Agricultural Tractors Market Global Worth Estimated USD 125.95 billion Thriving Regional Sales, Revenue, Demand, Growth Aspects and Global Forecast 2023 – 2030
Mar 17, 2023
Agricultural Tractors Market Research Insights
According to MRFR analysis, the global Agricultural Tractors Market is expected to register a CAGR of ~ 4.90% from 2022 to 2030 and hold a value of over USD 125.95 billion by 2030.
The rush in demand for compact tractors on small farms and technological advancements, such as integrating telematics with agricultural tractors, are anticipated to drive market growth over the estimated period. In addition, the rapid adoption of mechanization in the agriculture industry is likely to divine well for market growth over the next eight years. Furthermore, farm laborers’ migration toward cities creating a shortage of laborers is expected to drive market growth.
The outburst of COVID-19 hindered product demand due to the temporary suspension of production and supply chain disruption. However, in H1 2021, the demand for tractors bounced back pointedly with double-digit growth in major economies, such as the U.S., Canada, the U.K., Germany, and India. Also, strong crop production in these markets, along with the need to substitute aging equipment, augmented product sales in H1 2021.
Market Size 2021
USD 85.9 billion
Market Size 2022
USD 90.11 billion
Market Size 2030
USD 125.95 billion
Compound Annual Growth Rate (CAGR)
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The Asia Pacific held the largest market share and is anticipated to continue its dominance over the estimated period. The strong existence of the agricultural sector in emerging countries of APAC, including China, India, and others, has made APAC the largest market for agricultural machinery. Government initiation in Asian countries for reassuring the adoption of modern farming techniques is expected to drive market growth over the forecast period.
Europe is also anticipated to experience significant growth, followed by North America. The scarcity of skilled laborers in European and North American countries is anticipated to drive the market. The existence of the key players in the region is the supporting factor for the market. Technological advancement in these regions is projected to propel the demand for automated agricultural tractors in years to come. Growing demand for agricultural products in the food and beverage industry of North America is expected to drive market growth in the region.
The Global Agricultural Tractors Market has been segmented into Engine power, Drive type, and Type
By engine power, The Global Agricultural Tractors Market has been segmented into less than 40 HP, 40 HP to 80 HP, 81 HP to 120 HP, 121 HP to 180 HP, 181 HP to 250 HP, and more than 250 HP. The less than 40HP segment held the largest market revenue share and is anticipated to continue its dominance during the estimated period. This range of tractors is highly appropriate for all agricultural activities.
By drive type, The Global Agricultural Tractors Market has been segmented into 2-wheel drive (2WD) and 4-wheel drive (4WD). The 4 -wheel drive (4WD) segment is anticipated to register significant growth over the estimated period, owing to the growing demand for high-power agricultural tractors to perform the various agricultural task efficiently.
By type, The Global Agricultural Tractors Market has been segmented into orchard tractors, row-crop tractors, and other tractors. The Orchard tractors segment is anticipated to register the highest growth over the estimated period. These tractors are compact and suitable for numerous lightweight agricultural applications.
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Some of the key market players are International Tractors Ltd., YanmarCo., Ltd., KubotaCorp., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Ltd., AGCO Corp., CNH Industrial N.V., Deere & Company, CLAAS KGaAmbH, and Escorts Ltd.
Agricultural Tractors Market News:
September 2021, the global agricultural tractors market was experiencing growth due to increasing demand for food and rising agricultural productivity. Additionally, the COVID-19 pandemic had also led to an increased interest in home gardening and small-scale farming, further boosting the demand for agricultural tractors.
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 22
1.1.1 GLOBAL AGRICULTURAL TRACTORS MARKET, BY ENGINE POWER 23
1.1.2 GLOBAL AGRICULTURAL TRACTORS MARKET, BY APPLICATION 24
1.1.3 GLOBAL AGRICULTURAL TRACTORS MARKET, BY TYPE 25
1.1.4 GLOBAL AGRICULTURAL TRACTORS MARKET, BY OPERATION 26
1.1.5 GLOBAL AGRICULTURAL TRACTORS MARKET, BY DRIVER TYPE 27
1.1.6 GLOBAL AGRICULTURAL TRACTORS MARKET, BY REGION 28
2 MARKET INTRODUCTION
2.1 DEFINITION 29
2.2 SCOPE OF THE STUDY 29
2.3 RESEARCH OBJECTIVE 29
2.4 MARKET STRUCTURE 30
2.5 KEY BUYING CRITERIA 31
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 32
3.2 PRIMARY RESEARCH 33
3.3 SECONDARY RESEARCH 34
3.4 MARKET SIZE ESTIMATION 35
3.5 FORECAST MODEL 36
3.6 LIST OF ASSUMPTIONS 37
4 MARKET INSIGHTS
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5 MARKET DYNAMICS
5.1 INTRODUCTION 41
5.2 DRIVERS 42
5.2.1 INCREASING NEED FOR PRODUCTIVITY 42
5.2.2 ADOPTION OF SMART FARMING 42
5.3 RESTRAINT 43
5.3.1 GROWTH OF THE TRACTOR RENTAL MARKET 43
5.4 OPPORTUNITY 43
5.4.1 DEMAND FOR PRECISION AGRICULTURAL EQUIPMENT 43
5.5 IMPACT ANALYSIS OF COVID-19 44
5.5.1 IMPACT ON OVERALL AGRICULTURAL EQUIPMENT INDUSTRY 44
220.127.116.11 ECONOMIC IMPACT 44
5.5.2 IMPACT ON THE AGRICULTURAL TRACTORS MARKET 44
5.5.3 IMPACT ON SUPPLY CHAIN OF AGRICULTURAL TRACTORS MARKET 44
18.104.22.168 PRICE VARIATION OF KEY RAW MATERIALS 44
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