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Increase in demand for modern equipment from several end-use industries including agriculture, mining, and construction and increase in R&D activities to expand and enhance crawler tractor skills & program have boosted the growth of the global crawler tractor market.
PORTLAND, Ore. , Sept. 9, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Crawler Tractor Market by Type (Low HP, High HP), by Business Type (OEM, Aftermarket), by End user industry (Agriculture, Construction, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global crawler tractor industry was accounted for $3.1 billion in 2021, and is expected to reach $5.1 billion by 2031, growing at a CAGR of 5.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Major determinants of the market growth
Increase in demand for modern equipment from several end-use industries including agriculture, mining, and construction, and increase in R&D activities to expand and enhance crawler tractor skills &program have boosted the growth of the global crawler tractor market. In addition, increase in awareness of novel farming methods and use of machines to save time and help in difficult work supplement the market growth. Heavy investment by major market players on developing improved hardware and increase in renovation and installation operations would open new opportunities in the future.
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The high HP segment dominated the market
By type, the high HP segment held the largest share in 2021, accounting for more than four-fifths of the global crawler tractor market, and is projected to maintain its leading position throughout the forecast period. In addition, the segment is estimated to register the highest CAGR of 5.1% during the forecast period, due to rise in agricultural related activities such as sowing, planting, and crop cultivation in various countries such as India , Africa , and Indonesia . The report includes analysis of the low HP segment.
The OEM segment to portray the highest CAGR through 2030
By business type, the OEM segment is projected to manifest the highest CAGR of 5.2% from 2021 to 2030. In addition, the segment held the largest share in 2021, accounting for more than four-fifths of the global crawler tractor market, owing to rise in adoption of technology to increase efficiency. The report includes analysis of the aftermarket segment.
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The construction segment held the largest share
By end-use industry, the construction segment held the largest share in 2021, contributing to more than one-third of the global crawler tractor market. In addition, the segment is expected to manifest the highest CAGR of 6.0% during the forecast period, owing to rise in government expenditure on developing infrastructure activities. The report includes analysis of the agriculture, mining, and others segment.
North America held the lion's share
By region, the global crawler tractor market across North America dominated in 2021, accounting for around two-fifths of the market, owing to rise in investment, increase in agriculture activities, and investments in infrastructure by the government. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.7% during the forecast period, owing to exponential population growth and rise in requirement of food production to sustain surge in consumer demand.
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The report analyzes these key players of the global crawler tractor market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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