The global farm truck market size is projected to exhibit robust growth owing to the shortage of skilled labor in the agriculture sector, observes Fortune Business Insights™ in an upcoming report, titled, “Farm Trucks Market Size, Share & Industry Analysis, By Type (Wheeled Trucks, Tracked Trucks), By Application (Land Development, Harvesting, After Agro Processing) and Regional Forecast, 2023-2030.” Using farm trucks enables growers in efficient farming. The demand for these trucks is increasing rapidly in the global agriculture sector owing to the higher yield and profitability offered by them.
The global agriculture sector has turned toward automation in order to survive the rising challenges, such as labor scarcity and high demand for food, brought by the COVID-19 pandemic. However, due to the lack of awareness and proper resources, the adoption of mechanization is in itself a soaring challenge. At Fortune Business Insights™, we are thoroughly studying the dynamics of the automation industry and its applications in agriculture to offer you tailor made strategies for surviving the crisis.
Highlights of the Report:
- Meticulous research into the market drivers, trends, factors, and restraints
- Detailed assessment of the market segments
- 360-degree analysis of the overall industry outlook
- Projections of future prospects of the market
- In-depth evaluation of the regional and competitive dynamics characterizing the market
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Drivers & Restraints-
Rising Skilled Labor Scarcity in Agriculture to Drive Growth
Increasing shortage of labor in the agriculture industry across the world is expected to drive the growth of the global farm truck market. For instance, as per a research study provided by the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), during the last decade, the agriculture sector in India showcased a significant decrease in labor availability. In addition, the rapidly increasing mechanization in farming activities in emerging countries is expected to further strengthen growth. However, the high cost associated with farm trucks is set to limit growth.
Escalating Usage of Farm Trucks in the Region to Help Asia Pacific Grow
The Asia Pacific farm truck market is anticipated to grow substantially in the projected timeline. The rising awareness of automation in agriculture, coupled with the increasing shortage of labor in major countries is expected to drive the market for farm trucks in the region. For instance, according to the Food and Agriculture Organization (FAO) of the United Nations, by 2025, draught animals are anticipated to be completely replaced by 2-wheel and 4-wheel tractors in China.
Europe is likely to showcase robust growth in the global farm truck market. The high adoption of highly automated farming equipment is driving the growth in the region. In addition, the presence of prominent players including AGCO Corporation and John Deere is projected to further enhance the demand for farm trucks.
New Product Launches to Help Key Players Gain Competitive Edge
Major players operating in the global farm truck market are adopting different strategies, such as mergers and acquisitions, new product launches, and strategic collaborations, to gain a competitive edge. For Instance, in September 2018, John Deere announced the launch of its new model of tractors, especially designed for the Indian market.
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- In January 2023, Kubota introduced its X Tractor- cross tractor, an autonomous, electronic tractor equipped with artificial intelligence.
- In October 2019, John Deere announced the launch of its new 8RX, the latest-generation of 8R Row-Crop tractors. The 8 family tractors feature a larger, more comfortable cab.
A List of Key Manufacturers Operating In the Global Farm Trucks Market Report:
- John Deere
- Mahindra and Mahindra
- AGCO Corporation
- Kubota Corporation
- CNH Industrial N.V.
- Tractors and Farm Equipment’s Ltd.
- International Tractors Ltd.
- Iseki and Co., Ltd.
- Alamo group Inc.
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