Farm Tractor Market to Grow at a CAGR of 3.88 from 2019 to 2027 | Industry Trends and Forecast Study

A farm tractor is a special designed vehicle with large rear tyres for use in agricultural soil. Farm tractors are powered by either gasoline or diesel. Farmers are under pressure to equip them with advanced automated agricultural technology as the world's population grows, as does the demand for food. As a result, there is a high demand for farm tractors, thereby indicating a high sales growth for the farm tractors market in the future years. The growing demand for compact tractors for use on small farms, coupled with the technological advancements such as the integration of telematics with agricultural tractors, will boost growth for this market in the near future. Furthermore, the agricultural industry's rapid adoption of mechanisation is likely to bode well for market growth over the next eight years. Furthermore, the increasing rate of migration of farm labourers to cities, resulting in a labour shortage will further augment the sales of farm tractors market growth.

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According to a research report on the farm tractor industry by TMR, the market is projected to rise at a CAGR of 3.88 % and is expected to rise significantly during the forecast period set between 2021 and 2031.

Growing Need to Feed Rising Population Propelling Demand for Farm Tractors for Cultivation

The agricultural industry worldwide is experiencing production-specific concerns as a result of the rapidly rising world population, rising food demand, water scarcity, presence of insufficient arable land, and high soil fertility degradation rate. As a result, there is an increase in mechanisation innovation to improve farmland efficiency, which propels the demand for farm tractors.

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Advent of Innovative Technologies in Agricultural Practices will Bolster Growth

The global farm tractor market has grown due to an increase in the need for operational efficiency and profitability, a rise in labour costs, and an increase in the trend of mechanisation. On the flipside, the high cost of farm machinery may pose challenge to the overall market growth. Nevertheless, continuous t technological advancements in the field of agricultural cultivation and farming techniques such as artificial intelligence, drone technology, and others are expected to serve as emerging trends of the farm tractor market.

Low Horsepower Segment Emerged Dominant Owing to Cost-efficiency

With respect to horsepower rating, the global farm tractor market is categorized into various horsepower, starting from 15HP, the lowest and upto 850 HP as the highest. Among these, the low horsepower segment earned the largest share on account of their low cost and efficient functioning.

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Asia Pacific Holding Largest Share Owing to Presence of Vast Farm Lands Suitable for Agricultural Purposes

Regionwise, Asia Pacific emerged as the largest revenue generator for farm tractors market on account of the presence of large acres of land suitable for agricultural purposes. Besides this, the presence of high population in the developing nations and the augmenting need to feed them will also help this region continue to attract high revenues in the coming years. On the other side, North America will also earn notable revenues in the coming years on account of the presence of latest innovative techniques and farming machinery to ensure significant agricultural production that is possible with the help of farm tractors.

Players focusing on Expanding Geographically to Attract Revenues

Leading players of the farm tractors market are investing on joint ventures and merger and acquisition strategies to obtain significant position in the overall market competition. Besides this, players are also indulging in brand expansion to various geographies to promote their brand names on the one side and attract high revenues on the other.

Some of the key players of the global farm tractor market include John Deere, Kubota Corporation, AGCO Corporation, Class KGaAmbH, Mahindra USA Inc., CLAAS, and CNH Industrial, Argo Tractors S.P.A., Daedong USA Inc., and others.

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The global Farm Tractor market is segmented as follows:

By Drive Type
• Two-wheel drive
• Four-wheel drive

By System Type
• Without Loaders
• Front Loaders
• Backhoe loaders

By Design Type
• Tractor without CAB
• Tractor with CAB

By Power Output
• 300 hp

By Geography
• North America
• Europe
• Latin America
• Asia Pacific excluding Japan (APEJ)
• Middle East and Africa (MEA)
• Japan

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