Tractor Market to be Valued USD 79 Billion by 2026 – TechSci Research

Increasing mechanization in agriculture and growing popularity of bank financing facilities are expected to lead to the growth of tractors all over the globe in the forecast period.

According to TechSci Research report, “Global Tractor Market By Power Output (Under 40 HP, 40 HP - Under 100 HP and 100 HP & Above), By Drive Type (Two-Wheel Drive & Four-Wheel Drive), By Application (Agriculture & Non-Agriculture), By Region, Competition Forecast & Opportunities, 2016-2026F”, the global tractor market is anticipated to grow at a robust growth rate of 4.96% during the forecast period, owing to the booming demand of agriculture products and increasing mechanization in agricultural industry. The global tractor market is expected to reach 2.80 million units till 2026. India, being the largest tractor producer and market in the world, is expected to reach 1.27 million units till 2026. According to the laid-out Union Budget, the Government of India is planning to improve farm productivity and mechanization of agricultural practices, strengthen farmers’ income to ease the purchasing of tractors to sustain the growth in the country. China is the second largest tractor market in the world. According to the National Bureau of Statistics, in 2020, China produced 669.49 million tons of grain which was an increase of 5.65 million as compared to 2019 statistics. In the country, the wheat output also increased by 0.5%, soybean production edged up 8.3%, and rice output grew by 1.1%. All these hiked agricultural domestic as well as export demands have increased the mechanization and utilization of tractors in the field, as a result an increase in tractor demand has been observed. To cope with such increasing agricultural demand of rising population, tractor market is susceptible to withstand a robust growth in the forecast period.

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The global tractor market is classified on the basis of application type, by power output, by drive type, and by region. Based on application type, the market is segmented into agriculture and non-agricultural purposes. Tractors are designed to perform as all-purpose farming equipment for plowing, tilling, planting, etc. and hence is majorly used for such purposes. On the other hand, due to limited application of tractors in heavy construction, mining, and logistics industries, they hold a small share in non-agricultural purposes but increased usage of tractors in domains such as haulage in light construction and infrastructure projects, will further increase demand of tractors in the forecast period. In terms of engine power output, the tractor market is segmented in three categories. First, rated engines under 40HP, secondly the tractors with rated engines of 40HP but below 100HP and lastly, tractors with rated engine of 100HP & above. On the basis of drive type, the market is segmented among two-wheel drive and four-wheel drive. Tractors are significantly used or purchased by rural authorities/associations or farmers. For such communities, price of a tractor is a very significant factor of making a purchase decision, and on the other hand, utilization & performance of machine for their all-round purposes are considered by them while making a purchase. Tractors of engines with rated power output of 40HP to below 100HP and of two-wheel drive are most suitable to the consumers due to being relatively inexpensive as well as heavy enough to perform mentioned farming activities and hence are in most demand all over the globe. However, with increasing utilization of tractor in heavy construction as well as large scale farming activities are aiding the sales of heavy tractors with four-wheel drive and rated engine output of above 100HP.

In addition to that, by region, the market is distributed into Asia-Pacific, North America, Europe, South America, and Middle East & Africa. India and China are one of the largest exporters of Rice. China has 7% of the arable land and with that, they feed 22% of the world’s population. Around 58% of Indian population is indulged in agricultural activities, the country has a total 96-million-hectare irrigated area. Both the countries are the largest wheat producers in the world. Hence, to withstand such enormous agricultural needs, tractor demand in these countries is the most. Tractor market in these two countries is expected to grow at a robust rate to reach around 1.30 million units cumulatively till 2026.

Due to the implementation of lockdown to prevent the spread of the COVID-19 pandemic, sales of tractors in the end of first quarter and in the starting month of second quarter slightly declined in most of the countries. However, a very strong agricultural & food demand was followed afterwards in the remaining year of 2020, driving the year’s performance to a positive trend. India and China witnessed a massive increase of 10.94% and 53.12% in 2020 as compared to 2019 sales. Nevertheless, some of the countries including Japan, France, Italy, United Kingdom, Spain, Belgium, etc. witnessed a degrowth in the year 2020, mainly due to contraction of production units and halt on international trade. However, the market is seen to be recovering at a good pace and is expected to overcome in the 2021-2022 period. Hence, giving positive outlook to the market eventually.

Mahindra & Mahindra Ltd. holds the largest share in global tractor market, followed by Deere & Co. (John Deere) and Tractor & Farm Equipments Ltd., which holds double-digit shares individually. Other international leaders of the market are Sonalika International Tractors Ltd., Escorts Ltd., Kubota Corporation, CNH Industrial N.V, AGCO Corporation (with subsidiary brands: Massey Fergusson, Valtra & Fendt), Case IH, CLAAS KGaA mbH, YTO Group (Dongfanhong), Deutz-Fahr GmbH, Dongfeng Agricultural Machinery Group Co., Ltd., etc. which holds single-digit shares.

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“Mahindra & Mahindra Ltd. dominated the market in the year 2020, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety and emission norms. The demand for tractors is anticipated to increase globally in the coming years, on account of increased needs of mechanized farming and growing government’s focus on strengthening agriculture industry and improving productivity.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Tractor Market By Power Output (Under 40 HP, 40 HP - Under 100 HP and 100 HP & Above), By Drive Type (Two-Wheel Drive & Four-Wheel Drive), By Application (Agriculture & Non-Agriculture), By Region, Competition Forecast & Opportunities, 2016-2026F”, has evaluated the future growth potential of the global tractor market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global tractor market.

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