openPR Logo
Press release

Agricultural Tractors Market Hitting New Highs By 2028 | by AGCO Corp, CLAAS KGaAmbH, Escorts Ltd

11-08-2022 11:28 AM CET | Industry, Real Estate & Construction

Press release from: INFINITY BUSINESS INSIGHTS

Agricultural Tractors Market Hitting New Highs By 2028 | by AGCO

New Jersey, United States - Analysis of Agricultural Tractors Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

Demand for agricultural tractors was estimated at 2,765.3 thousand units globally in 2021, and from 2022 to 2030, it is expected to grow at a CAGR of 6.8%. Over the course of the projected period, agricultural tractors market expansion is anticipated to be fueled by the spike in demand for compact tractors on small farms and technical improvements such the integration of telematics with agricultural tractors. Additionally, the agriculture sector's quick adoption of mechanisation is probably a good sign for the market's expansion over the following eight years. In addition, it is projected that the movement of farm workers to cities will lead to a labour shortage and fuel market expansion. Due to the supply chain interruption and brief production halt caused by the COVID-19 outbreak, product demand was impeded.

Get the Sample Copy of the Agricultural Tractors Market Research 2022 to 2028 @ https://www.infinitybusinessinsights.com/request_sample.php?id=1062059

Additionally, OEMs are currently dealing with a shortage of semiconductors as well as supply chain interruptions, market instability, and production delays as a result of the rising COVID-19 instances. In addition, a rise in the price of steel and aluminium is anticipated to raise the cost of agricultural tractors, which is likely to restrain market expansion during the ensuing quarters. Over the projection period, favourable government policies are likely to promote market expansion. The Precision Agriculture Loan (PAL) Act, for instance, was submitted by the U.S. Department of Agriculture (USDA) on September 15, 2021, to enable farmers and ranchers to get loans for the purchase of precision agriculture technology.

However, the market for agricultural tractors experienced a considerable rebound in H1 2021, with double-digit growth in important economies. Additionally, in H1 2021, product sales surged due to strong crop output in these areas and the need to replace outdated equipment. However, a sharp rise in demand resulted in lower agricultural tractors inventory levels in H2 2021. This trend is anticipated to continue over the next several quarters of 2022. OEMs are predicted to raise the price of agricultural tractors by 4% to 22% in 2022, which is anticipated to further slow market growth. It is attributable to the dealers' low agricultural tractors inventory levels.

Segmentation

The global market has been divided into three categories based on engine power: less than 40 HP, 41 to 100 HP, and more than 100 HP. In terms of volume, the sector with less than 40 HP held more than 61% of the market. Low cost, small size, and better convenience provided by fewer than 40HP agricultural tractors to carry out all essential farming tasks can be credited for the significant growth. The majority of farmers in the Asia Pacific region, where 85% of farmlands are smaller than 10 hectares, choose to use these pieces of equipment. In addition, over the following few years, it is anticipated that the electrification of agricultural tractors with less than 40 HP will pick up steam.

The global market has been divided into two segments based on driveline type: 2-Wheel Drive (WD) and 4WD. In terms of volume, the 2WD sector held more than 79.5% of the market. Additionally, the segment is anticipated to increase at the quickest rate throughout the projection period. Long-term factors that are anticipated to promote demand in the 2WD sector, particularly in the Asia Pacific market, include low upfront costs and improved manoeuvrability. In India, middle-class farmers favour 2WD agricultural tractors over other models.

Regional analysis

With a volume share of more than 73.5% in the global market in 2021, Asia Pacific was in the lead. This region is expected to continue to dominate the market throughout the forecast period by expanding at the quickest CAGR. India leads the market, with China and the rest of Asia Pacific coming in second and third. India dominated the APAC region's market in 2021, holding a 40%+ share. By 2022, product sales in India are anticipated to surpass 900 000 units.

In terms of volume, Europe is anticipated to rise throughout the upcoming few quarters in 2022 at a moderate growth rate. The surge in demand for large agricultural tractors, mainly from Italy, Greece, and Lithuania, is blamed for the expansion. Additionally, the rapid expansion of the regional market is anticipated during the time of forecasting due to the increasing demand for autonomous tractors. On the other hand, a prolonged wait time before purchasing a new tractor due to production delays is anticipated to restrain market growth throughout the projection period.

Download the full index of the Agricultural Tractors market research report 2022 @ https://www.infinitybusinessinsights.com/request_sample.php?id=1062059

Key Players

AGCO Corp.
CLAAS KGaAmbH
Escorts Ltd.
CNH Industrial N.V.
Deere & Company
International Tractors Ltd.
YanmarCo., Ltd.
Mahindra & Mahindra Ltd.
KubotaCorp.
Tractors and Farm Equipment Ltd

Contact us:
Amit J
Sales Co-Ordinator
International: +1-518-300-3575
Email: inquiry@infinitybusinessinsights.com
Website: https://www.infinitybusinessinsights.com
Facebook: https://facebook.com/Infinity-Business-Insights-352172809160429
LinkedIn: https://www.linkedin.com/company/infinity-business-insights
Twitter: https://twitter.com/IBInsightsLLP

About Us:
Infinity Business Insights is a market research company that offers market and business research intelligence all around the world. We are specialized in offering services in various industry verticals to recognize their highest-value chance, address their most analytical challenges, and alter their work.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Agricultural Tractors Market Hitting New Highs By 2028 | by AGCO Corp, CLAAS KGaAmbH, Escorts Ltd here

