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[ 英語タイトル ] Turkey Agricultural Tractor Market - Growth, Trends, and Forecast (2020 - 2025)


Product Code : MDAG0083351
Survey : Mordor Intelligence
Publish On : November, 2020
Number of Pages : 85
Category : Agriculture and Allied Activities
Study Area : Turkey
Report format : PDF
Sales price option (consumption tax not included)
Single User USD3250 / Question Form
5 User USD3750 / Question Form
Enterprise User USD6500 / Question Form
 - Erkunt Traktör Sanayii AS
- CNH Industrial NV
- Tumosan Tractors Europe
- Uzel Corporation
- Hattat Holding AS
- Turk Tractor and Agricultural Machinery Corporation
- AGCO Corporation
- Deere & Company

[Report Description]

The Turkey agricultural tractor market is projected to register a CAGR of 5.7% over the forecast period (2020-2025). Turkey is the fourth-largest tractor market globally, and the tractor market has been continuously growing. The domestic market for tractors has been continuously growing 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.

Key Market Trends

High Domestic Production Capacities

Turkey has a large domestic production base for tractors. Only a few major market players are engaged in the production of tractors. Furthermore, there are eight manufacturing plants, which supply the bulk of the tractors for the domestic markets, as well as for exports. Manufacturing for exports constitutes a significant portion of the tractors being produced in Turkey. At an average, almost 9,000 units of tractors are being exported out of Turkey each year, accounting for almost 35% of the tractor production. The major export markets for Turkish tractors included Ukraine, Australia, and Algeria, which together accounted for exports worth USD 20.27 billion in 2018. The factors that have contributed to a favourable economic scenario for investments in production include the availability of a cost-competitive and skilled labour force, competitive electricity and fuel prices, and a favourable tax regulatory structure for the industry. The Turkish government provides VAT exemption on imported and locally manufactured machinery (parts of tractors) for production. The favourable factors related to the investment scenario and a strong historical production base have been helpful in maintaining the prices of tractors competitive. This is expected to drive the Turkish agricultural tractor market’s growth.

High Average Age of Tractors and Lower Replacement Rate

According to data published by the Turkish Statistical Institute (TurkStat), the total population of tractors was valued at 1.25 million in 2018. This is an increase of 76,965 units, as compared to the value registered in 2014. While the organic growth in the industry is delivering a year-on-year increase, in terms of sales of tractors, more than 45% of the tractors currently operating in the farms across the country can be placed under the age range of above 25 years. Thus, in the country, farmers follow longer replacement cycles in case of tractors. On average, farmers in developed markets replace their tractors once in 8-10 years, while Turkish farmers take a longer time.

Moreover, older tractors present a challenge, in terms of utilization of advanced agricultural machinery as attachments, such as precision farming systems, advanced telematics, electronically controlled mechanisms, and GPS guidance systems. Although the replacement cycles are longer, in terms of a number of years, Turkish farmers use tractors for a lesser number of hours in a year. In developed markets, tractors clock almost 12,000 working hours in a year, while tractors in Turkey clock on an average of 600 working hours in a year. This leads to a situation where the tractors remain unutilized for most of the days during the year. In the country, the higher average age of tractors and the longer replacement cycles of tractors limit the growth of the market to organic increase in the market size. This is primarily due to increased adoption and delay in the purchase of tractor replacements. This is restraining the market’s growth.

Competitive Landscape

The Turkish agricultural tractor market is consolidated, with the top companies accounting for the majority market share. The market has an equal presence of domestic companies and multinational brands. Erkunt Traktör Sanayii AS is one of the leading market players. The company is primarily focusing on product development activities. In September 2017, Erkunt was acquired by an Indian company, Mahindra & Mahindra Limited, for USD 76 million. 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 major product developments occurred in the 50-75 HP power segment, the most popular engine power segment in the country. One of the leading global players, Deere & Co., is a late entrant to the Turkish market, having entered the market only in 2017. The company is building a tractor manufacturing unit in the Aegean region of Turkey. The company signed a joint venture agreement with the domestic manufacturer, Hattat Group. Other global companies, such as AGCO Corporation and CNH Industrial, have their continued presence in the country. In Turkey, AGCO operates through its brand Massey Ferguson. CNH’s New Holland brand of tractors are one of the most popular brands in the country.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

1 INTRODUCTION
1.1 Study Assumptions & 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
4.4 Porter's Five Force 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 Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Engine Power
5.1.1 Less than 50 HP
5.1.2 50 to 75 HP
5.1.3 76 to 100 HP
5.1.4 More than 100 HP

6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Erkunt Traktör 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 Turk Tractor and Agricultural Machinery Corporation
6.3.7 AGCO Corporation
6.3.8 Deere & Company

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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