Farm Tractor Market Outlook, Growth, Trends and Forecasts 2023-2029

In the dynamic realm of global agriculture, the Farm Tractor Market is not just a key player but a driving force shaping the future of food production. The market, valued at US $73.67 billion in 2022, is set to grow at a compelling CAGR of 5.1%, reaching an estimated US $104.36 billion by 2029. Amidst challenges such as population growth, water scarcity, and soil deterioration, tractors emerge as indispensable tools, revolutionizing farming efficiency and resilience.

Agricultural Landscape Evolution:
The agricultural industry, a diverse tapestry from family farms to multinational holdings, is undergoing transformative changes. Tractors, positioned as the 56th largest traded product globally, are at the forefront of mechanization innovation. Challenges like food poverty, malnutrition, and the anticipation of a global population of 10 billion by 2050 are steering the adoption of mechanized solutions, especially in emerging economies.

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Market Dynamics:
Precision farming, farm technology adoption, and government subsidies are propelling the demand for tractors. Modern tractors equipped with GPS and telematics systems signify a technological shift. Noteworthy innovations include autonomous and electric tractors, with companies like Deere & Company and Escorts Limited leading the charge. However, challenges like high costs and government levies hinder market growth.

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Segment Analysis:

The market is divided into three segments based on power output: less than 40 horsepower, 41 to 100 horsepower, and more than 100 horsepower. With over 60% of the market share in terms of volume in 2019, the segment with less than 40 HP dominated the industry.

by Power Output

250Hp
The market is divided into two-wheel drive and four-wheel drive segments based on the type of driver. The pandemic will cause 2WD tractor transmissions to grow negatively in 2022, which will lower overall tractor sales. Roughly 97-98% of 2WD tractors are sold worldwide. Large field operations requiring a great deal of flexibility are better suited for 4WD tractors.

by Drive type

Two-wheel drive
Four-wheel drive

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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.

Table of content for the Farm Tractor Market includes:

Part 01: Executive Summary

Part 02: Scope of the Farm Tractor Market Report

Part 03: Farm Tractor Market Landscape

Part 04: Farm Tractor Market Sizing

Part 05: Farm Tractor Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:
Regional dynamics reveal intriguing trends. In the U.S., tractor sales faced a decline, with the mid-size segment experiencing a minor setback. In India, the world's largest tractor market, sales remained resilient, unaffected by the pandemic. The adoption of new emission standards and government programs worldwide, such as India's "Macro-Management Scheme of Agriculture," showcases a commitment to driving mechanization.

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