Farm Tractor Market is expected to reach a value of USD 104.36 Bn. in 2029, with 5.1 % CAGR

29.8.2023: Farm Tractor Market Report Scope and Research Methodology

Report Scope:

The Farm Tractor Market has witnessed remarkable growth, reaching a market value of US $73.67 billion in 2022. According to the latest market research report, the global Farm Tractor Market is projected to maintain a compound annual growth rate (CAGR) of 5.1%, poised to achieve a market value of US $104.36 billion by 2029. The comprehensive report provides valuable insights into market trends, drivers, restraints, and regional dynamics that shape the future of the Farm Tractor Market.

Research Methodology:

This report has been compiled using an extensive research methodology, combining both primary and secondary data sources. In-depth analysis and examination of market trends, industry statistics, and competitive landscapes provide a comprehensive understanding of the market dynamics. The report also employs PORTER and PESTEL analyses to assess micro-economic factors and their potential impact on the market.

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What are Farm Tractor Market Dynamics?

Drivers and Restraints:

The global agricultural industry is undergoing transformative changes driven by factors such as rising food demand, population growth, water scarcity, and soil fertility issues. This has led to increased adoption of mechanization innovations, spurring the efficiency of farming practices. The report highlights how precision farming and technological advancements are propelling demand for tractors. However, challenges such as high costs, import tariffs, and supply chain disruptions pose limitations to market growth.

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Farm Tractor Market Segmentation?

by Power Output
250Hp

The market is divided into three sub-segments based on power output: 40 to 100 horsepower, and greater than 100 horsepower. As measured by volume, the market in 2019 was led by the sub-40 HP sector, which accounted for more over 60% of the total. This is because modern agricultural tractors have several benefits, including their affordability, small size, and ability to carry out all necessary agricultural chores. The market is anticipated to expand in the upcoming years as more emerging nations embrace agricultural tractors.

by Drive type
Two-wheel drive
Four-wheel drive

The market is divided into two sub-segments based on the kind of driver: two-wheel drive and four-wheel drive. The pandemic will cause a negative growth rate for 2WD tractor transmissions in 2022, which will lower overall tractor sales. Approximately 97-98% of 2WD tractors are sold worldwide. Tractors with 4WD are more appropriate for large-scale field operations that demand a lot of flexibility. By 2029, the volume will have doubled in compared to 2020.

Who are Farm Tractor Market Key Players?

1. Claas KGaA mbH
2. CNH Industrial N.V.
3. AGCO Corporation
4. Mahindra & Mahindra Ltd.
5. Deere & Company
6. Kubota Corporation
7. Yanmar Co., Ltd.
8. Tractors and Farm Equipment Limited
9. Zetor Tractors A.S.
10. Alamo Group, Inc.
11. STEYR
12. New Holland Agriculture
13. Antonio Carraro
14. Argo Tractors S.p.A.
15. Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
16. CLAAS KGaA mbH
17. Steyr Landmaschinentechnik AG
18. Daedong-USA, Inc. KIOTI Tractor Division
19. Escorts Group
20. Force Motors Ltd.
21. Indo Farm Equipment Limited.

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Regional Insights:

The report presents insights into various regional markets, highlighting trends and developments that impact the Farm Tractor Market. For instance, the US tractor sales experienced fluctuations, while India's tractor market remained robust despite COVID-19 challenges. The report also delves into the European markets, such as Germany and Italy, showcasing growth driven by mechanization and government incentives.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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