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

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.

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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 Additionally, in H1 2021, product sales surged due to strong crop output in these areas and the need to replace outdated equipment.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.

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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

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