North America and Europe Farm Tractor Market Projected to Touch US$17.23 bn by 2024

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A rapidly growing population and a subsequently rising demand for food has put pressure on farmers to equip themselves with the latest and advanced mechanized farming techniques. This has resulted in the increased demand for farm tractors in North America and Europe. The market is also supported by favorable government policies encouraging the usage as well as purchase of agro machinery and various farming equipment. Easy access to credit provided by country-specific governments in these two regions has benefited the adoption of farm tractors in Europe and North America.

The North America and Europe farm tractor market is expected to record sales volume of 582.2 thousands units by 2024. By revenue, the market is projected to expand from US$13.6 bn in 2015 to US$17.23 bn by 2024. While the North America farm tractors market will register a modest 3.0% CAGR by value during the forecast period, Europe is expected to exhibit a 5.4% CAGR from 2016 to 2024.

Less Than 40 HP Segment Dominates across U.S. and Germany

Farm tractors are equipped with engines having different horsepower. Based on horsepower, the farm tractor market is classified into less than 40 HP, 40 HP–80 HP, 80 HP–120 HP, 120 HP–180 HP, 180 HP–250 HP, and more than 250 HP.

Of these, the less than 40 HP segment occupies a major chunk of the North America and Europe farm tractors market, especially in the U.S. and Germany. Followed by the 40 HP–80 HP segment, these two are expected to collectively account for 62% and 69% respectively in North America and Europe in 2015. Banking on the positive demand for the low horsepower segment, tractor manufacturers are increasingly focusing on the less than 40 HP segment to maintain their market position.

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North America takes the Lead in Farm Tractor Market by Unit Shipments

From a geographical standpoint, North America dominated the farm tractor market in 2015 in terms of unit shipments. The market in North America is estimated to amount to US$9.14 bn in 2016, driven by the positive growth in the U.S. farm tractor market, which witnessed significant demand for small and compact tractors in the below 40 HP horsepower category. Conversely, the farm tractor market in Canada is estimated to witness a steep decline in shipments owing to the frequent fluctuation and weakening of the Canadian dollar. The farm tractor market across all the horsepower segments in the country is estimated to witness a dip in 2016 as well. Moreover, all the major tractor manufacturers have been undergoing a tough time in maintaining their market share in Canada as a large volume of the local demand is met through imports, which escalates the chances of currency fluctuation.

In 2015, the Europe farm tractor market recorded a shipment of 153 thousand units, with Germany being the top contributor. France, the U.K., and Italy are also anticipated to be prominent contributors to the Europe farm tractor market. European countries such as the U.K, Finland, and the Netherlands, have relatively larger farms in terms of area and therefore, farm tractors above 80 HP are estimated to exhibit significant growth in demand in these countries.

The key players in the North America and Europe farm tractor market include Deere and Company, CNH Industrial N.V., Kubota Corporation, SDF Group, AGCO Corporation, Class KGaAmbH, and Mahindra USA Inc., Daedong USA, Inc., Argo Tractors S.P.A., and International Tractors Ltd. These players are focusing on further expanding their businesses across core markets and seeking a competitive edge through extensive R&D activities. Companies such as Daedong, Argo Tractors, and International Tractors are focused on offering quality product

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