Farm Tractor Market May Set Epic Growth Story with Deere & Company, Mahindra Group, Massey Ferguson, New Holland

Latest published market study on Farm Tractor Market provides an overview of the current market dynamics in the Farm Tractor space, as well as what our survey respondents—all outsourcing decision-makers—predict the market will look like in 2027. The study breaks market by revenue and volume (wherever applicable) and price history to estimates size and trend analysis and identifying gaps and opportunities. Some of the players that are in coverage of the study are Deere & Company, Mahindra Group, Massey Ferguson, New Holland, Kutoba Corporation, Yanmar, Argo Tractors S.p.A., Farmtac, Valtra Tractor, Kioti Tractor, etc.

Get ready to identify the pros and cons of regulatory framework, local reforms and its impact on the Industry. Know how Leaders in Farm Tractor are keeping themselves one step forward with our latest survey analysis

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Farm Tractor Market is expected to grow at a CAGR of around 4.5% over the forecast period (2021-2027). The Farm tractor market is expected to grow considerably due to rising food demand, population expansion, water scarcity, insufficient arable land, and soil fertility deterioration, the global agricultural business is experiencing production-specific issues. As a result, there is an increase in mechanization innovation, which is expected to boost farming efficiency. According to a new United Nations estimate released today, the current global population of 7.6 billion people will grow to 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100. The growing trend in population size is likely to continue, with around 83 million people adding to the world's population per year. To feed this larger, more urban, and richer population, cereal production will need to rise to about 3 billion tonnes from 2.1 billion today and annual meat production will need to rise by over 200 million tonnes to reach 470 million tonnes.

The market is growing due to an increase in the demand for operational efficiency and profitability, as well as an increase in labor costs and technology advancements. The high expense of farm machinery, on the other hand, stifles market expansion.

Furthermore, Government initiatives for funding and assisting farmers with lower interest rates are also boosting the global agriculture tractor market. For instance, the Government of India as well as state governments have initiated several schemes that assist to diminish the plight of farmers. Under the PM Kisan Tractor Scheme (Yojana), the government has announced up to 50% Subsidy on buying new tractors.

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“Amongst Power Output, ≤ 40 HP segment dominated the market in 2020”

By Power Output, Farm Tractor market is segmented into segmented into ≤ 40 HP, 41 HP-100 HP, >100 HP. The ≤ 40 HP segment leads the Farm Tractor Market. The large share of the ≤ 40 HP segment can be attributed to the competitive pricing offered by tractor manufacturers and these tractors carries almost all operations like mowing, ploughing, and pulling small trailers in the farm.

“Amongst Type, ICE segment dominated the market in 2020.”

Based on type, the Farm Tractor market is segmented into ICE, and Electric. The ICE segment contributed the maximum market to the Farm Tractor market. However, capping greenhouse gas emissions and reducing air pollution on the farm challenges the place of the diesel tractor in future. Electric vehicles are replacing internal combustion engines (ICE) as the availability of affordable petroleum reserves is decreasing and CO2 emissions need to be reduced. Hence, Electric Tractor is expected to witness the highest CAGR over the forecast period.

“Amongst Operation, Manual holds significant market share in 2020.”

Based on Operation, the Farm Tractor market is segmented into Manual and Autonomous. Manual holds the highest share in the Farm Tractor market. However, witnessing the digitalization in every industry, autonomous tractor technology has the potential to grow significantly over the forecast year as these tractors provide ease in optimizing the on-farm operations and provide a safer and less stressful working environment for farm workers and their families.

“Amongst Drive Type, 4 Wheel Drive witnesses significant CAGR during the Forecast Period.”

Amongst Drive Type, the Farm Tractor Market is segmented into 2 Wheel Drive and 4 Wheel Drive. 2 Wheel Drive holds the highest share in the Farm Tractor market. However, with technological advances, the popularity of 4 wheel-drive tractors increased tremendously, hence, is expected to grow with the highest CAGR over the forecast period.

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Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

For deep analysis of Farm Tractor Market Size, Competition Analysis is provided which includes Revenue (M USD) by Players (2019-2021E) & Market Share (%) by Players (2019-2021E) complimented with concentration rate.

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