September 22, 2022 17:16 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, Canada tractors market to grow at CAGR of around 3.9% during 2022-2027. The less than 50 HP segment held the largest share in the Canada Agricultual tractor market in 2021, followed by the 50-100 HP segment with a share of 21.7%.
The above 100 HP segment contributed the remaining 13.7% share. The penetration and adoption of farm mechanization practices across Canada drive the sale of new tractors. Tractors and agricultural implements are the major product categories of the organized agriculture market in Canada.
Canada Tractors Market Report Scope
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In Canada, agricultural tractor registrations increased by 19.4% in 2021 from 2020. In 2021, over 33k units of tractors were registered. Farmers planning to invest in agricultural machinery in the coming months fast-tracked their investment plans due to the expectation of high inflation and low value of financial instruments. Meanwhile, only a few new model vehicles are available in the second-hand market, positively impacting the demand for new tractors. John Deere and New Holland dominated the Canada agricultural tractor market with a collective market share of over 50%. The threat of rivalry is high in the Canada agricultural tractor market since more than 50% of the share belongs to the top-three key players.
The market competition is expected to intensify further during the forecast period with an increase in product/service extensions, technological innovations, and M&As. Arizton believes global players will grow by partnering on a technology-sharing basis with regional or local players in the future. Furthermore, companies with better technical and financial resources can develop innovative products. This could threaten competitors’ products and make their products non-competitive or even obsolete before they can recover their R&D and commercialization costs. Therefore, vendors must develop new technologies and remain abreast with upcoming technologies to have a competitive advantage over other vendors.
Less Than 50 HP Tractor Gaining Traction
Less than 50 HP tractor to witness higher growth compared to other segments of the agricultural tractor market in Canada.
Tractors in the less than 50 HP category are compact tractors. These tractors, with their small frames, are ideal for small-scale farmers with relatively higher cropping intensity than marginal farmers. Compact tractors are widely used by farmers engaged in row-crop farming and horticulture. Individuals with a keen interest in growing organic foods at a small level also use these tractors. Small-scale farms require smaller tractors to prepare the soil throughout farms, including corners, effectively.
