Agricultural Tractors Market: Demand for precision agricultural equipment is expected to augment the market at a healthy CAGR of ~ 5% during the forecast period of 2022 to 2030

Market Research Future Insights

According to MRFR analysis, the global Agricultural Tractors Market is expected to register a CAGR of ~ 5% from 2022 to 2030 and hold a value of over USD 1,25,012.1 Million by 2030.

The rush in demand for compact tractors on small farms and technological advancements, such as integrating telematics with agricultural tractors, are anticipated to drive market growth over the estimated period. In addition, the rapid adoption of mechanization in the agriculture industry is likely to divine well for market growth over the next eight years. Furthermore, farm laborers’ migration toward cities creating a shortage of laborers is expected to drive market growth.

The outburst of COVID-19 hindered product demand due to the temporary suspension of production and supply chain disruption. However, in H1 2021, the demand for tractors bounced back pointedly with double-digit growth in major economies, such as the U.S., Canada, the U.K., Germany, and India. Also, strong crop production in these markets, along with the need to substitute aging equipment, augmented product sales in H1 2021

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Regional Analysis

The Asia Pacific held the largest market share and is anticipated to continue its dominance over the estimated period. The strong existence of the agricultural sector in emerging countries of APAC, including China, India, and others, has made APAC the largest market for agricultural machinery. Government initiation in Asian countries for reassuring the adoption of modern farming techniques is expected to drive market growth over the forecast period.

Europe is also anticipated to experience significant growth, followed by North America. The scarcity of skilled laborers in European and North American countries is anticipated to drive the market. The existence of the key players in the region is the supporting factor for the market. Technological advancement in these regions is projected to propel the demand for automated agricultural tractors in years to come. Growing demand for agricultural products in the food and beverage industry of North America is expected to drive market growth in the region.

Market Segmentation

The Global Agricultural Tractors Market has been segmented into Engine power, Drive type, and Type

By engine power, The Global Agricultural Tractors Market has been segmented into less than 40 HP, 40 HP to 80 HP, 81 HP to 120 HP, 121 HP to 180 HP, 181 HP to 250 HP, and more than 250 HP. The less than 40HP segment held the largest market revenue share and is anticipated to continue its dominance during the estimated period. This range of tractors is highly appropriate for all agricultural activities.

By drive type, The Global Agricultural Tractors Market has been segmented into 2-wheel drive (2WD) and 4-wheel drive (4WD). The 4 -wheel drive (4WD) segment is anticipated to register significant growth over the estimated period, owing to the growing demand for high-power agricultural tractors to perform the various agricultural task efficiently.

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By type, The Global Agricultural Tractors Market has been segmented into orchard tractors, row-crop tractors, and other tractors. The Orchard tractors segment is anticipated to register the highest growth over the estimated period. These tractors are compact and suitable for numerous lightweight agricultural applications.

Key Players

Some of the key market players are International Tractors Ltd., YanmarCo., Ltd., KubotaCorp., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Ltd., AGCO Corp., CNH Industrial N.V., Deere & Company, CLAAS KGaAmbH, and Escorts Ltd.

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