The global Agricultural Tractor market size is expected to be worth around US$ 2,467.5 thousand units by 2028, according to a new report by Vision Research Reports.
The global Agricultural Tractor market size was valued at US$ 1,974.8 thousand units in 2020 and is anticipated to grow at a CAGR of 3.01% during forecast period 2021 to 2028.
Growing popularity of compact tractors with advanced technology, such as LiDAR and GPS, is anticipated to positively impact the market growth. Increasing demand for mini tractors that are used in small agricultural lands is expected to fuel the market growth over the forecast period. Such machines can operate in tight spaces, such as narrow rows of orchards, along with steeper inclines, due to their lower center of gravity. The ability to work on different terrains and smaller agricultural lands, coupled with better productivity and lower total cost of ownership, is increasing the popularity of smaller agricultural tractors.
Additionally, the market is expected to witness significant growth in the forthcoming years owing to growing population across the globe. According to the UN Department of Economic and Social Affairs, the world population was 7.6 billion in 2017 and is expected to reach 9.8 billion by 2050. Consequently, the global demand for food is expected to rise significantly, thereby increasing the pressure on farmers to produce more crops. This is expected to instigate farmers to be efficient in terms of land usage and choice of machinery, which is expected to boost adoption of agricultural tractors.
Several governments across the globe are undertaking initiatives to promote mechanization in agriculture to cater to the growing needs of the population. For instance, in 2017, the Indian government lowered the Goods and Services Tax (GST) slab rate on tractor parts from 28% to 18%. This is expected to reduce the total cost of tractors. However, farmers’ inclination towards traditional farming and agricultural methods is proving to be a challenge for the market.
Based on engine power, the agricultural tractor market has been categorized into less than 40 Hp, 41 to 100 Hp, and more than 100 Hp. The less than 40 Hp segment dominated the market in 2019 with more than 60% share in terms of volume. This is attributed to the benefits associated with these agricultural tractors, such as compact size, low cost, and ability to perform all the basic agricultural activities. Furthermore, increasing adoption of these agricultural tractors in developing countries is expected to drive the segment over the coming years.
Asia Pacific held the largest share of over 65% in terms of volume. This is attributed to increasing demand for tractors in countries, such as China and India. In India, tractors play an important role in increasing the country’s agricultural output. The average annual sale of agricultural tractors in the country ranges from 600 thousand units to over 700 thousand units. Furthermore, Deere & Company announced that most of its tractors that are used in the U.S. are manufactured in India. The company exports around 30% of its tractors that are manufactured in India. Thus, the demand for agricultural tractors is projected to rise in this region from 2020 to 2027.
Deere & Company, CNH Industrial N.V., Escorts Limited, Kubota Corporation, Mahindra & Mahindra Ltd., and AGCO Corporation.
Agricultural Tractors Engine Power Outlook
Less than 40 Hp
41 to 100 Hp
More than 100 Hp
Agricultural Tractors Regional Outlook
Middle East & Africa
The Agricultural Tractor market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Agricultural Tractor market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Agricultural Tractor market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Agricultural Tractor market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Agricultural Tractor market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Agricultural Tractor capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Agricultural Tractor by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Agricultural Tractor market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Agricultural Tractor market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Agricultural Tractor market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Agricultural Tractor industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Agricultural Tractor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Agricultural Tractor market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Agricultural Tractor market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Agricultural Tractor market. These factors have benefited the growth of the global market for Agricultural Tractor. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Agricultural Tractor. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Agricultural Tractor are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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