Tractor Market 2023-2028, Global Size, Share, Demand, Leading Players and Industry Analysis

According to IMARC Group's latest report, titled "Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global tractor market is expected to exhibit a growth rate (CAGR) of 4.3% during 2023-2028. A tractor represents a specifically engineered vehicle designed to provide high torque at a slow speed. It comprises wheels, an engine, cooling, transmission, fuel, electrical and operator systems as standard components. Compared to regular trucks, tractors have the potential to carry heavier loads and are intended to perform agricultural practices, such as plowing, tilling, harrowing, disking, planting, etc. However, they are also easy to use, maneuverable, ensure precise tasks, offer cost and time efficiency, and have the ability to operate in wetland conditions. As a result, tractors are extensively utilized in the construction, logistics, and mining sectors.

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Global Tractor Market Trends:

The introduction of precision farming and the escalating demand for farm mechanization to increase productivity are among the key factors stimulating the tractor market. Moreover, the increasing number of farm training programs promoting the use of agricultural machinery on a large scale is acting as another significant growth-inducing factor. Besides this, government bodies across numerous developing countries are providing subsidies and financial assistance to facilitate the automation of several agricultural processes, which is positively influencing the global market. Furthermore, the rising demand for tractors in the construction sector, on account of the inflating number of building and construction projects, is also propelling the market growth. Apart from this, the widespread adoption of advanced tractors with pre-installed GPS and telematics devices, owing to various technological advancements, is further fueling the global market. Additionally, the growing popularity of automated commercial vehicles and the high penetration of wireless connectivity for remote monitoring are anticipated to fuel the tractor market over the forecasted period.

Tractor Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the tractor market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Agco Corporation
• Argo Tractors S.p.A
• Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
• CLAAS KGaA mbH
• CNH Industrial N.V.
• Deere & Company
• Escorts Limited
• Kubota Corporation
• Mahindra & Mahindra Ltd. (Mahindra Group)
• Sonalika Group
• Tractors And Farm Equipment Limited (Amalgamations Group)
• Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.)

Key Market Segmentation:

The report has segmented the global tractor market based on power output, drive type, application and region.

Breakup by Power Output:

• Below 40 HP
• 40 HP - 100 HP
• Above 100 HP

Breakup by Drive Type:

• 2-Wheel Drive
• 4-Wheel Drive

Breakup by Application:

• Agriculture
• Construction
• Mining
• Forestry
• Others

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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