Tractor Market Growth Insights, Size, Share 2021 to 2030 | Expected to Reach $97,906.1 Million

Tractor equipment plays a pivotal role in enhancing agricultural efficiency while minimizing time consumption. Moreover, tractors necessitate fewer human inputs, consequently diminishing the need for manual labor on farms. This not only streamlines operational timelines but also curtails expenses associated with manpower. Furthermore, advancements in machinery technologies drive the expansion of the worldwide tractor market.

Additionally, agricultural equipment demands reduced human intervention, thereby mitigating the reliance on farm labor. This not only optimizes operational efficiency but also economizes on labor costs. Moreover, the progression of machine technologies fosters the proliferation of the global tractor market. This phenomenon is attributed to the integration of automatic and semi-automatic machinery, which enhances crop production through decreased downtimes and heightened precision in operations.

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Market Statics:
Global tractor market size was $64,800 million in 2020 and is expected to reach $97,906.1 million by 2030, registering a CAGR of 4.0% from 2021 to 2030.

A rise in demand for tractors, owing to higher kharif sowing, ploughing, and plating application in agricultural activities, drive the growth of the global 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 global tractor market.

An advancement in Indian agriculture sector with new revolutionary farming machinery such as tractors, drives the growth of the global tractor market. For instance, in 2018, Mahindra & Mahindra Ltd., launched a new driverless tractor globally. Similarly, rise in innovations and advancements in tractor equipment, fuel the growth of the global tractor market.

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Segmentation Based On:
The tractor market is segmented into power output, drive type, application, and region.

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 2020.

By drive type, the market is bifurcated into 2 wheel drive and 4 wheel drive. The 2 wheel drive segment dominated the market in 2020.

On the basis of application, it is classified into agriculture, construction, mining & logistics. The agriculture segment dominated the market in 2020.

Regional Analysis:
Region wise, the tractor market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific region dominated the market in 2020.

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Top Players:
Key companies profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd, Sonalika International Tractors Ltd, Deere & Company, HMT Limited, Force Motors Limited, and Kubota Corporation.

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