Tractor Market should jump from USD 69.9 billion in 2023 to USD 99.4 billion During the Forecast year 2023 to 2032
Research Reports
Sep 18, 2023
Tractor Market Information by Power Output, Drive Type, Application, and Region – Forecast till 2032 The tractor market should increase from USD 69.9 billion in 2023 to USD 99.4 billion by 2032, with a CAGR of 4.50% over that time.
A tractor is a type of vehicle that typically has one or two tiny front wheels and two large back wheels. It is used to move equipment for related tasks such as rotavators, plowing, tilling, sowing, cultivating, and harvesting in logistics, construction, and agricultural applications. Tractor types with two wheels and four wheels are both available. A power output ranging from 20 HP to more than 20 HP is furthermore available.
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Market Competitive Landscape:
- Tractors and Farm Equipment Ltd
- Kubota Corporation
- Deere & Company
- Mahindra & Mahindra Ltd.
- Force Motors Limited
- CNH Industrial N.V.
- Sonalika International Tractors Limited
- HMT Limited
Market Drivers:
Spending by government on new infrastructure and construction projects has increased, which in turn has increased demand for tractors for use in transportation applications, leading to considerable expansion in the worldwide tractor market. For example, the Australian government has increased its expenditures on infrastructure-related projects. Spending increased by 10.3% between 2018 and 2020. Additionally, construction tractors offer upgraded tractor technology and operational efficiency. This is what motivates the development of the global tractor market.
Rising mechanization of agricultural equipment, particularly tractors, in countries like India, Brazil, China, and others is a major driver of the growth of the global tractor market. The market is growing as a result of the rise in demand for extremely effective tractors for a variety of uses, including planting, sowing, and other activities.
Major companies like Mahindra & Mahindra Ltd. and Escorts Limited are selling tractors with power outputs between 50 and 100 HP. For instance, the Mahindra NOVO tractor is offered for sale by Mahindra & Mahindra Ltd. Power output is 64.1 HP. It is perfect for environments with dense, sticky soil because to its powerful engine. There is an effective cooling system in place. It is used in harrow and mulcher applications.
The need for powerful tractors that can work in muddy, heavy terrain is growing, which is promoting the growth of the worldwide tractor market. Tractors with a power output greater than 100 HP are offered by well-known businesses like Mahindra & Mahindra Ltd, VST Tillers and Tractors Ltd, and John Deere India Private Limited, for instance.
Deere & Company, for instance, offers the John Deere 6120 B tractor for farming and mulching. It is more dependable and less expensive to maintain. It is used for a variety of agricultural chores, including tilting, sowing, hauling, and puddling. Its four-cylinder, turbocharged John Deere Power Tech engine has 120 HP.
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Market Restraints:
In emerging nations like India, farmers’ ignorance of efficient tractors could limit market growth. On the plus side, cheap loan rate government support and subsidy programs for farmers are anticipated to generate promising opportunities for the growth of the global tractor market. For example, a lot of government initiatives, like the PM Kisan Tractor Yojana and Telangana Yantra Laxmi Scheme in India, give farmers discounts of 20% to 50% on tractors.
Market Segmentation
- Less than 30 HP, 30–50 HP, 51–100 HP, and more than 100 HP are the main power output categories for the tractor market.
- Two-wheel drive and four-wheel drive are part of the tractor market segmentation depending on drive type.
- Tractors have applications in construction, agriculture, logistics, and mining.
Regional Insights
Since 2022 (45.80%), the Asia Pacific market has remained the leader. Precision farming and a growth in the use of farm equipment to boost output are driving the demand for tractors. The expansion of farm training programs that promote increased usage of agricultural equipment is another factor boosting the tractor sector.
India, which controls more than 54% of the regional market, is another factor driving expansion. By 2022, it is anticipated that product sales in India will surpass 900 000 units. Easy financing access, a good Minimum Support Price (MSP), and an improved monsoon are anticipated to contribute to the region’s market growth in 2022.
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