Agricultural Tractors Market Will Grow At Excellent CAGR of 10.10%, Size, Industry Trends, Opportunity Analysis, Market Competition, Market Analysis Insight By 2029

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, ploughing, 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 which 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 tractors companies, farmers are slow to adopt new technologies such as driverless tractors. Nonetheless, this trend is changing as an increasing number of non-governmental organisations (NGOs) empower the agricultural sector, increasing farmers' acceptance of smart agricultural tractors, machinery, and other equipment.

Agricultural Tractors Market Dynamics

Drivers

Government support to the growing trend of farm mechanisation

Government policies, such as loan waivers, schemes, and policies, are driving the growing trend of farm mechanisation, which is expected to drive the growth of the agricultural tractors market in developing countries around the world. Farm mechanisation is a rapidly growing phenomenon in the agricultural tractor market, as emerging economies benefit from government efforts to revolutionise the agriculture industry.

Growing prevalence of smart farming and growing farm training programmes

Precision farming and the increasing adoption of farm mechanisation to increase productivity are driving up demand for tractors. The growing number of farm training programmes promoting the use of agricultural machinery on a large scale is also driving the tractor market. Aside from that, the growing number of building and construction projects is increasing demand for tractors in the construction industry. Furthermore, various technological advancements have introduced advanced tractors equipped with GPS and telematics devices. The growing popularity of automated commercial vehicles and the widespread use of wireless connectivity for remote monitoring are expected to drive the global agricultural tractor market.

Opportunity

There is a growing demand for low-cost innovations in the agricultural tractor market. This demand has resulted in advancements in driverless tractors. Companies are expected to form talent pools in their R&D centres by collaborating with researchers who conduct science experiments outside of the academic setting. First-year engineering students are developing driverless tractors, which are gaining attention from popular news outlets. Companies in the agricultural tractor market are becoming aware of driverless tractors and benefiting from innovations in these tractors, as they have the potential to eliminate the costs associated with hiring a driver. As a result, companies in the agricultural tractor market should work with engineering talent to further innovate in driverless tractors.

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, unrivalled utility, and versatility, all engineered into a single powerful tractor.

Global Agricultural Tractors Market Scope

The agricultural tractors market is segmented on the basis of engine power, application, type, operation, and driver type. The growth amongst these segments will help you analyze meagre 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 analysed 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 U.S., Canada and Mexico in North America, Germany, France, 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 implement modernization is expected to provide lucrative opportunities to the agricultural tractors market during the forecast period.

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