Agricultural Tractors Market Report Scope & Overview:

 Agricultural Tractors Market Size was valued at USD 95.55 billion in 2023 and is expected to reach USD 164.17 billion by 2031 and grow at a CAGR of 7% over the forecast period 2024-2031.

A power-driven vehicle with engineering functions that are dependent on its tractive power, the agricultural tractor is used in farming. It was developed specifically for use in a variety of agricultural contexts, including pulling or pushing agricultural machinery or trailers for plowing, tilling, disking, harrowing, planting, and spraying or pesticide applications, among other agricultural chores. It is designed to tow or push agricultural equipment or trailers and can perform a variety of agricultural chores, such as harrowing and planting seeds as well as spraying insecticide. Due to the fact that they supply the power and traction necessary to mechanize agricultural operations, tractors are also known as farm vehicles in today's modern world.

Agricultural Tractors Market Revenue Analysis

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As of the latest market analysis, the Agricultural Tractors Market is experiencing a dynamic landscape characterized by technological advancements and a growing focus on sustainability. The demand for agricultural tractors has surged owing to the increasing global population and the need for enhanced productivity in the agricultural sector. Precision farming and autonomous tractor technologies are gaining momentum, revolutionizing traditional farming practices. Sustainable and eco-friendly features, such as electric and hybrid tractor models, are becoming more prevalent as the industry aligns with environmental concerns. Additionally, the integration of smart farming solutions and data-driven analytics is fostering greater efficiency in crop management. With a wave of innovation sweeping the sector, the Agricultural Tractors Market reflects a promising future driven by technological breakthroughs and a commitment to sustainable agriculture.



  • The ever-increasing pressure to maximize productivity.

  • The increasing prevalence of the use of advanced farming techniques.

  • Growing demand for efficiency and an increase in the use of smart farming technologies.

The Agricultural Tractors Market is experiencing a significant surge in demand, fueled by a growing emphasis on efficiency and the widespread adoption of smart farming technologies. Farmers and agricultural businesses are increasingly recognizing the transformative potential of advanced tractor systems that integrate artificial intelligence, precision agriculture, and data analytics. These smart farming solutions enable real-time monitoring, data-driven decision-making, and optimized resource utilization, resulting in enhanced productivity and sustainability. As the agricultural sector evolves towards a more technologically-driven landscape, the demand for modern and intelligent tractor solutions continues to rise, marking a pivotal shift in the traditional practices of farming towards a more connected and efficient future.


  • The price of tractors is predicted to rise as a result of a rise in the cost of steel and aluminum.

  • The expansion of the market for tractor rentals will act as a brake on industry growth.


  • Promising public measures are expected to promote the market's growth over this time frame.

  • The need for precision agriculture equipment would give chances for industry players to build their businesses.

The demand for precision agriculture equipment presents a compelling opportunity for industry players to cultivate and expand their businesses within the Agricultural Tractors Market. As modern farming practices continue to evolve, there is an increasing recognition of the benefits derived from precision agriculture, such as improved efficiency, reduced resource wastage, and enhanced yield outcomes. Agricultural tractors equipped with advanced technologies, including GPS guidance systems, sensors, and data analytics, play a pivotal role in facilitating precision farming. This burgeoning trend not only addresses the pressing need for sustainable agricultural practices but also opens avenues for innovation and market growth. Companies that invest in and develop cutting-edge precision agriculture equipment stand poised to carve out a niche in this dynamic market, capitalizing on the growing awareness and adoption of smart farming solutions worldwide.


  • A lack of semiconductors and supply chain interruption are all affecting OEMs right now.

  • Uncertainty about the tractor industry's demand and supply networks.


The conflict has led to increased volatility in metal prices and hindered the supply of these essential materials, causing production delays and increasing manufacturing costs for tractor manufacturers worldwide. The crisis has also affected the global energy market, leading to increased fuel costs. Since agricultural tractors and machinery are heavily reliant on fuel, the rise in fuel prices has escalated operational costs for farmers, potentially affecting their purchasing power and demand for new tractors. Additionally, both Russia and Ukraine are significant players in the global agricultural sector, particularly in the production and export of grains. The conflict has disrupted agricultural activities in the region, leading to concerns over global food security and volatility in global food prices. This uncertainty may influence investment decisions in agricultural equipment, including tractors, as farmers worldwide reassess their needs amidst changing economic conditions and potential shifts in agricultural policies.


