The global agricultural tractors market revenue was around US$ 65.9 billion in 2023 and is estimated to reach US$ 107.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2024 to 2032.
Agricultural tractors are used to offer power for many agricultural activities such as tilling, harrowing, planting, and plowing. They are available in several power ranges, including less than 20 HP (horsepower) to more than 60 HP. It is utilized in applications such as gardening, and row crops.
Market Driving Factors
Technological advances and the increasing trend of precision agriculture are estimated to drive market growth. Technological advances have led to the development of high-performing and more efficient tractors that provide greater productivity and reduced operating costs. For instance, John Deere's "smart tractors" utilize GPS technology to offer precision guidance for harvesting and planting, which assists to decrease waste and enhance crop yields. Furthermore, the adoption of precision agriculture techniques such as precision spraying and GPS-guided planting needs the use of cutting-edge tractors, which has led to a surge in demand for such tractors.
The surge in demand for fuel-efficient tractors is estimated to boost the market growth. Agricultural equipment such as tractors utilizes diesel as a fuel for operation, and releases large volumes of carbon footprints, which is harmful to the environment. In addition, the surge in the level of carbon emissions poses a challenge to the market. As a result, governments across the world have imposed stringent regulations for agricultural equipment machines to decrease carbon emissions. Due to this, companies are concentrating on finding sources of alternate energy to decrease carbon emissions.
Small-scale farmers have less income and often live precarious lives, which is why they are not able to afford technologically cutting-edge agricultural machines and other inputs. Additionally, farmers lack the improved skills needed to efficiently use cutting-edge agricultural tractors. Thus, this factor is hindering the market growth.
Regional Analysis
North America is predicted to dominate the market in terms of the rate. This is mainly due to the farmers in the region own large farms, which drive the requirement for tractors and related equipment to conduct activities efficiently in minimal time. Furthermore, countries such as Canada and the U.S. are economically developed, and thus the penetration of automated tractors is high in these nations as compared to other underdeveloped and developing nations. Additionally, trends such as food processing and organic farming are predicted to create possibilities for the utilization of tractors to cultivate better-quality crops utilizing fewer pesticides and artificial fertilizers. All such factors propel the market growth.
Segmentation Insights
Drive Type Insight
The 4-wheel drive segment is predicted to dominate the market in terms of growth rate. This is owing to the increasing demand for high-powered tractors for heavy-duty applications, such as harvesting in rough terrain. These tractors offer better stability and traction, making them perfect for mountainous regions. For instance, John Deere provides a range of 4WD tractors, including the John Deere 9R Series, which is specially designed for heavy-duty applications and can be utilized in different farming operations.
The 2-wheel drive segment is estimated to dominate the market growth in terms of shares. This is mainly owing to the low upfront prices and better mobility are long-term factors that are estimated to boost the market growth. Furthermore, this segment is the most chosen tractor among middle-income farmers in India. Therefore, the increase in diesel costs has already pushed up farmers' operating prices, which is predicted to propel the market growth.
Prominent Companies
Segmentation Outline
The global agricultural tractors market segmentation focuses on the Power Output, Drive Type, Propulsion, Operation, and Region.
By Power Output
By Drive Type
By Propulsion
By Operation
By Region
[ TABLE OF CONTENT ]
1 INTRODUCTION OF GLOBAL AGRICULTURAL TRACTORS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AGRICULTURAL TRACTORS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AGRICULTURAL TRACTORS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AGRICULTURAL TRACTORS MARKET, BY POWER OUTPUT
5.1 OVERVIEW
5.2 LESS THAN 30 HP
5.3 30 TO 50 HP
5.4 51 TO 100 HP
5.5 MORE THAN 100HP
6 GLOBAL AGRICULTURAL TRACTORS MARKET, BY DRIVE TYPE
6.1 OVERVIEW
6.2 4 WHEEL DRIVE
6.3 2 WHEEL DRIVE
7 GLOBAL AGRICULTURAL TRACTORS MARKET, BY PROPULSION
7.1 OVERVIEW
7.2 ICE
7.3 ELECTRIC AND HYBRID
8 GLOBAL AGRICULTURAL TRACTORS MARKET, BY OPERATION
8.1 OVERVIEW
8.2 MANUAL
8.3 AUTONOMOUS
9 GLOBAL AGRICULTURAL TRACTORS MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL AGRICULTURAL TRACTORS MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 EICHER TRACTORS
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 STANDARD TRACTORS
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 SONALIKA TRACTORS
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SOLECTRAC
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 CAPTAIN TRACTORS
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 MAHINDRA TRACTORS
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 NEW HOLLAND TRACTORS
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ESCORTS TRACTORS
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 MONARCH TRACTOR ELECTRIC TRACTOR
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 JCB
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 FORCE TRACTORS
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 SDF
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 KUBOTA TRACTOR
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 GROMAX AGRI EQUIPMENT LIMITED
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 AGCO
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 SWARAJ TRACTORS
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 JOHN DEERE TRACTORS
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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