use track trucks to provide an alternate solution to improve overall performance, therefore, in spite of the high cost, the sales of track trucks is increasing.
The land development segment is predicted to grow at a significant pace in the global market. The rising labor wages and shortage of farm laborers are predicted to boost the demand for farm trucks for land development. Moreover, the usage of farm truck can lead to land development in short time with more efficacy which is expected to increase the adoption of farm truck among farmers.
Asia Pacific is projected to grow at considerable pace in the global market. The rising awareness about the mechanization of farm equipment’s and its benefits is projected to spur the demand for farm trucks in upcoming years. A strong economic growth in India and China opens up new investment opportunities for the prominent players. For instance, in September 2018, John Deere announced the launch of its new model of tractor in Indian market.
Europe is predicted hold considerable share in the global farm truck market owing to highly advanced agriculture sector and high adoption of automated farming equipment. Moreover, the presence of prominent players such as AGCO Corporation, John Deere, and others within the region is further propelling the product growth.
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