The global agricultural tractors market reached a value of US$ 88.24 Billion in 2021. Looking forward, Market.us expects the number is projected to increase at a 5.6% CAGR from 2022 to 2032.
Agricultural tractors were less common in the past than they are today. To pull plows or other equipment through the fields, farmers would employ teams of draft animals. Although it was labor-intensive and slow, this was the only way to do the job. Today, however, agricultural tractor are an integral part of farming operations. These tractors allow farmers to work more efficiently and quickly in their fields. They can also be fitted with many attachments that enable them to do different tasks.
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Agricultural Tractors Market Demand:
The market is expected to grow due to the increasing demand for compact tractor on small farms, and technological advancements such as the integration with telematics in agricultural tractors. Market growth will likely be positive over the next eight years due to rapid adoption of automation in the agricultural industry.
The global increase in food consumption has strained the agriculture industry. Farmers are turning to agricultural tractors for their sowing, ploughing, and spraying needs in order to increase their production. Additionally, the adoption of agricultural tractors is increasing due to the improvement in tractor mechanization.
Key Drivers of Agriculture Tractor Market
Global agriculture tractor markets are also being boosted by government initiatives to finance and assist farmers with lower interest rates. The increase in farm cash receipt (i.e. The ability to increase farm cash receipt, i.e., the revenue and profit generated by farming, increases the affordability of tractors which will fuel the demand. Many schemes have been initiated by the Indian government and state governments to alleviate the suffering of farmers.
Market drivers include the replacement of old agricultural machinery and government initiatives to modernize farming operations.
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Key Market Restraint
The market is expected to slow down due to the high price of agricultural tractors.
Key Market Trends
Increasing Farm Efficiency in Developing Markets
A growing demand for tractors is being driven by precision farming and the adoption of farm technology that boosts production. The tractor industry is being driven by the growing number of farm training programs which encourage the widespread use of agricultural machines. Smaller farmland sizes mean that farmers prefer customized and small-sized tractors for their agricultural needs. Smaller tractors use less fuel and empower marginal farmers.
KUBOTA UK, for example, launched the L1361 compact utility tractor in March 2018. It features a KUBOTA 36.6-HP three-cylinder D1803M3-E2 engine along with a manual transmission or three-range hydraulic transmission and a 38 liter tank. These factors are likely driving the market during this forecast period.
Market Segmentation
By Engine Power
- Less than 40 HP
- 41 to 100 HP
- More than 100 HP
By Driveline Type
- 2WD
- 4WD
Competitive Landscape:
- AGCO Corp.
- Deere & Company
- CNH Industrial N.V.
- Escorts Ltd.
- Mahindra & Mahindra Ltd.
- International Tractors Ltd.
- Yanmar Co., Ltd.
- KubotaCorp.
- Other Key Players
Regional Segment Analysis of the Agricultural Tractors Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Questions answered in the agricultural tractor market research report:
- How big is the agricultural tractors market?
- What is agricultural tractors market growth?
- Which are the leading market players active in the agricultural tractor market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the agricultural tractor market?
- What are the projections for the future that would help in taking further strategic steps?
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WHAT TO TAKE AWAY FROM THIS ARTICLE:
- The market is expected to grow due to the increasing demand for compact tractor on small farms, and technological advancements such as the integration with telematics in agricultural tractors.
- The market is expected to slow down due to the high price of agricultural tractors.
- A growing demand for tractors is being driven by precision farming and the adoption of farm technology that boosts production.
