Agricultural Tractors Global Market Report 2024 - By Share, Demand, Size, Report, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Agricultural Tractors Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $97.58 billion In 2028 At A CAGR Of 5.5% :
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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Agricultural Tractors Market Major Segments
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

Key Driver - Rising Demand For Compact Tractors Fuels Agricultural Tractors Market
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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Prominent Trend - Strategic Partnership For Agricultural Advancement Through Mahindra & Mahindra's Collaboration With Sarga Motocorp In Tanzania
Major companies operating in the agricultural tractors market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the agricultural tractors market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in August 2023, Mahindra & Mahindra Ltd. an India-based automobile manufacturing company partnered with SARGA MotoCorp Ltd is a Tanzania-based automotive manufacturing company. Through this partnership, Tanzanian farmers will have access to an extensive selection of tractors and farm equipment, as well as top-notch productivity, earnings, and after-sale support. This cooperation is in line with programs intended to increase youth involvement in Tanzania's agricultural sector for sustainable development. It is also a part of Mahindra's commitment to revolutionizing farming and improving the lives of farmers throughout the globe. To guarantee a first-rate client experience, the collaboration also entails setting up a showroom in Dar es Salaam and more than 25 authorized servicing locations.

Agricultural Tractors 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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the agricultural tractors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global agricultural tractors market report during the forecast period. The regions covered in the agricultural tractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Agricultural Tractors Market Report Structure
3. Agricultural Tractors Market Trends And Strategies
4. Agricultural Tractors Market - Macro Economic Scenario
5. Agricultural Tractors Market Size And Growth
…..
27. Agricultural Tractors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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