The Canadian government focuses on increasing agricultural production in the Prairie province due to the higher number of small farmlands in the province, which is likely to increase the potential for below 50 HP tractors due to the nature of crop farming and fragmentation of landholding structures. Therefore, Prairie provinces and Central Canada lead the adoption of below 50 HP tractors.
Table of Content 1 RESEARCH METHODOLOGY 2 RESEARCH OBJECTIVES 3 RESEARCH PROCESS 4 SCOPE & COVERAGE 4.1 MARKET DEFINITION 4.1.1 INCLUSIONS 4.1.2 EXCLUSIONS 4.1.3 MARKET ESTIMATION CAVEATS 4.2 BASE YEAR 4.3 SCOPE OF THE STUDY 5 REPORT ASSUMPTIONS & CAVEATS 5.1 KEY CAVEATS 5.2 CURRENCY CONVERSION 5.3 MARKET DERIVATION 6 MARKET AT A GLANCE 7 PREMIUM INSIGHTS 8 INTRODUCTION 8.1 OVERVIEW 8.2 VALUE CHAIN ANALYSIS 8.2.1 OVERVIEW 8.2.2 RAW MATERIAL & COMPONENT SUPPLIERS 8.2.3 MANUFACTURERS 8.2.4 DEALERS/DISTRIBUTORS 8.2.5 RETAILERS 8.2.6 END-USERS 8.3 INCREASED ADOPTION OF PRECISION FARMING 8.4 GOVERNMENT SUPPORT TO FARMERS 8.5 ROLE OF MECHANIZATION IN THE AGRICULTURE SECTOR 8.6 AGRICULTURAL LAND HOLDING STRUCTURES 8.7 IMPORT & EXPORT ANALYSIS 8.8 TECHNOLOGICAL ADVANCES 9 MARKET LANDSCAPE 9.1 MARKET OVERVIEW 9.1.1 LABOR SHORTAGE IN THE AGRICULTURE SECTOR 9.2 MARKET SIZE & FORECAST 10 HORSEPOWER 10.1 MARKET SNAPSHOT & GROWTH ENGINE 10.2 MARKET OVERVIEW 10.3 LESS THAN 50 HP 10.3.1 MARKET OVERVIEW 10.3.2 MARKET SIZE & FORECAST 10.3.3 CANADA LESS THAN 50 HP AGRICULTURAL TRACTOR MARKET BY PROVINCE 10.4 50–100 HP 10.4.1 MARKET OVERVIEW 10.4.2 MARKET SIZE & FORECAST 10.4.3 CANADA 50–100 HP AGRICULTURAL TRACTOR MARKET BY PROVINCE 10.5 ABOVE 100 HP 10.5.1 MARKET OVERVIEW 10.5.2 MARKET SIZE & FORECAST 10.5.3 CANADA ABOVE 100 HP AGRICULTURAL TRACTOR MARKET BY PROVINCE 11 DRIVE TYPE 11.1 MARKET SNAPSHOT & GROWTH ENGINE 11.2 MARKET OVERVIEW 11.2.1 MARKET SIZE & FORECAST 11.3 2-WHEEL DRIVE 11.3.1 MARKET OVERVIEW 11.3.2 MARKET SIZE & FORECAST 11.3.3 CANADA 2-WHEEL DRIVE AGRICULTURAL TRACTOR MARKET BY PROVINCE 11.4 4-WHEEL DRIVE 11.4.1 MARKET OVERVIEW 11.4.2 MARKET SIZE & FORECAST 11.4.3 CANADA 4-WHEEL DRIVE AGRICULTURAL TRACTOR MARKET BY PROVINCE 12 PROVINCE 12.1 MARKET SNAPSHOT & GROWTH ENGINE 12.2 MARKET OVERVIEW 12.3 ATLANTIC PROVINCES 12.3.1 MARKET OVERVIEW 12.3.2 MARKET SIZE & FORECAST 12.3.3 CANADA ATLANTIC PROVINCES AGRICULTURAL TRACTOR MARKET BY HORSEPOWER 12.3.4 CANADA ATLANTIC PROVINCES AGRICULTURAL TRACTOR MARKET BY DRIVE TYPE 12.4 CENTRAL CANADA 12.4.1 MARKET OVERVIEW 12.4.2 MARKET SIZE & FORECAST 12.4.3 CENTRAL CANADA AGRICULTURAL TRACTOR MARKET BY HORSEPOWER 12.4.4 CENTRAL CANADA AGRICULTURAL TRACTOR MARKET BY DRIVE TYPE 12.5 PRAIRIE PROVINCES 12.5.1 MARKET OVERVIEW 12.5.2 MARKET SIZE & FORECAST 12.5.3 CANADA PRAIRIE PROVINCES AGRICULTURAL