Latin America's wheeled tractor machinery market is worth USD 6.63 billion in 2023 and is anticipated to reach a valuation of USD 9.40 billion by 2028, growing at a CAGR of 7.23% during the forecast period from 2023 to 2028.
The tractor is a farm automobile that provides the power and traction to automate agricultural jobs, especially tillage. Agricultural implements are towed behind a tractor, which provides a source of power for the automation of implements. They are used for agriculture and Non-agriculture purposes, mainly employed by farmers.
One of the major drivers propelling Latin America's market growth is the increased investment in infrastructure projects. Rapid urbanization demands high investment in developing infrastructure such as railroads, highways, and ports, which leads to the increased demand for wheeled tractors.
The high cost of equipment remains an issue even in developed countries, especially in small farms.
This research report on the Latin America wheeled tractor machinery market is segmented and sub-segmented into the following categories.
Latin America Wheeled Tractor Machinery Market - By Design:
Latin America Wheeled Tractor Machinery Market - By Function:
Latin America Wheeled Tractor Machinery Market – By Country:
KEY MARKET PLAYERS:
Mahindra & Mahindra, Deere and Company, AGCO tractor, CNH Global NV, Massey Ferguson, Farmtrac Tractor, Escorts, Foton Loval, Goldani, Kukje, Lindner, L S Mtron, Machinery and Industrial Group NV, Shibaura, Tractorul UTB and VST Tillers. Some of the major players are involved in the Latin America wheeled tractor machinery market.
Frequently Asked Questions
As of the latest available data, the Latin American wheeled tractor machinery market is estimated to be valued at 6.63 billion in 2023 and is projected to grow at a CAGR of 7.23% during the forecast period.
Brazil, Argentina, and Mexico are key players in the Latin America wheeled tractor machinery market, contributing significantly to the region's agricultural machinery demand.
In Argentina, wheeled tractor machinery is in high demand for the cultivation of crops such as soybeans, corn, and wheat, driving the overall market growth.
Stringent environmental regulations in Brazil are influencing the design and manufacturing of wheeled tractor machinery, promoting the development of eco-friendly models.
There are notable collaborations between Latin American governments and wheeled tractor machinery manufacturers aimed at supporting the agricultural sector through initiatives, subsidies, and technology transfer.
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