The global agricultural tractors market size was valued at 2,750.3 thousand units in 2020, and is predicted to be worth around 4,960 thousand units by 2030, registering a CAGR of 6.7% during the forecast period 2022 to 2030.
Increase in farmers’ income, lower bank interest rates, and soaring farm yields are expected to drive the market growth over the forecast period. In addition, increased demand for mini-compact tractors is likely to drive market growth over the forecast period. Also, the integration of sophisticated technology, such as Light Detection and Ranging (LiDAR) and Global Positioning System (GPS), and telematics coupled with the rising popularity of compact tractors are presumed to drive the market growth over the next few years. Increasing demand for medium horsepower (40 to 100 HP) tractors is likely to grow over the next few quarters of 2022.
The surge in demand for compact tractors in small farms and technological advancements, such as integrating telematics with agricultural tractors, are expected to drive market growth over the forecast period. In addition, the rapid adoption of mechanization in the agriculture industry is likely to bode well for the market growth over the next eight years. Furthermore, farm laborers’ migration towards cities creating a shortage of laborers is anticipated to drive the market growth. The outbreak of COVID-19 hampered the product demand owing to the temporary suspension of production and supply chain disruption.
|Market Size||4,960 thousand units by 2030|
|Growth Rate||CAGR of 6.7% From 2022 to 2030
|Largest Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Engine Power, Driveline Type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||AGCO Corp.; CLAAS KGaAmbH; CNH Industrial N.V.; Deere & Company; Escorts Ltd.;International Tractors Ltd/;Kubota Corp.; Mahindra & Mahindra Ltd.; Tractors and Farm Equipment Ltd.;YanmarCo., Ltd.|
By Engine Power Analysis
On the basis of engine power, the global market has been segmented into less than 40 HP, 41 to 100 HP, more than 100 HP. The less than 40 HP segment accounted for more than 61% market share in terms of volume.
The high growth can be attributed to low cost, compact size, and greater convenience offered by less than 40HP tractors to perform all basic farming operations.
The 40 HP to 100 HP segment is expected to register a significant CAGR during the forecast period. It is credited to a surge in demand for these tractors from developed markets, such as the U.S, Japan, and Germany.
Increased income levels, tech-savvy farmers, and well-established after sales services are expected to favor the growth of this segment over the forecast period. The rising demand for high-power tractors for more than 10-hectare farm sizes is expected to be a long-term factor, which is expected to drive the segment over the forecast period.
By Driveline Analysis
On the basis of driveline type, the global market has been bifurcated into 2 Wheel Drive (WD) and 4WD. The 2WD segment accounted for more than 79.5% market share in terms of volume. The segment is also estimated to register the fastest growth rate over the forecast period.
A hike in diesel prices has already increased the operation cost of farmers, which is expected to be one of the serious concerns over the forecast period. Currently, India outsources semiconductor chips and devices for the automobile and other sectors. Therefore, to overcome the semiconductor shortage in the country, the government announced a USD 10 billion packages to incentivize companies to set up production units in India.
By Regional Analysis
Asia Pacific led the global market with a volume share of more than 73.5% in 2021 and is estimated to grow further at the fastest CAGR over the forecast period retaining the dominant position.
The market is driven by India, followed by China and the rest of Asia Pacific. India led the APAC regional market accounting for more than 40% share in 2021. In India, product sales are expected to reach over 900 thousand units by 2022. Easy loan availability,
Europe is expected to grow at a moderate growth rate in terms of volume over the next few quarters in 2022. The growth is attributed to the increased demand for large farm tractors, particularly from Italy, Greece, and Lithuania.
CNH Industrial N.V.
Deere & Company
International Tractors Ltd.
Mahindra & Mahindra Ltd.
Tractors and Farm Equipment Ltd.
By Engine Power
Less than 40 HP
41 to 100 HP
More than 100 HP
By Driveline Type
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
The agricultural tractors 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 tractors market for the base year 2021 and the forecast between 2022 and 2030. 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 tractors market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the agricultural tractors 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 tractors 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 tractors 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 tractors 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 tractors market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. 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 tractors market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of agricultural tractors 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 tractors 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.
agricultural tractors 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 tractors 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 tractors 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 tractors market. These factors have benefited the growth of the global market for agricultural tractors. 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 tractors. The global market is segmented on the basis of region, application, end-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 tractors 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.
The study objectives of this report are:
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