Farm Tractor Market Trends 2024-2030: Projected Growth from USD 73.67 Billion to USD 104.35 Billion

𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

The global farm tractor market was valued at USD 73.67 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 5.1%, reaching approximately USD 104.35 billion by 2030. The market's growth trajectory is influenced by several factors including increasing food demand, population growth, water scarcity, shrinking arable land, and soil fertility issues. As agriculture becomes increasingly mechanized to address these challenges, tractors-ranked as the 56th largest traded product globally-are seeing rising significance. In 2019, global trade in tractors was valued at USD 57 billion, though exports faced a slight decline of 4.59%. Tractors account for 0.31% of total world trade.

The agricultural sector has diversified considerably, encompassing everything from small family farms to large multinational enterprises. Food security and malnutrition remain critical global issues, particularly in developing nations. By 2050, the world population is expected to approach 10 billion. Factors driving the demand for mechanized farming solutions include population growth, urbanization, and increased agricultural exports. Mechanization is becoming essential as it offers solutions to labor shortages and enhances agricultural productivity.

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐜𝐥𝐢𝐜𝐤 𝐭𝐡𝐞 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/request-sample/79236/

𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

The demand for farm tractors is being driven by advancements in precision farming and the adoption of technology aimed at boosting agricultural efficiency. Initiatives such as farm training programs and government subsidies are further encouraging the widespread use of agricultural machinery. Modern tractors now come equipped with advanced features like GPS and telematics systems, significantly enhancing their functionality.

Technological innovations, such as autonomous and electric tractors, are transforming the industry. Major players like CNH Industrial N.V., Escorts Limited, and Deere & Company are at the forefront of these advancements. For instance, in October 2019, Deere & Company unveiled an autonomous tractor prototype capable of zero emissions and a power output of 500 kW. Similarly, Escorts Limited introduced its own autonomous tractor model designed for precision farming.

Despite these advancements, high costs and government-imposed tariffs pose challenges to market growth. For example, Turkey imposes a 21% import duty on agricultural machinery from non-EU countries, while India enforces a 29.8% import levy. However, government initiatives such as India's "Macro-Management Scheme of Agriculture," which provides a 25% subsidy on tractors, and Canada's "Canadian Agricultural Loans Act" (CALA), offering up to USD 500,000 in loans for agricultural equipment, are expected to support market growth.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-19

The COVID-19 pandemic has significantly impacted the global tractor industry, causing disruptions in supply chains and production. The pandemic led to delays in manufacturing and a sharp decline in tractor sales. The dealership networks were particularly hard-hit due to lockdowns and travel restrictions. However, as the world adapted, tractor sales began recovering in 2022, although supply chain issues, including tire shortages, continued to challenge the industry.

In India, despite the pandemic's challenges, tractor sales surged by 16.11% to 644,778 units in 2020-21, compared to 555,315 units in 2019-20. This growth reflects the resilience of the sector and the ongoing demand for agricultural machinery.

𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐛𝐲 𝐏𝐨𝐰𝐞𝐫 𝐎𝐮𝐭𝐩𝐮𝐭

250Hp

The market is divided into three segments based on power output: less than 40 horsepower, 41 to 100 horsepower, and more than 100 horsepower. With almost 60% of the market share in terms of volume in 2019, the category with less than 40 HP dominated the industry. This is because of the benefits of contemporary agricultural tractors, which include their affordability, portability, and ability to perform all necessary agricultural chores. Due to the increased adoption of agricultural tractors in developing nations, the sector is anticipated to expand throughout the forecast years.

𝐛𝐲 𝐃𝐫𝐢𝐯𝐞 𝐭𝐲𝐩𝐞

Two-wheel drive
Four-wheel drive

The market is divided into two-wheel drive and four-wheel drive segments based on the kind of driver. The pandemic will cause 2WD tractor transmissions to increase negatively in 2023, which will lower overall tractor sales. Roughly 97-98% of 2WD tractors are sold worldwide. Large field tasks requiring a great deal of flexibility are best suited for 4WD tractors. By 2030, the volume will have increased by 50% from 2020.

𝐛𝐲 𝐒𝐲𝐬𝐭𝐞𝐦 𝐭𝐲𝐩𝐞

Without loaders
Front-loaders
Backhoe loaders

𝐛𝐲 𝐃𝐞𝐬𝐢𝐠𝐧 𝐭𝐲𝐩𝐞

Tractor without CAB
Tractor with CAB

𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐜𝐨𝐩𝐞 𝐚𝐧𝐝 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲:

Market Report Farm Tractor provides an elaborate examination of the Farm Tractor commercial, where a study about Farm Tractor markets and their segments is included. The data comes from primary as well as secondary research approaches. The variety of sources, including trade magazines, government publications, company websites, market assessments, industry reports, annual reports, and databases, are used to gather secondary data. The valuation of the Farm Tractor market for Product and geographic segments is given based on current market trends and conditions. The most recent development in the industry and the future market overview give recognition to its recent advancements. It brings a deep analysis, including market size and forecast, trends, growth drivers as well as challenges faced by Farm Tractor Market.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐘𝐨𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 + 𝐕𝐢𝐬𝐮𝐚𝐥𝐬 𝐍𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/79236/

𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

The U.S. tractor market experienced a 12.7% decline in sales in June 2022, while sales of self-propelled combine harvesters increased by 4.1%. The inventory of farm tractors in the U.S. fell by 41.3% from June 2020, while Canada saw a 33.2% decrease. In contrast, tractor sales in Germany and Turkey increased due to improved productivity and labor shortages. In India, despite a challenging start to FY22, tractor sales were up by 38.92% compared to the previous year, underscoring the sector's robustness.

𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

1. Claas KGaA mbH
2. CNH Industrial N.V.
3. AGCO Corporation
4. Mahindra & Mahindra Ltd.
5. Deere & Company
6. Kubota Corporation
7. Yanmar Co., Ltd.
8. Tractors and Farm Equipment Limited
9. Zetor Tractors A.S.
10. Alamo Group, Inc.
11. STEYR
12. New Holland Agriculture
13. Antonio Carraro
14. Argo Tractors S.p.A.
15. Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
16. CLAAS KGaA mbH
17. Steyr Landmaschinentechnik AG
18. Daedong-USA, Inc. KIOTI Tractor Division
19. Escorts Group
20. Force Motors Ltd.
21. Indo Farm Equipment Limited.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧

The report aims to provide a comprehensive analysis of the farm tractor market, highlighting past and current trends along with future projections. It includes an examination of market segments, competitive analysis, and regional insights. The report also covers the impact of macroeconomic and microeconomic factors on the industry, offering valuable information for stakeholders to navigate the evolving market landscape.

𝐑𝐞𝐜𝐞𝐢𝐯𝐞 𝐘𝐨𝐮𝐫 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.maximizemarketresearch.com/market-report/global-farm-tractors-market/79236/

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐅𝐚𝐫𝐦 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

What is Farm Tractor?
What is the growth rate of the Farm Tractor Market?
Which are the factors expected to drive the Farm Tractor market growth?
What are the different segments of the Farm Tractor Market?
What growth strategies are the players considering to increase their presence in Farm Tractor?
What are the upcoming industry applications and trends for the Farm Tractor Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Farm Tractor Market?
Who are the leading companies and what are their portfolios in Farm Tractor Market?
What segments are covered in the Farm Tractor Market?
Who are the key players in the Farm Tractor market?

𝐊𝐞𝐲 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬:

Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis

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