Press release
The Agricultural Tractors Industry Is Expected to Surpass A CAGR of 6% From 2022-2032
Historically, from 2017 to 2021, the sales of agricultural tractors flourished at a CAGR of 4%. The onset of COVID-19 pandemic affected the supply and demand chain for various industries across the globe. Thus, the demand for agricultural tractors dipped in the initial quarter of the pandemic. As restrictions are being lifted in most regions across the globe, production rate in agriculture has gained speed. This, in turn, is expected to increase the sales of agricultural tractors
Furthermore, manufacturers of agricultural tractors are focusing on improving the efficiency of tractors by improvising the mechanization process of the same. Moreover, the demand for 2 WD tractors from Asia Pacific is positively influencing the market for agricultural tractors.
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Agricultural Tractors Market- Scope of Report
A recent study by Fact.MR on the agricultural tractors market offers a 10-year forecast for 2022 to 2032. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering agricultural tractors.
The study also provides the dynamics responsible for influencing the future status of the agricultural tractors market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
Key Segments Covered in the Agricultural Tractors Industry Report
By Engine Power
• Agricultural Tractors Less than 40 HP
• Agricultural Tractors between 41 to 100 HP
• Agricultural Tractors More than 100 HP
By Driveline Type
• 2WD Agricultural Tractors
• 4WD Agricultural Tractors
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Competitive Landscape
In December 2021, CLAAS KGaAmbH upgraded their NEXOS series by adding new transmission, new cab with a flat floor and a new design. The company is focusing on delivering comfort for farmers that would increase the productivity rate.
CNH Industrial N.V., Deere & Company, KubotaCorp, International Tractors Ltd, CLAAS KGaAmbH, Escorts Ltd, Mahindra & Mahindra Ltd, AGCO Corp, YanmarCo., Ltd, Tractors and Farm Equipment Ltd are prominent agricultural tractors market players.
Key Competitors:
• CNH Industrial N.V.
• Deere & Company
• Kubota Corp.
• International Tractors Ltd.
• CLAAS KGaA
• Escorts Ltd.
• Mahindra & Mahindra Ltd.
• AGCO Corp.
• Yanmar Co., Ltd.
• Tractors and Farm Equipment Ltd.
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Key Takeaways from the Market Study
By engine power, less than 40 HP engine power is expected to hold more than 45% market share for agricultural tractors.
By driveline, 2 WD tractors are expected to hold more than 75% market share for agricultural tractors.
Agricultural tractors industry expected to possess nearly 40% market share throughout North America.
Agricultural tractors industry expected to possess nearly 70% market share throughout Asia Pacific.
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