Ongoing research and development activities and huge demand for better fuel efficiency is driving the growth of Global Tractor Exhaust Market in the forecast period, 2022-2026.
According to TechSci Research report, “Tractor Exhaust Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, the global tractor exhaust market is anticipated to grow at a steady CAGR in the forecast period, 2022-2026. Improvement in the disposable income of the consumers enables them to invest in the adoption of advanced farming equipment, thereby fueling the demand for the global tractor exhaust market. Market players are launching tractors based on varying consumer requirements of loading capacity, mileage, color, and engine capacity to boost the sales of the tractor exhaust systems across the globe.
However, the noise released by the engine while releasing the gases from the tractor may restrain the growth of the global tractor exhaust market in the forecast period.
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The global Tractor Exhaust market is segmented into tractor drive type, tractor application, demand category, regional distribution, and company.
On the basis of drive type, the global tractor exhaust market is divided into two-wheel drive and four-wheel drive. The two-wheel-drive segment is expected to account for major market share for the forecast period, 2022-2026. The increasing focus of the market players on redesigning the equipment with increased horsepower and the easy handling of the two-wheel drive is expected to boost the demand for two-wheel-drive segment. Launching a new tractor with an advanced exhaust system and higher performance and efficiency is expected to fuel the demand for two-wheel drive segment.
On the basis of tractor application, the global tractor exhaust market is divided into agriculture and non-agriculture. The agriculture segment is expected to hold the largest market share in the next five years. The use of tractors for farming purposes is considered crucial to ensure good agricultural production. The growing population across the globe and the rise in food requirements encourage the farmers to adopt advanced technologies and equipment to boost the agriculture yield. The use of scientifically advanced seeds and fertilizers and the adoption of modern agricultural methods using tractors are expected to accelerate the agriculture industry, which is expected to influence market growth in the next five years.
On the basis of demand category, the global tractor exhaust market is divided into OEM and replacement. The OEM segment is expected to account for a significant market share in the next five years. Large-scale manufacturing of tractors for agriculture and non-agriculture practices around the globe and the use of exhaust systems in the tractors to ensure the proper functioning of the tractors are the major driving factors influencing the market demand. OEMs manufacture tractor exhaust systems using quality raw materials and providing excellent after-sales service and warranty facility to the customers, thereby expected to create huge potential for the market growth.
The Asia-Pacific region is expected to dominate the global tractor exhaust market for the next five years. The increasing adoption of advanced technologies to boost agriculture productivity and mechanical tools in farming practices is driving the demand for the global tractor exhaust market. Availability of easy financing options and the farmers’ growing awareness of the adoption of modern farming techniques fuel the demand for highly efficient agriculture tractors. The presence of large agriculture fields in developing countries and the critical role of the agriculture industry in developing the country’s economy is further contributing to the market growth.
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“The rise in farm mechanization costs in the emerging economies and the need to lower the use of human labor in the agriculture field to minimize the operating expenses is boosting the demand for tractors around the globe. Rough use of tractors for various purposes increases the tractors’ wear and tear, which creates the need for shorter tractor replacement cycles. Additionally, the support from the leading authorities to the farmers by providing incentives, financial assistance, income tax rebates on the purchase of farm equipment is expected to propel the global tractor exhaust market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Tractor Exhaust Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Tractor Drive Type (Two-Wheel Drive & Four-Wheel Drive), By Tractor Application (Agriculture & Non-Agriculture), By Demand Category (OEM vs Replacement), and By Region”, has evaluated the future growth potential of global tractor exhaust market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global tractor exhaust market.
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