Bullish Sentiments about Precision Farming Methods Giving Push to Farm Tractor Sales Globally: Fact.MR Report
Bullish Sentiments about Precision Farming Methods Giving Push to Farm Tractor Sales Globally: Fact.MR Report
As per an updated research study published by Fact.MR, the global farm tractor market is estimated to be worth US$ 78.46 billion in 2024 and has been analyzed to expand at 5.3% CAGR from 2024 to 2034. The growing application of advanced agricultural technologies and precision farming to boost productivity is a key factor driving farm tractor sales worldwide.
The market for agricultural tractors is also gaining from the increase in farm training programs, encouraging the widespread use of agricultural equipment. Farmers are looking to produce more with fewer resources and are increasingly turning to precision farming. With the application of precision farming technology, yields and quality are being improved through the more efficient use of soil, water, fertilizers, seeds, and agricultural equipment.
With the use of farming technologies, the issue of worldwide food scarcity is being effectively addressed. Also, by increasing productivity and improving operating effectiveness, precision farming is helping farmers close the gap between supply and demand for agricultural products.
The United States federal and state governments provide a range of grants, subsidies, and tax breaks to promote the use of modern agricultural machinery. By reducing their overall financial load, these financial incentives allow farmers to buy more advanced equipment, with farm tractors at more affordable costs at the forefront.
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Key Takeaways from the Market Study:
“To increase agricultural output, governments around the world are encouraging farmers to purchase tractors with low-interest loans, subsidies, and other financial benefits, which will keep driving market growth steadily over the coming years,” says a Fact.MR analyst
Two-Wheel Farm Tractors Preferred Globally
Compared to four-wheel farm tractors, two-wheelers are more in demand due to their flexibility, affordability, and suitability for small-scale farming. Two-wheel tractors, often known as walk-behind tractors or power tillers, are ideal for smallholder farmers on a limited budget. Additionally, they are capable of moving through narrow spaces and working efficiently in restricted areas of land due to their small stature and agility. Two-wheel tractors are being widely used for various tasks such as tilling, harrowing, plowing, and transporting. They provide small-scale farmers with a practical and cost-effective choice for their business.
Rising Adoption of Precision Farming Technologies
The expanding adoption of precision farming and advanced agricultural technologies is playing a crucial role in the growth of the global farm tractor market. The increasing emphasis on optimizing farm output through modern machinery is further supported by numerous training programs that educate farmers on large-scale agricultural equipment usage.
Precision farming is becoming increasingly popular among farmers aiming to maximize yields while minimizing resource consumption. By leveraging advanced technologies, farmers can enhance the efficient use of seeds, water, fertilizers, and soil, ultimately leading to improved crop quality and higher productivity. This innovative approach is proving instrumental in addressing global food scarcity challenges. Additionally, precision farming enhances operational efficiency, enabling farmers to bridge the supply-demand gap in the agricultural sector while improving overall sustainability.
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Key Market Players:
More Valuable Insightson Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the farm tractor market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on power output (up to 30 HP, 31 HP to 100 HP, 101 HP to 200 HP, above 200 HP) and drive type (two-wheel drive, four-wheel drive), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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Precision farming is an agricultural management concept that uses technology to monitor and manage field variability in crops, aiming to maximize yield while minimizing inputs like water, fertilizers, and pesticides.
Farm tractors are powerful vehicles designed primarily for agricultural tasks such as plowing, tilling, and transporting materials on farms.
Agricultural technologies refer to innovations and tools used in farming to improve productivity, efficiency, and sustainability, including machinery, biotechnology, and information technology.
Farm training programs are educational initiatives designed to teach farmers about modern agricultural practices, technologies, and equipment, helping them improve productivity and sustainability.
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