News-ID: 2797086 • Views:

More Releases from INFINITY BUSINESS INSIGHTS

Industrial Edge Computing Market Size 2024 by Share, Financial Summary and Growth Opportunity to 2032 | Siemens, General Electric, ABB
Industrial Edge Computing Market Size 2024 by Share, Financial Summary and Growt …
The Global "Industrial Edge Computing Market" 2024 Research Report presents a professional and complete analysis of the Global Industrial Edge Computing Market in the current situation. The industrial edge computing market has promising growth prospects, driven by the increasing need for real-time data processing and analytics at the edge of networks in industrial environments. Edge computing enables faster decision-making, reduced latency, and improved operational efficiency by processing data close to
Digital eSports Platform Market Size, Status, Global Outlook 2024 To 2032 | Twitch (Amazon), YouTube Gaming (Google), Facebook Gaming
Digital eSports Platform Market Size, Status, Global Outlook 2024 To 2032 | Twit …
The Global "Digital eSports Platform Market" 2024 Research Report presents a professional and complete analysis of the Global Digital eSports Platform Market in the current situation. The digital eSports platform market holds strong growth prospects, fueled by the rising popularity of eSports and online gaming. These platforms provide gamers with opportunities to compete, stream, and monetize their gaming experiences. The market is supported by advancements in streaming technologies, high-speed internet,
Digital Workflow Automation Market Survey Report 2024 Along with Statistics, Forecasts till 2032 | Nintex, Pegasystems, Appian
Digital Workflow Automation Market Survey Report 2024 Along with Statistics, For …
The Global "Digital Workflow Automation Market" 2024 Research Report presents a professional and complete analysis of the Global Digital Workflow Automation Market in the current situation. The digital workflow automation market is poised for significant growth, driven by the increasing need for businesses to enhance operational efficiency, reduce manual processes, and improve overall productivity. Digital workflow automation solutions streamline various business processes by automating repetitive tasks and enabling seamless integration
Self-Driving Heavy Trucks Technology Market Growing Trends and Demands Analysis Forecast 2024 to 2032 | Waymo LLC, TuSimple Holdings Inc., Embark Trucks
Self-Driving Heavy Trucks Technology Market Growing Trends and Demands Analysis …
The Global "Self-Driving Heavy Trucks Technology Market" 2024 Research Report presents a professional and complete analysis of the Global Self-Driving Heavy Trucks Technology Market in the current situation. The self-driving heavy trucks technology market has strong growth potential, driven by the increasing demand for automation in logistics and transportation to improve efficiency and safety. Autonomous heavy trucks offer benefits such as reduced labor costs, fuel efficiency, and enhanced road safety.

All 5 Releases


More Releases for Tractors

Forestry Tractors Market Global Outlook on Key Growth Trends, Factors and Foreca …
This report studies the Forestry Tractors Market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. Find the complete Forestry Tractors Market analysis segmented by companies, region, type and applications in the report. The report offers valuable insight into the Forestry Tractors market progress and approaches
Utility Tractors Industry Market Evolving Technology and Growth Outlook 2025 | T …
The recent report, Global Utility Tractors Industry Market fundamentally discovers insights that enable stakeholders, business owners and field marketing executives to make effective investment decisions driven by facts - rather than guesswork. Utility Tractors Industry Market report also provide a thorough understanding of the cutting-edge competitive analysis of the emerging market trends along with the drivers, restraints, challenges, and opportunities in the Utility Tractors Industry Market to offer worthwhile insights
Farm Equipment Market May See Potentially High Growth Factors | YANMAR CO., LTD. …
Global Farm Equipment Market study with 100+ market data Tables, Pie Chat, Graphs & Figures is now released by Data Bridge Market Research. The report presents a complete assessment of the Market covering future trend, current growth factors, attentive opinions, facts, and industry validated market data forecast till 2026. Delivering the key insights pertaining to this industry, the report provides an in-depth analysis of the latest trends, present and future
Aircraft Tow Tractors Market - Aircraft Tow Tractors – A Strategic Move Toward …
Aircraft tow tractors are a crucial part of the airport ground support equipment. The main functions of the aircraft tow tractors include pushing back an aircraft from its gate, towing the aircraft between the gate and hangar, and towing for maintenance purposes. With increasing number of air travel passengers, the aircraft tow tractors market has been earning high traction in the recent times. The aircraft tow tractors are also designed
Global Tractors and Trailers Market Report 2019 Companies included Escorts Group …
We have recently published 7th edition of market research report on Tractors and Trailers. For inquiry email us at: sales@marketreportscompany.com Report includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast till 2026 in terms of volume, revenue, YOY growth rate, and CAGR. The report also provides detailed segmentation on the basis of product type, applications and regional segmentation. The regional
Global Two-Wheeled Tractors (Walk-Behind Tractors) Market - BCS, Grillo Spa, DFA …
Global Two-Wheeled Tractors (Walk-Behind Tractors) market Report offers decisive insights into the overall Two-Wheeled Tractors (Walk-Behind Tractors) industry along with the market dimensions and evaluation for the duration 2016 to 2021. The forenamed research study covers extensive analysis of various Two-Wheeled Tractors (Walk-Behind Tractors) industry segments based on the type of applications, type of product Components and services, and different geographical regions. Two-wheel tractor or walking tractor French: motoculteur German: