Crawler Tractor Market is highly driven by increasing demand for modern machinery in various industries
According to a new market research report published by Credence Research “Global Crawler Tractors Market (Type (High HP, Low HP), Application (Agriculture, Construction, Forest)) — Growth, Future Prospects and Competitive Analysis, 2019–2027”, the overall crawler tractors market worldwide is set to grow with a CAGR of more than 7% during the forecast period from 2019 to 2027, starting from US$ 2.10 Bn in 2018.
The global crawler tractors market is highly driven by increasing demand for modern machinery in various industries including agriculture, forestry and construction. Companies operating in this sector are rigorously conducting studies to develop and improve the capacities and applications of the existing crawler tractors. Continuous innovation in the technology and product launch is enabling the companies to gain a competitive edge in the industry and enhance their revenues. Furthermore, growing maintenance and installation activities for the upgrade of infrastructure coupled with road construction activities are driving the need for these machines across several regions. Thus, growing number of infrastructure projects and rapid urbanization is expected to showcase positive impact on crawler tractors market.
Browse the full report at https://www.credenceresearch.com/report/crawler-tractors-market
Moreover, developments in the agricultural sector have created demand for modern equipment to increase productivity. This is also considered as one of the primary factors contributing to the growth of this market. However, high cost associated with these machines, lack of skilled labor to use these big and bulky machines are likely to restrain the market growth during the forecast period.
Based on type, the crawler tractors market is segmented into high HP and low HP machines. The high HP segment dominated the market in 2018 by holding largest market share on global level. High horsepower is the most adopted types of machine as it generates desirable power and helps machine work at a greater speed. Based on the working of crawler tractors, they require high capacity and longer working radius which is achieved by high HP machines, thus are used on a higher level. North America dominated the global crawler tractors market based on factors such as development and adoption of advanced technologies, rapid urbanization, and presence of large number of major players in this region. The growth rate in this region is expected to be steady compared to Asia-Pacific. Emerging countries offer significant growth opportunities for local and international players. Based on this, many companies are expanding their presence in this regional segments and opting to gain a competitive edge in the global market. Moreover, growing agricultural sector is also contributing to the high growth of crawler tractors in this market during the forecast period.
Some of the major companies profiled in the report include Liebherr Group, John Deere, Caterpillar Inc., Brandt, New Holland, DEUTZ-FAHR, Case IH, Kubota, AGCO Corporation, CLAAS, Shandong Rich Agriculture Machinery, ShanTui, among others.