Agricultural Tractors Market 2031 for Effortless Performance Hits at a CAGR of 5.6% with

The global 𝐀𝐠𝐫𝐢𝐜𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at $59.1 billion in 2021, and is projected to reach $97.8 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Increase in the adoption of precision farming, rapid development in agricultural activities, surge in demand for fuel-efficient tractors, rise in government support for agriculture, and growth in mechanization in agriculture activities are expected to drive the growth of the global agricultural tractors market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A11511

There are prominent key factors that drive growth of the agricultural tractors market, such as government support for development of agricultural activities, increase in adoption of precision farming, and advancements in tractor technology. The market economy is also responsible for growth of the agricultural tractors industry. Countries such as China, India, Brazil, and South Africa are growing economies. In recent years, agricultural equipment manufacturers are coming up with the zero emission technologies such as electric powered tractors and hydrogen fueled tractors. Research on hydrogen and electric as a potential fuel to power zero-emission tractors has been on rise in recent years. The development of new hybrid equipment, which can work on both fuel as well as batteries, decrease operational costs, and significantly increase productivity, fuels the growth of the global agricultural tractor market.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

Drivers, Restraints and Opportunities

Increase in the adoption of precision farming, rapid development in agricultural activities, surge in demand for fuel-efficient tractors, rise in government support for agriculture, and growth in mechanization in agriculture activities are expected to drive the growth of the global agricultural tractors market. In addition, persistent technological advancements in tractor technology are expected to create ample opportunities for the industry.

Based on drive type, the 2-wheel drive segment held the dominating market share in 2021, holding nearly 90% of the global market. The surge of this segment is majorly due to increase in use of 2-wheel drive due to benefits associated with 2-wheel drive tractors such as cost effectiveness, small turning cycles, and convenient application. The 4-wheel segment, on the other hand, is expected to cite the fastest CAGR of 7.4% during the forecast period. This is due to rise in demand for 4-wheel drive due to its ability to provide better traction, pull rough terrains in muddy, harsh, and wet solid conditions, versatility, high productivity, and durability.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/972da620e1fc426fd3b4b287fc292dbe

The agricultural tractors market is segmented on the basis of power output, drive type, propulsion, operation, and region. By power output, it is divided into less than 30 HP, 30 to 50 HP, 51 to 100 HP, and more than 100HP. On the basis of drive type, it is segmented into 2 wheel drive, and 4 wheel drive. By propulsion, it is divided into ICE, and electric and hybrid. By operation, the market is divided into manual, and autonomous. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

Based on power output, the 30 to 50 HP segment held the largest market share in 2021, holding more than one-third of the global market. This is mainly due to increase in use of agricultural tractors in various countries such as India, China, U.S., Italy, and others. The more than 100 HP, on the other hand, is expected to cite the fastest CAGR of 6.6% during the forecast period. The growth of this segment is mainly owing to rise in agricultural related activities such as sowing, planting, and crop cultivation in various countries.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly half of the global agricultural tractors market share. In addition, the same region is expected to cite the fastest CAGR of 6.3% during the forecast period. The growth in this region is mainly due to economic development and increase in awareness regarding use of advanced tractor products. The report also analyses other regions such as Europe, LAMEA, and North America.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A11511

Asia-Pacific is expected to dominate the market, in terms of revenue, followed by Europe, North America, and LAMEA. Increase in agricultural and industrial activities and government support for the agriculture industry in Asia-Pacific propels growth of the agricultural tractors market in the region.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By power output, the more than 100HP segment is expected to register a significant growth during the forecast period.

By drive type, the 4 wheel drive segment is projected to lead the global agricultural tractors market

By propulsion, the electric and hybrid segment is projected to lead the global agricultural tractors market

By operation, the autonomous segment is projected to lead the global agricultural tractors market

Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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