Focus on Precision Farming and Farm Mechanization to Drive Innovations
The four-wheel-drive tractor market has witnessed waves of innovations over the past couple of decades and is expected to evolve at a much faster pace in the forthcoming decade. Technological advancements, growing emphasis on improving the functional capabilities of the tractor, focus on maximizing driver safety, and the booming agricultural sector, particularly in developing regions, including Asia Pacific, are some of the major factors that are likely to fast track the growth of the global four-wheel drive tractor market during the assessment period. Manufacturers operating in the current four-wheel drive tractor market landscape are increasingly focusing on tractor design and integrating advanced features to gain competitive edge.
Innovations in the global market for four-wheel drive tractors are also being driven by the evolving regulatory landscape and frequent calls for environment sustainability by governments of several nations. In the wake of mounting environmental concerns and efforts to minimize carbon footprint, market players are currently aligning their product development operations toward the manufacturing of all-electric and hybrid four-wheel drive tractors. At the back of these factors, along with improving traction efficiency of four-wheel drive tractors, the global four-wheel drive tractor market is expected to cross a market value of US$ 22.9 Bn by the end of 2030.
The entry of multiple four-wheel drive tractors launched by various market players is expected to intensify the competition across the global market for four-wheel drive tractors– a factor that is expected to fuel innovations in the upcoming years.
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Technological Boom in Tractor Manufacturing to Redefine Future of Agriculture Sector
Technological advancements are set to usher the agricultural sector into a new era of sustainable agriculture. Advancements in technology have served as a launch pad for innovations across the global four-wheel drive tractor market in recent years, and the trend is set to continue during the forecast period.
As the agriculture sector around the world continues to move toward precision agriculture, farming management concepts are likely to evolve at a consistent pace. Innovations across the global four-wheel drive tractor market are estimated to shift gears in the forthcoming years due to which, the global market for four-wheel drive tractors is expected to exhibit a positive outlook.
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Market Players Focus on Launching New Four Wheel Drive Tractors to Gain Advantage
Sensing the growing demand for four-wheel drive tractors, manufacturers are increasingly focusing on expanding their product portfolio and launching state-of-the-art four-wheel drive tractors. For instance, in December 2018, John Deere launched a advanced four-wheel drive tractor in India. In addition, several market players are also focusing on the manufacturing of hybrid tractors to minimize their carbon footprint. In September 2019, Escorts announced the launch of a hybrid tractor, which is powered by fuel and battery. The launch of the new hybrid four-wheel drive tractor was aimed at strengthening the company’s commitment toward offering solutions for precision agriculture and farm mechanization.
While a range of four-wheel drive tractors is gradually entering the market, self-driving tractors backed by the artificial intelligence (AI) technology are projected to make a strong statement in the four-wheel drive tractor market in the upcoming years.
Sales of Four Wheel Drive Tractors to Grow amid COVID-19 Pandemic
Although the automotive sector is treading through a dark phase in 2020 due to the novel COVID-19 pandemic, the four-wheel-drive tractor market is projected to remain unaffected by the ongoing COVID-19 situation.
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The sale of four-wheel drive tractors in developing regions of the Asia Pacific region, including India, is witnessing consistent growth. Positive market sentiments in the semi-urban and rural sectors of the Asia Pacific region are expected to drive the expansion of the market for four-wheel drive tractors in 2020. In addition, relaxation in rules for the farming sector during lockdown in several nations is another factor expected to propel the growth of the global four-wheel drive tractor market in 2020.