North America Tractor Projected to Reach $23 Bn by 2031

Tractors are essential tools in North American agriculture. They are used for a wide range of tasks, including preparing fields, planting crops, cultivating soil, applying fertilizers and pesticides, and harvesting crops. Tractors are also employed in other industries like construction and landscaping.
Tractors are agricultural vehicles that are commonly used for various tasks on farms, such as plowing, tilling, planting, and harvesting. North America, which includes countries like the United States, Canada, and Mexico, has a significant agricultural industry, and tractors play a crucial role in modern farming practices.

Tractors are versatile vehicles used in various industries, including agriculture, construction, and transportation. In North America, tractors play a vital role in the agricultural sector, where they are used for tasks such as plowing, tilling, planting, and harvesting crops.

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According to a new report published by Allied Market Research, titled, the North America Tractor market size was valued at $16.7 billion in 2021, and is projected to reach $23.2 billion by 2031, registering a CAGR of 3.2% from 2022 to 2031.

A rise in demand for tractors, owing to higher crop production, ploughing, and planting application in agricultural activities, drive the growth of The North America tractor market. Easy availability of finance, and high usage of tractors in farming application such as row crop, orchard, and garden, drive the growth of the North America tractor.

The North America tractor market is segmented into power output, drive type, application, and country. By power output, the market is categorized into less than 30 HP, 30-50 HP, 50-100 HP, and more than 100 HP. The 30-50 HP segment dominated the market in 2021.

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In recent years, there has been a trend towards the development of more technologically advanced tractors. Many modern tractors are equipped with features such as GPS guidance systems, automated steering, precision farming technologies, and telematics, which enhance efficiency and productivity.

In addition, agricultural equipment requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations but also saves costs incurred on manpower. Furthermore, advancements in machine technologies promote the North America tractor market growth. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases crop production, owing to lower downtimes and highly precise operations.
Key Segments:

By POWER OUTPUT -
• Less than 30 HP
• 30-50 HP
• 50-100 HP
• More than 100 HP

By DRIVE TYPE -
• 2-Wheel drive
• 4-Wheel drive

By APPLICATION -
• Agriculture
• Construction, mining & logistics

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