LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global walking tractor market to grow at a CAGR of over 8% during the forecast period, according to their latest report.
“The government has proposed to increase its focus on farm mechanization through National Mission on Agricultural Extension and Technology. Such developments augur well for the growth of the walking tractor market”
The market study covers the present scenario and growth prospects of the global walking tractor market for 2017-2021. Also, the report discusses the key emerging trends that are expected to influence the market. The report also examines the challenges faced by the vendors and the market.
Request a sample report: http://www.technavio.com/request-a-sample?report=56250
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global walking tractor market:
- Growth in small owned farming
- Walking tractor as a versatile tool
- Increasing farm mechanization in developing countries
Growth in small owned farming
The increase in small owned farming has been witnessed across the globe. Small farms mostly consist of family owned farms of different sizes. According to the World Bank, the contribution from the small farm holders is quite significant. They are defined as the farm owners with a low asset base operating in less than 2 hectares.
According to food and agricultural organization, around 87% of the arable land in Asia is categorized as small farms. The small-scale farming is a predominant mode of agriculture production in the world with around 88% of all the farms in the US categorized as small family farms. Thus, the growing number of small owned farmers is increasing the demand for walking tractors.
Walking tractor as a versatile tool
The walking tractor has emerged as a versatile garden tool for large plots. The manufacturers built walking tractors as a two-wheel tractor with a variety of attachments, making it possible to use it as a gardening tool. Small gardens with 5,000 sq. ft. or less can be managed by hand tools. However, the larger gardens require some mechanical aid. The gardening equipment manufacturers offer a variety of standalone products such as garden tillers, mowers, and chippers-shredders. These machines have their own engines which increases the cost of maintenance and servicing. The walking tractor with attachments has the durability and versatility of a tractor and is cost-effective when compared to standalone machines to perform different tasks.
“The increasing number of home gardens is steering the demand for walking tractor market. For instance, in North America from 2010 to 2015, the home gardens increased by six million to 40 million households, says Abhay Sinha, a lead research analyst at Technavio.
Increasing farm mechanization in developing countries
The ever-growing population in countries like India continues to necessitate optimization of production capacity. Farm mechanization refers to the use of machines in the agricultural sector to increase productivity. Farm mechanization is growing in developing countries like India and is creating the demand for advanced agricultural equipment. The government in these countries is also taking measures to boost the agricultural economy. For example, mechanization of agriculture has been a top priority in the 12th five-year plan of India (2012-2017).
“The government has proposed to increase its focus on farm mechanization through National Mission on Agricultural Extension and Technology. Such developments augur well for the growth of the walking tractor market,” says Abhay.
Browse Related Reports:
- Global Tractor Rental Market 2016-2020
- Global Agricultural Machinery Market 2016-2020
- Global Combine Harvester Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like agricultural equipment; category spend intelligence; and furniture and home furnishing. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.