Latin America to Witness Sales of More than 96,793 Units of Tractors in the Next 6 Years-Arizton

According to Arizton’s latest research report, the Latin America tractor market will grow at a CAGR of 4.31% during 2022-2028

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Agriculture equipment and machinery manufacturers are also increasingly entering the precision agriculture vertical. John Deere, one of the leading vendors in the Latin America tractor market, acquired Blue River. Blue River is a leading vendor of machine learning-based agriculture equipment. It manufactures intelligent spray systems that distinguish between crop plants and unwanted weeds and enables farmers and farm managers to reduce herbicide expenses and grow healthier crops.

A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.

Governments must adopt efficient and sustainable farming practices to ensure food security and safety. Precision agriculture is practiced by developed nations to boost productivity. At the same time, developing nations still have a low level of agricultural mechanization. Crops are grown using the management concept of precision farming in accordance with the requirements of the soil. The emphasis on agricultural mechanization will boost demand for tractors and the sense of accuracy in farming in Latin America using cutting-edge tractors.

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Brazilian tractor sales are estimated to reach more than 46k units by 2028 with the increased demand for food production. For Brazilian governments, food self-sufficiency is the key agenda due to the decline in arable land due to urbanization, exploitation of natural resources, and a massive shift in food production and consumption patterns.

Climatic changes, which include increasing incidences of droughts, flash floods, unpredictable rainfall, and temperatures, are wreaking further havoc on the stressed agricultural output. In addition, human-driven factors such as the encroachment of forest land, indiscriminate water consumption and wastage, and unscientific use of pesticides and fertilizers to achieve short-term productivity are additional constraints to the agricultural value chain.

Mechanized feedlots typically characterize the agricultural scenario in Brazil to automatic irrigation systems and agricultural machinery. As the demand for food and associated resources from the Latin American largest economy rises, there has been a tremendous rise in input resources, such as the use of farm machinery to improve productivity and efficiency. Also, the agriculture sector in Brazil is typically marked by a tremendous decline in the labor force, a consistent rise in productivity, and the consolidation of smaller farms into medium and larger ones.

Investments by International Manufacturers Driving the Market Growth

The business of domestic tractor manufacturers took a hit due to instability in governments and fluctuation in currencies, inflation, and closed markets. Domestic manufacturers manufacture tractors and other related machinery according to the need and use of farmers. Tractors and other related agricultural machinery perform regular and mundane field tasks. However, these machines are less efficient than those in developed countries, such as the US, Germany, France, and Italy, which are technologically advanced. The entry of international vendors, such as John Deere, and AGCO, changed the outlook of the tractor industry in Latin American countries. Farmers now have the option to choose products that fulfill their needs to the maximum. Small farmers can choose lower HP tractors, and large agriculture corporations can easily opt for higher HP tractors. International vendors that invested in Latin America brought their expertise to agriculture equipment. These players utilized their global presence and capabilities to invest in R&D to develop innovative farming activities. Thereby boosting the adoption of tractors in the market.

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Recent Developments in The Latin America Tractor Market:

• In March 2022, John Deere launched the new electric variable transmission (EVT) for select 8 Series Tractors and a new JD14X engine for 9 Series.
• CNH Industrial partnered with Monarch Tractors in March 2021, a US-based agri-technology company, to improve long-term sustainability and raise awareness of the importance of zero-emission agriculture among farmers.
• In February 2022, New Holland North America, CNH industrial brand, announced the launch of the world’s first production T6 Methane Power tractor in the US.

Why Should You Buy This Report?

This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:

• Market Size & Forecast Volume (Units) 2020–2028
• Segmentation by Horsepower
• Segmentation by Wheel Drive
• Segmentation by Geography
• Production and trade values
• Major current and upcoming projects and investments
• Competitive intelligence about the economic scenario, advantages in Latin America, industry dynamics, and market shares
• Latest and innovative technologies
• COVID-19 impact analysis of the industry
• Company profiles of major and other prominent vendors
• Market shares of major vendors

Key Company Profiles

• John Deere
• CNH Industrial
• AGCO
• Kubota
• Claas
• Deutz-Fahr
• Mahindra
• KIOTI
• Yanmar

Market Segmentation

Horsepower

• Less Than 50 HP
• 50 HP-100 HP
• Above 100 HP

Wheel Drive

• 2-Wheel-Drive
• 4-Wheel-Drive

Geography

• Brazil
• Mexico
• Argentina
• Colombia
• Peru
• Others

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Canada Tractors Market – Industry Analysis & Forecast 2022-2028: Canada tractor market to reach 43,766 units by 2028, growing at a CAGR of 3.91%.

Mexico Tractors Market - Industry Analysis & Forecast 2022-2028: Mexico tractors market will grow exponentially with a CAGR of 3.79%, reaching 14,058 units by 2028.

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