Press release
Agricultural Tractors Market 2024-2033: Global Outlook, Industry Share, Latest Trends And Major Players | Tractors and Farm Equipment Ltd., ARGO Tractors S.p.A., Deere & Company, CNH Industrial N.V., Kubota Corporation.
Agricultural Tractors Market
The Business Research Company presents an extensive market research report on the Agricultural Tractors Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The agricultural tractors market size has grown strongly in recent years. It will grow from $74.61 billion in 2023 to $78.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to mechanization in agriculture, farm size expansion, increasing productivity demands, replacement of traditional farming methods, government agricultural policies.
The agricultural tractors market size is expected to see strong growth in the next few years. It will grow to $97.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to precision agriculture practices, global population growth, environmental sustainability focus, emerging markets agriculture development, integration of farming technologies. Major trends in the forecast period include implementation of artificial intelligence (AI) for crop management, shift towards electric and hybrid tractors, enhancement of comfort and ergonomics for operators, adoption of predictive maintenance solutions, introduction of smart farming applications.
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Key Market Players:
Major companies operating in the agricultural tractors market report are Tractors and Farm Equipment Ltd., ARGO Tractors S.p.A., Deere & Company, CNH Industrial N.V., Kubota Corporation, LS Mtron Co. Ltd., Mahindra & Mahindra Ltd., Dongfeng Motor Corporation Ltd., AGCO Corporation, Yanmar Co. Ltd., Escorts Ltd., YTO Group Corporation, Jinma Agricultural Machinery Co. Ltd., CLAAS KGaA mbH, J C Bamford Excavators Ltd., Lovol Heavy Industry Co. Ltd., SAME Deutz-Fahr Group, Iseki & Co. Ltd., Daedong Corporation, The Sonalika Group, Carraro Agritalia S.p.A., Buhler Industries Inc., Gromax Agri Equipment Limited, AgriArgo UK Ltd., McCormick Tractors International Ltd., Massey Ferguson Limited, Weifang Huaxia Tractor Manufacturing Co. Ltd., Landini S.p.A., Zetor Tractors a.s., Kukje Machinery Co. Ltd., Shandong Wuzheng Group Co. Ltd., Landtrac Tractors Private Limited, V.S.T. Tillers Tractors Ltd.
Market Drivers:
The growing demand for compact tractors is expected to propel the growth of the agricultural tractors market going forward. Compact tractors refer to the tiny farm-specific tractors that are designed for homeowners or hobby farmers with modest acreage. A compact tractor is an agricultural tractor equipped with a 540-rpm PTO and a three-point hitch suited for Category 1 equipment only. Compact tractors assist in various agricultural activities. For instance, in July 2021, according to a report shared by Compact Equipment Magazine, a US-based online publication for tractors and construction equipment, unit sales for farm tractors, and self-propelled combine vehicles in 2021, the trend of double-digit growth has persisted. In April 2021, the total number of farm tractors sold in the USA increased by 22.7%. Particularly compact tractors play a significant role in that expansion. In April 2021, compared to the previous year, mid-size 40 to 100-horsepower engines saw a 28.8% increase, and the sub-40 horsepower class saw a 20.88% increase. Therefore, the growing demand for compact tractors is driving the growth of the agricultural tractors market.
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The agricultural tractors market covered in this report is segmented -
1) By Type: Orchard Tractors, Row-Crop Tractors, Other Tractors
2) By Propulsion: ICE, Electric and Hybrid
3) By Operation Type: Manual, Autonomous
4) By Engine Power Type: Less than 40 HP, 41 to 100 HP, More than 100 HP
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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