Market Forecast By Power Output (Less Than 30 HP, 30-50 HP, 51-100 HP, More Than 100 HP), By Drive Type (2 Wheel Drive, 4 Wheel Drive), By Application (Agriculture) And Competitive Landscape
|Product Code: ETC432088||Publication Date: Dec 2022||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
Bangladesh tractor Market is projected to grow at tremendous growth rate in the forthcoming years. The market is growing due to increasing rural population, rise in agricultural production, increased demand for tractors from dealers, small scale farmers, and agro-processors. The Bangladesh Tractor Market size is growing steadily due to a combination of factors such as increasing population and income levels, improved rural infrastructure, and increased agricultural output. However, the lack of access to credit and erratic weather conditions needs to be addressed for sustained market growth.
Bangladesh is one of the most densely populated countries in the world and this density is only expected to continue increasing as the population ages. In order to meet the increasing demand for rural labor, many people have been migrating to the cities. However, the incursion of people into urban localities has created several problems such as lack of space in urban areas for these migrants to live and work and many migrants are not skilled enough for jobs in urban areas.
According to 6Wresearch, Bangladesh Tractor Market is expected to grow during 2022-2028. The Asia Pacific Tractor Market is expected to grow at the highest CAGR in the years to come due to the increasing population and income levels, coupled with increasing agricultural output, the government initiatives which are aiming at improving rural infrastructure and boosting agricultural productivity. However, the lack of access to credit and erratic weather conditions, need for more quality products, especially in terms of engines and spare parts are some of the challenges faced by the Bangladesh Tractor Industry during the forecast period. In recent years, the agricultural sector in Bangladesh has been facing various challenges which led to a decrease in both crop production and rural population. Therefore, the government has started focusing on rural development initiatives such as the launch of the tractor market scheme. The scheme aims to provide incentives for farmers to purchase new tractors and improve agricultural productivity in rural areas.
The Bangladesh Tractor Market is growing on the back of growing rural population which is expected to drive the demand for tractors. Additionally, the country has been witnessing an increase in agricultural production owing to rising demand for food grains and vegetables from domestic as well as international markets. Moreover, the increased preference for tractors among small scale farmers, agro-processors, and dealers is also contributing to the growth of the tractor market in Bangladesh.
The COVID-19 pandemic impacted the Bangladesh Tractor Market growth to a great extent. The second quarter of lockdown disrupted the supply chains. However, the industry is recovering steadily in the post-pandemic era, the market is expected to grow during the forecast period.
The market share analysis of Bangladesh Tractor Market is highly consolidated for agricultural sectors. The major players operating in this market are increasingly adopting key strategies such as partnerships, product launches, and various acquisitions.
Based on Power Output, the market is bifurcated into Less Than 30 HP, 30-50 HP, 51-100 HP, and More Than 100 HP. Each segment is expected to held the significant Bangladesh Tractor Market share in the upcoming years.
Based on Drive Type, the market is segmented into 2 Wheel Drive and 4 Wheel Drive. Both these drive types are growing at rapid pace rate.
Based on Application, the market is segmented into Agriculture. The agriculture segment is growing and is expected to held the largest market share in the forecast period.
The report offers a comprehensive study of the subsequent market segments:
1. What are the challenges faced by the Bangladesh Tractor Market?
The main challenges faced by the market are affordable options available in the domestic market including electric & solar-powered tractors and many small farmers have switched to mechanized equipment instead of tractors.
2. What are the major driving factors of Bangladesh Tractor Industry?
The growing rural population, increased preference for tractors among small scale farmers, agro-processors, and dealers is are the major driving factors contributing to the growth of the market.
3. What is the study period of this report?
The study period of this report is 2022-2028.
4. Did the market get affected by the COVID-19?
Yes, the market gets affected by the COVID-19.
5. What is the main aim of tractor market scheme?
It aims to provide incentives for farmers to purchase new tractors.