Agricultural Tractors Market Size is projected to reach USD 129.55 billion by 2029, growing at a CAGR of 10.10%: Key Players: Deere & Company, Tractors and Farm Equipment Limited, Kubota Corporation, CLAAS KGaA GmbH

 Market Definition

A tractor is a vehicle with one or two small wheels in front and two large wheels in back. It is used to move attached implements such as rotators, plowing, tilling, sowing, cultivation, and harvesting in agriculture, construction, and logistics applications. Tractors come in two sizes: two wheels and four wheels. It is also available in a range of power outputs ranging from 20 HP to more than 20 HP.

Data Bridge Market Research analyses that the agricultural tractors market was growing at a value of 60.00 billion in 2021 and is expected to reach the value of USD 129.55 billion by 2029, at a CAGR of 10.10% during the forecast period of 2022-2029.

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Market Analysis and Size

Companies in the agricultural tractor market are conducting data-driven research before investing in new manufacturing technologies, as many people's financial situations have been strained as a result of the coronavirus crisis. Although India offers lucrative incremental opportunities for agricultural tractor companies, farmers are slow to adopt new technologies such as driverless tractors. Nonetheless, this trend is changing as an increasing number of non-governmental organizations (NGOs) empower the agricultural sector, increasing farmers' acceptance of smart agricultural tractors, machinery, and other equipment.

An international Agricultural Tractors market research report is an all-inclusive background analysis of the industry which includes an assessment of the parental market. The business report is a professional and detailed market study focusing on primary and secondary drivers, market share, leading segments, and geographical analysis. The market report also aids in prioritizing market goals and attaining profitable business. This industry report gives an examination of various segments that are relied upon to witness the quickest development amid the estimated forecast frame. Agricultural Tractors' marketing report consists of the most recent market information with which companies can attain a depth analysis of this industry and future trends.

Competitive Landscape and Agricultural Tractors Market Share Analysis

The agricultural tractors market competitive landscape provides details by competitors. 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 the agricultural tractors market.

Some of the major players operating in the agricultural tractors market are:
Deere & Company (U.S)
Tractors and Farm Equipment Limited (India)
Kubota Corporation (Japan)
CLAAS KGaA GmbH (Germany)
AGCO Corporation (U.S)
CNH Industrial N.V (UK)
Enerpac Tool Group (U.S)
JCB (UK)
Mahindra & Mahindra Ltd. (India)
SDF Group (Italy)
Bucher Industries (Switzerland)
Alamo Group, Inc. (U.S)

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COVID-19 Impact on Agricultural Tractors Market

COVID-19 disrupted the entire supply chain; however, the agricultural industry appeared to be the least affected of all industries. This was primarily due to government efforts to classify agricultural activities as essential services. During COVID-19, the agricultural industry faced four major challenges: a lack of farm equipment parts, a drop in new tractor sales in the first half of 2020, the closure of production facilities, and a drop in working capital. Despite the impact of COVID-19 on the agricultural tractor market, it is expected to rebound by the end of 2021.

Recent developments

New Holland North America added the T7 Heavy-duty Tractor with PLM Intelligence to its agricultural tractor lineup in July 2021. The new tractor is designed to help farmers be more productive by allowing them to multitask in a variety of field and transport applications.
TAFE (Tractors and Farm Equipment), the manufacturer of Massey Ferguson tractors, introduced its new DYNATRACK Series in February 2021, which is an advanced range of tractors that offer dynamic performance, sophisticated technology, unrivaled utility, and versatility, all engineered into a single powerful tractor.

Global Agricultural Tractors Market Scope

The agricultural tractor market is segmented on the basis of engine power, application, type, operation, and driver type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Engine power
Below 40 HP
40 HP-120 HP
121 HP-180 HP
181 HP-250 HP
More than 250 HP

Type
ICE
Electric

Application
Harvesting
Seed Sowing
Irrigation
others

Operations
Manual Tractor Vehicle
Autonomous Tractor Vehicle

Driver type
2-Wheel Drive
4-Wheel Drive

Agricultural Tractors Market Regional Analysis/Insights

The agricultural tractors market is analyzed and market size insights and trends are provided by country, of engine power, application, type, operation, and driver type as referenced above.

The countries covered in the agricultural tractors market report are the U.S., Canada, and Mexico in North America, Germany, France, the U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

China and India are the leading country-level markets for agricultural products such as crops and vegetables. Because of the availability of agricultural fields, Asia-Pacific countries are among the most appealing markets for agricultural tractors. According to the India Brand Equity Foundation, the agricultural sector is the primary source of income for nearly 58 percent of the country's population. The rising demand for agricultural machinery in the agricultural industry is expected to propel the agricultural tractors market in North America forward. Furthermore, the rising demand for agricultural implementation modernization is expected to provide lucrative opportunities to the agricultural tractors market during the forecast period.

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