SOURCE: MarketResearch.com

MarketResearch.com

March 19, 2013 04:08 ET

Market Research Report -- World Demand for Tractors to Rise 6.8% Annually Through 2016

ROCKVILLE, MD--(Marketwire - Mar 19, 2013) - MarketResearch.com has announced the addition of the market research report "World Tractors" to their product offering.

World demand for tractors is expected to increase 6.8 percent per year through 2016 to $122 billion, growing at the same pace as during the 2006-2011 period. A moderation in sales growth in many large, developing countries -- particularly Brazil, China, and India -- after an extended period of rapid gains will counterbalance a strong recovery in the US, Western Europe, and Japan from the effects of the 2009 global economic recession. These and other trends are presented in World Tractors, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.

Demand for tractors in the Asia/Pacific region will be more than twice that of any other region in 2016, with China alone comprising 31 percent of the global total. Healthy population expansion and economic growth in China and other developing Asian nations such as India and Thailand will drive an expansion in construction activity in these countries and place heightened pressure on their agricultural sectors to become more efficient and productive, boosting associated tractor sales. Central and South America will post strong sales gains as well, due primarily to the large and increasingly mechanized agricultural sectors in Brazil and Argentina.

In the mature markets of the industrialized world, sales of tractors will continue to be largely determined by demand for replacement machinery and the efficiency gains provided by newer, more sophisticated equipment. During the 2008-2009 economic crisis, many tractor operators in the agriculture, construction, and mining sectors delayed replacing older machinery, and the inherent time lag in each of these markets in response to improving economic circumstances will govern tractor sales growth patterns going forward.

Agricultural tractors will continue to account for the largest share of product sales in 2016, followed by tractors for construction and mining applications. However, due primarily to high 2011 levels of demand and the timing of replacement cycles in the US, Western Europe, and Japan, global agricultural tractor sales growth will slow through 2016. Increased construction expenditures and mining output in many areas of the world -- including the US, China, and India -- will drive healthy gains in these market segments. On the other hand, demand for commercial and consumer tractors will be hindered by limited opportunities for sales growth in the US due to strained municipal budgets and a weakened golf industry.

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About Freedonia Group Inc

The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players.

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MarketResearch.com is the leading provider of global market intelligence products and services. With research reports from more than 720 top consulting and advisory firms, MarketResearch.com offers instant online access to the world's most extensive database of expert insights on global industries, companies, products, and trends. Moreover, MarketResearch.com's Research Specialists have in-depth knowledge of the publishers and the various types of reports in their respective industries and are ready to provide research assistance. For more information, call Cindy Frei at 240.747.3014 or visit http://www.marketresearch.com.

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