Agricultural Tractors Market Expanding from $92.95 Bn to $141.34 Bn by 2030

► Agricultural Tractors Market Poised for Robust Growth Amidst Technological Advancements and Government Initiatives

The global agricultural tractors market is on a significant growth trajectory, driven by technological innovations and supportive government policies. Valued at USD 92.95 billion in 2023, the market is projected to reach USD 141.34 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.17% from 2024 to 2030. ​

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► Competitive Landscape and Regional Demand

The market features prominent players such as Deere & Company, Mahindra Group, Kubota Corporation, Yanmar, Massey Ferguson (AGCO), Farmtrac, Dongfeng, Kioti Tractor (Daedong Industrial), New Holland (CNH Industrial), and SDF Group. These companies are continually innovating to meet the growing demand for efficient and sustainable agricultural machinery. Notably, the Asia-Pacific region is witnessing heightened demand for agricultural tractors, driven by increasing mechanization and government support for the agricultural sector.​

◘ United States: Growth Opportunities and Trends

In the United States, technological advancements and the adoption of precision farming techniques have led to increased demand for high-horsepower tractors. Farmers are investing in advanced machinery to enhance productivity and meet the growing food demand. Companies like Deere & Company are at the forefront, offering innovative solutions tailored to modern agricultural practices.

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◘ Asia Pacific: Expansion and Consolidation

The Asia-Pacific region, particularly countries like India and China, is experiencing significant growth in the agricultural tractors market. Government initiatives promoting farm mechanization and subsidies for equipment purchases are driving this expansion. For instance, Mahindra Group, based in India, has become a leading tractor manufacturer, offering a range of models suited to diverse farming needs.​

◘ Middle East and Africa: Trends and Updation

In the Middle East and Africa, the adoption of agricultural tractors is gradually increasing as countries seek to enhance food security and reduce reliance on imports. Investments in modernizing agriculture and improving infrastructure are contributing to the market's growth in this region.​

◘ Europe: Consolidation and Key Developments

Europe's agricultural tractors market is characterized by consolidation, with key players focusing on mergers and acquisitions to strengthen their market presence. The emphasis on sustainable farming practices and stringent environmental regulations are driving the development of eco-friendly and efficient tractor models.

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► Market Segmentation: In-Depth Analysis:

◘ by Power

Under 40 HP
40 HP & Under 100 HP
100 HP & above

With the biggest revenue share of 43% in 2023, the Under 40 HP segment is a crucial component of the market for agricultural tractors. The low cost, small size, and increased convenience that tractors with less than 40 horsepower provide for carrying out simple farming tasks are the reasons for this rapid expansion. The 40-120 HP range, however, is anticipated to develop at the quickest rate between 2024 and 2030. Long-term growth in this market is anticipated to be driven by the growing need for high-power agricultural tractors appropriate for farms greater than 10 hectares.

◘ by Drive type

2-Wheel Drive
4-Wheel Drive

◘ by operation mode

Manual tractor
Autonomous tractor

Over 2024-2030, the autonomous tractor market is anticipated to expand at the highest CAGR of 7.05%. In an effort to diversify their product lines, manufacturers are investing in the development of electrically driven autonomous tractors. Precision farming is improved by autonomous tractors' integration of cutting-edge technology like GPS, IoT, AI, and machine learning. Higher yields and improved crop quality are the results of these technologies' ability to use resources like water, seeds, and fertilizers more effectively.

◘ by Agriculture Application

Harvesting
Seed Sowing
Irrigation
Others

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► Learn about the top players driving innovation in the Market :

1. Deere & Company - United States
2. Mahindra Group - India
3. Kubota Corporation - Japan
4. Yanmar- Japan
5. Massey Ferguson (AGCO) - United States
6. Farmtrac - India
7. Dongfeng - China
8. Kioti Tractor (Daedong Industrial) - South Korea
9. New Holland (CNH Industrial) - United Kingdom
10. SDF Group - Italy
11. Valtra Tractor (AGCO) - Finland
12. Argo Tractors S.p.A. - Italy
13. CNH Industrial N.V. - United Kingdom/Netherlands
14. AGCO Corp. - United States
15. Daedong Industrial - South Korea
16. Escorts Group - India
17. McCormick International (Argo Tractors) - Italy
18. SAME DEUTZ-FAHR Group - Italy

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