According to a report from ResearchAndMarkets, the farm tractors market was valued $8.15 billion in 2017 and is estimated to grow at a CAGR of 5.7% through 2026.
The overall farm tractors market has rejuvenated since 2017 after a severe downturn from 2014 to 2016. Consistently growing demand for food grains and other agricultural products have compelled farmers and cultivators to incorporate mechanized farming for obtaining enhanced output from existing limited land resources.
Promising government policies such as affordable agricultural loans and education for mechanized farming have proven to be a boon for small and medium scale farmers in developing nations. Technological innovation including autonomous tractors and electric tractors have led to the introduction of efficient and eco-friendly variants of farm tractors.
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