Agricultural Tractor Market Product Development Research: Identifying Customer Needs and Preferences

As per the report published by The Brainy Insights, the global agricultural tractor market is expected to grow from USD 63.25 billion in 2021 to USD 90.11 billion by 2030, at a CAGR of 4.01% during the forecast period 2022-2030. Asia Pacific region emerged as the largest market for the global agricultural tractor market with a 48.32% share of the market revenue in 2021. The presence of leading tractor manufacturers, coupled with the availability of a large area of farming lands and multiple agriculture-based economies, are propelling the market's growth during the forecast period in this region. Additionally, the adoption of mechanization technology in manufacturing and captive production, sale size & after-sales services accompanied by incentive policies offered by the government, and raised inclination for the less power output tractors in this region are also helping to drive the market growth. In addition, the North American region is expected to show the fastest CAGR growth over the projection period due to the growing tractor usage across the region.

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Agricultural Tractor Market Size by Horse Powers (More than 150 HP, 100 HP to 150 HP, 41 HP to 99 HP, and Below 40 HP), Drive (2-Wheel Drive (2WD) and 4-Wheel Drive (4WD)), Application (Seed Sowing, Harvesting, and Irrigation), Tractor Type (Row-crop Tractors, Pedestrian Tractors, Wheeled Tractors, and Orchard Tractors), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Mahindra Group, Deere & Company, Yanmar, Kutoba Corporation, Dongfeng, Massey Ferguson, SDF Group, Farmtac, New Holland, Kioti Tractor, Argo Tractors S.p.A., Valtra Tractor, CNH Industrial N.V. and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The horse powers segment is divided into more than 150 HP, 100 HP to 150 HP, 41 HP to 99 HP, and below 40 HP. The 41 HP to 99 HP led the market with a market share of 29.17% in 2021. This growth is attributed to the increasing demand for high-power agricultural tractors to perform different agrarian tasks efficiently. The drive segment is divided into the 2-wheel drive (2WD) and the 4-wheel drive (4WD). The 4-wheel drive (4WD) led the market with a market share of 56.11% in 2021. This growth is attributed to the expansion concerned about passenger safety & stringent government norms in automotive initiatives. The application segment is divided into seed sowing, harvesting, and irrigation. The irrigation segment led the market with a market share of 42.14% in 2021. This growth is attributed to the surge in need for water conservation. The tractor type segment is divided into row-crop tractors, pedestrian tractors, wheeled tractors, and orchard tractors. The orchard tractors segment led the market with a market share of 30.02% in 2021. This growth is attributed to the increasing trend of home-grown fruits.

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The increasing demand for food crops is associated with a proliferation of advanced agriculture machinery that propels the agricultural tractor market's growth. Further, the increase in penetration of sales in low-end passenger vehicles, the increase in the local population, and the rising number of farm training programs boosting the usage of agricultural machinery on a broad scale also stimulate the growth of the agriculture tractor market.

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