Turkey Agricultural Tractor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turkey Agricultural Tractor Market Analysis
The Turkish agricultural tractor market is projected to register a CAGR of 6.1% over the forecast period.
- Turkey's tractor market has been continuously growing. The decrease in the total agricultural area and the expansion of fragmented land prevented agricultural production from achieving expected levels. While the organic growth of sales of tractors is delivering a year-on-year increase, more than 45% of the tractors currently operating on farms across the country can be placed under the age range above 25 years. Among all, 60+ HP range tractors are most popular among farmers owing to the convenience of carrying out multiple operations.
- TurkTraktor, the major player in the Turkish tractor market with the highest tractor volume of 28,000-33,000 units and occupying 15,500 units with local tractor sales, worked to prevent the disruption of agricultural operations amid coronavirus outbreaks with 147 R&D centers employees, of which 123 are research. TurkTraktor launched its Online Training Program in April 2020 to share the technical knowledge that will enable farmers to get higher efficiency from their greatest companions, their tractors, and related agricultural equipment in the pandemic days when agricultural productivity is even more critical than before.
- The domestic market for tractors has been steadily increasing on account of the increased value generated by the country's agricultural businesses. There has also been a robust demand for the export market of Turkish tractors since they are observed to be highly price-competitive compared to those from Europe. The tractor export has increased from 20,309 units to 23,135 units from 2020-2021. The major export markets for Turkish tractors included Ukraine, Australia, and Algeria, which together accounted for exports worth USD 22 billion in 2020.
Turkey Agricultural Tractor Market Trends
This section covers the major market trends shaping the Turkey Agricultural Tractor Market according to our research experts:
Significant Domestic Manufacturing is Contributing to the Market Growth
- Turkey has a sizeable domestic production base for tractors. Only a few major market players are engaged in the production of tractors. Eight manufacturing plants supply the bulk of the tractors for domestic markets and exports.
- The domestic market for tractors has been steadily increasing on account of the increased value generated by the country's agricultural businesses. The factors that have contributed to a favorable economic scenario for investments in production include the availability of a cost-competitive and skilled labor force, competitive electricity and fuel prices, and a beneficial tax regulatory structure for the industry.
- The Turkish economy experienced a significant slowdown in the second half of FY 2019 due to both currency tensions in August 2018 and the restrictive monetary policy adopted to contain inflation. This resulted in a decline in tractor manufacturing.
- However, the Turkish government provides VAT exemption on imported and locally manufactured machinery (parts of tractors) for production. The favorable factors related to the investment scenario and a robust historical production base have helped maintain tractors' prices. This is expected to drive the Turkish agricultural tractor market's growth.
50 - 75 HP Range Tractors Dominate the Market
- The Turkish government has the biggest support to let agricultural mechanization spread wide. The agricultural mechanization of Turkey, which foreign companies had dominated, has come to support Turkey's domestic economy.
- In the market, companies are focusing on strategies, such as expansions and product developments, not just for the domestic market but also for exports. The significant product developments occurred in the 50-75 HP power segment, the country's most popular engine power segment.
- In the market, companies are focusing on strategies, such as expansions and product developments, not just for the domestic market but also for exports. The significant product developments occurred in the 50-75 HP power segment, the country's most popular engine power segment. Deere & Co. and the Hattat Group of Turkey agreed to form a joint venture company to produce 50-90 hp tractors and distribute John Deere agricultural equipment throughout Turkey.
Turkey Agricultural Tractor Industry Overview
The Turkish agricultural tractor market is consolidated, with the major players occupying the major share of the market in 2022. Erkunt Traktor Sanayii AS, Hattat Holding AS, AGCO Corporation, CNH Industrial NV, and Tumosan Tractors are the major players in the market. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market globally.
Turkey Agricultural Tractor Market Leaders
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Erkunt Traktör Sanayii AS
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Hattat Holding AS
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AGCO Corporation
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CNH Industrial NV
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Tumosan Tractors
*Disclaimer: Major Players sorted in no particular order
Turkey Agricultural Tractor Market News
- February 2022: Massey Ferguson launched the MF 6S series of tractors. This machine delivers up to 180 HP with advanced technology.
- February 2022: AGCO and AgRevolution showcased new solutions from Fendt, Massey Ferguson, and Hesston by Massey Ferguson at National Farm Machinery in Louisville, Kentucky.
- March 2021: CNH Industrial partnered with Monarch Tractors, a US-based agriculture technology company, to enhance long-term sustainability and increase awareness among farmers of the importance of zero-emission farming.
Turkey Agricultural Tractor Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Horse Power
- 5.1.1 Less Than 50 HP
- 5.1.2 51 HP to 75 HP
- 5.1.3 76 HP to 100 HP
- 5.1.4 151 HP to 200 HP
- 5.1.5 More Than 100 HP
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Erkunt Traktr Sanayii AS
- 6.3.2 CNH Industrial NV
- 6.3.3 Tumosan Tractors Europe
- 6.3.4 Uzel Corporation
- 6.3.5 Hattat Holding AS
- 6.3.6 AGCO Corporation
- 6.3.7 Turk Tractor and Agricultural Machinery Corporation
- 6.3.8 Deere & Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityTurkey Agricultural Tractor Industry Segmentation
The agriculture tractor is a self-propelling vehicle used principally for agricultural purposes. For this report, the tractor used in agricultural operations has been considered. The report does not cover other agricultural machinery and attachments to the tractor. The tractor used for industrial and construction purposes is also excluded from the study.
The Turkey Agricultural Tractor Market is segmented by Horse Power (Less Than 50 HP, 51 to 75 HP, 76 to 100 HP, and More Than 100 HP).
The report offers the market size and forecasts in terms of value in USD million for all the above segments.
| Horse Power | Less Than 50 HP |
| 51 HP to 75 HP | |
| 76 HP to 100 HP | |
| 151 HP to 200 HP | |
| More Than 100 HP |
Turkey Agricultural Tractor Market Research FAQs
What is the current Turkey Agricultural Tractor Market size?
The Turkey Agricultural Tractor Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in Turkey Agricultural Tractor Market?
Erkunt Traktör Sanayii AS, Hattat Holding AS, AGCO Corporation, CNH Industrial NV and Tumosan Tractors are the major companies operating in the Turkey Agricultural Tractor Market.
What years does this Turkey Agricultural Tractor Market cover?
The report covers the Turkey Agricultural Tractor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Turkey Agricultural Tractor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Turkey Agricultural Tractor Industry Report
Statistics for the 2024 Turkey Agricultural Tractor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turkey Agricultural Tractor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
