[Update Available] Crawler Tractor Market to Garner $5.1 Bn, Globally, by 2031

Allied Market Research recently released a report titled "Crawler Tractor Market," encompassing types such as Low HP and High HP, business types including OEM and Aftermarket, and end-user industries like Agriculture, Construction, Mining, and Others, providing a global opportunity analysis and industry forecast for 2021-2031. The global crawler tractor industry recorded $3.1 billion in 2021 and is projected to reach $5.1 billion by 2031, exhibiting a CAGR of 5.0% from 2022 to 2031. The report conducts a thorough analysis of evolving market trends, key investment areas, the value chain, regional dynamics, and the competitive landscape.

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Key Growth Drivers:

The global crawler tractor market has experienced significant growth due to the increasing demand for modern equipment across various industries such as agriculture, mining, and construction. Additionally, a surge in research and development activities to enhance crawler tractor capabilities and skills has further fueled market expansion. The adoption of novel farming methods, coupled with the use of machinery for time-saving and labor-intensive tasks, contributes to market growth. Major market players' substantial investments in improving hardware and the growth of renovation and installation operations present new opportunities for the market.

Covid-19 Impact:

The Covid-19 pandemic posed unprecedented challenges globally, affecting trade, economy, and finance. Production of agricultural products faced disruptions due to workforce shortages, restrictions on cross-border trade for non-essential items, and lockdown regulations.

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Segmentation Highlights:

Type: High HP Dominates

The high HP segment dominated the market in 2021, holding over four-fifths of the global crawler tractor market share.

It is expected to maintain its leading position with the highest CAGR of 5.1% during the forecast period.

This dominance is attributed to increased agricultural activities in countries like India, Africa, and Indonesia.

Business Type: OEM Leads in Growth

The OEM segment is projected to exhibit the highest CAGR of 5.2% from 2021 to 2030.

It held the largest share in 2021, accounting for over four-fifths of the global market, driven by increased adoption of technology for enhanced efficiency.

End-Use Industry: Construction Takes the Lead

The construction segment held the largest share in 2021, contributing to over one-third of the global crawler tractor market.

It is anticipated to manifest the highest CAGR of 6.0% during the forecast period, supported by increased government expenditure on infrastructure development.

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Region: North America Dominates; Asia-Pacific Exhibits Highest CAGR

North America dominated the market in 2021, representing about two-fifths of the global market, driven by increased investment and government infrastructure spending.

Asia-Pacific is expected to showcase the highest CAGR of 6.7% during the forecast period, attributed to population growth and rising food production demand.

Major Market Players:

AGCO Corporation, Branson Tractors, CLAAS KGaA mbH, John Deere, HBXG, Hitachi, Komatsu, Kubota Corporation, Liebherr Group, Liugong Dressta Machinery, Mahindra & Mahindra Ltd., Mitsubishi, New Holland, S.D.F s.p.a., Shantui Construction Machinery Co., Ltd., , YTO (Luoyang Howode Machinery Equipment Co., Ltd).

The report provides an in-depth analysis of current and emerging market trends, opportunities, and a comprehensive outlook on the global crawler tractor market. For further details and a detailed impact analysis of Covid-19, you can refer to the report.



For More Information: https://www.prnewswire.com/news-releases/crawler-tractor-market-to-garner-5-1-bn-globally-by-2031-at-5-0-cagr-allied-market-research-301621113.html

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