TRACTOR MARKET BY HORSEPOWER 12.5.4 CANADA PRAIRIE PROVINCES AGRICULTURAL TRACTOR MARKET BY DRIVE TYPE 12.6 WEST COAST 12.6.1 MARKET OVERVIEW 12.6.2 MARKET SIZE & FORECAST 12.6.3 CANADA WEST COAST AGRICULTURAL TRACTOR MARKET BY HORSEPOWER 12.6.4 CANADA WEST COAST AGRICULTURAL TRACTOR MARKET BY DRIVE TYPE 13 MARKET OPPORTUNITIES & TRENDS 13.1 DEVELOPMENT OF SMART & AUTONOMOUS TRACTORS 13.1.1 GPS TECHNOLOGY 13.1.2 HIGH DEMAND FOR AUTONOMOUS TRACTORS 13.2 POTENTIAL OF ELECTRIC TRACTORS 13.3 USE OF ALTERNATE FUEL-BASED TRACTORS 14 MARKET GROWTH ENABLERS 14.1 FISCAL SUPPORT TO FARMERS THROUGH LOANS & SUBSIDIES 14.2 INCREASED FARM MECHANIZATION 14.3 INCREASED AGRICULTURAL PRODUCTIVITY & EXPORTS 14.3.1 AGRICULTURAL EXPORTS 15 MARKET RESTRAINTS 15.1 CLIMATE CHANGE IMPACT ON AGRICULTURAL ACTIVITIES 15.2 FLUCTUATIONS IN RAW MATERIAL COSTS 15.2.1 COST TO MANUFACTURERS 15.2.2 COST TO FARMERS 15.3 HIGH DEMAND FOR USED & RENTAL TRACTORS 15.4 FIVE FORCES ANALYSIS 15.4.1 THREAT OF NEW ENTRANTS 15.4.2 BARGAINING POWER OF SUPPLIERS 15.4.3 BARGAINING POWER OF BUYERS 15.4.4 THREAT OF SUBSTITUTES 15.4.5 COMPETITIVE RIVALRY 16 COMPETITIVE LANDSCAPE 16.1 COMPETITION OVERVIEW 16.1.1 RECENT DEVELOPMENTS BY TOP BRANDS 16.1.2 BRAND LOYALTY 16.1.3 SALES & EXPORTS 17 KEY COMPANY PROFILES 17.1 JOHN DEERE 17.1.1 BUSINESS OVERVIEW 17.1.2 JOHN DEERE IN THE AGRICULTURAL TRACTOR MARKET 17.1.3 PRODUCT OFFERINGS 17.1.4 KEY STRATEGIES 17.1.5 KEY STRENGTHS 17.1.6 KEY OPPORTUNITIES 17.2 CNH INDUSTRIAL 17.2.1 BUSINESS OVERVIEW 17.2.2 CNH INDUSTRIAL IN THE AGRICULTURAL TRACTOR MARKET 17.2.3 PRODUCT OFFERINGS 17.2.4 KEY STRATEGIES 17.2.5 KEY STRENGTHS 17.2.6 KEY OPPORTUNITIES 17.3 AGCO 17.3.1 BUSINESS OVERVIEW 17.3.2 AGCO IN THE AGRICULTURAL TRACTOR MARKET 17.3.3 PRODUCT OFFERINGS 17.3.4 KEY STRATEGIES 17.3.5 KEY STRENGTHS 17.3.6 KEY OPPORTUNITIES 17.4 KUBOTA 17.4.1 BUSINESS OVERVIEW 17.4.2 KUBOTA IN THE AGRICULTURAL TRACTOR MARKET 17.4.3 PRODUCT OFFERINGS 17.4.4 KEY STRATEGIES 17.4.5 KEY STRENGTHS 17.4.6 KEY OPPORTUNITIES 18 OTHER PROMINENT VENDORS 18.1 DEUTZ-FAHR 18.1.1 BUSINESS OVERVIEW 18.1.2 PRODUCT OFFERINGS 18.2 MAHINDRA & MAHINDRA 18.2.1 BUSINESS OVERVIEW 18.2.2 PRODUCT OFFERINGS 18.3 KIOTI 18.3.1 BUSINESS OVERVIEW 18.3.2 PRODUCT OFFERINGS 18.4 CLAAS GROUP 18.4.1 BUSINESS OVERVIEW 18.4.2 PRODUCT OFFERINGS 18.5 JCB 18.5.1 BUSINESS OVERVIEW 18.5.2 PRODUCT OFFERINGS 18.6 YANMAR 18.6.1 BUSINESS OVERVIEW 18.6.2 PRODUCT OFFERINGS 18.7 ARBOS GROUP 18.7.1 BUSINESS OVERVIEW 18.7.2 PRODUCT OFFERINGS 19 REPORT SUMMARY 19.1 IMPACT OF COVID-19 ON THE CANADIAN AGRICULTURE SECTOR 19.2 KEY TAKEAWAYS 19.3 STRATEGIC RECOMMENDATIONS 20 QUANTITATIVE SUMMARY 20.1 HORSEPOWER 20.2 DRIVE TYPE 20.3 PROVINCE 21 APPENDIX 21.1 ABBREVIATIONS
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