The current economic slowdown has a multifaceted impact on the agricultural tractors market, stemming from reduced farmer incomes, tightened credit conditions, and shifts in government policies and subsidies. Economic downturns typically lead to lower commodity prices as global demand for agricultural products declines. This reduction in commodity prices can decrease farmers' incomes, making it more challenging for them to justify the investment in new agricultural machinery, including tractors. As a result, the demand for agricultural tractors may decline during periods of economic slowdown, affecting manufacturers' sales and revenue. Tightened credit conditions are another consequence of economic downturns, as banks and financial institutions become more cautious in their lending practices. This can make it more difficult for farmers to secure financing for new tractors, further dampening market demand. Small and medium-sized farms, in particular, may find it challenging to access the credit needed to invest in new equipment, which can lead to deferred purchases and a slowdown in the agricultural tractors market.

Market, By Type:

The global market has been divided into Orchard Tractors, Row-crop Tractors, and Other Tractors based on the type segment. It's estimated that row-crop tractors are the most popular type of agricultural tractor in the world. Some of the biggest names in the industry are investing heavily in R&D in order to keep up with the competition and develop cutting-edge products.

Market, By Engine Power:

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The global market has been divided into Less than 40 HP, 40 HP to 99 HP, 100 HP to 150 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP, and Greater than 350 HP based on the engine power segment. In terms of volume, the less than 40 HP sector accounted for more than 61% of the market. The significant growth may be attributable to the low cost, compact size, and greater convenience offered by tractors with less than 40 horsepower to manage all core farm operations. 

Less than 40 HP: This segment holds the largest market share, accounting for around 20-45% of the market. This dominance is attributed to several factors. These tractors are the most cost-effective option, making them accessible to small and medium-sized farmers, especially in developing regions like Asia Pacific.Their smaller size makes them suitable for navigating smaller farms and performing efficient operations in tight spaces.

Market, By Drive Type:

The global market has been divided into 2WD, 4WD, and Autonomous based on the drive type segment. In terms of volume, the 2WD sector accounted for more than 79.5 percent of the market. The section is also expected to grow at the fastest rate over the projection period. Long-term factors that are likely to promote demand in the 2WD class include lower upfront costs and improved maneuverability.


By Type:

  • Orchard Tractors

  • Row-crop Tractors

  • Other Tractors

By Engine Power:

  • Less than 40 HP

  • 40 HP to 99 HP

  • 100 HP to 150 HP

  • 151 HP to 200 HP

  • 201 HP to 270 HP

  • 271 HP to 350 HP

  • Greater than 350 HP

By Drive Type:

  • 2WD

  • 4WD

  • Autonomous


The global agricultural tractors market is projected to witness significant growth, driven by factors like rising concerns over food security, increasing disposable incomes in developing economies, and growing adoption of precision farming techniques. However, regional variations exist. The Asia Pacific region, led by China and India, is expected to dominate the market due to the presence of vast agricultural landholdings, rising government support for farm mechanization, and a growing demand for low-powered tractors suitable for small farms. In contrast, North America and Europe are expected to witness slower growth due to market saturation and a shift towards high-powered tractors with advanced technologies like GPS guidance and automation, catering to larger farms and increasing labor shortages. This regional analysis highlights the diverse growth dynamics of the agricultural tractors market, emphasizing the influence of factors specific to each region.


North America

  • US
  • Canada
  • Mexico


  • Eastern Europe
    • Poland
    • Romania
    • Hungary
    • Turkey
    • Rest of Eastern Europe
  • Western Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Netherlands
    • Switzerland
    • Austria
    • Rest of Western Europe

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Vietnam
  • Singapore
  • Australia
  • Rest of Asia Pacific


Mahindra & Mahindra Ltd.; AGCO Corp.; CNH Industrial N.V.; Deere & Company; Escorts Ltd.; International Tractors Ltd, Kubota Corp.; CLAAS KGaAmbH; Tractors and Farm Equipment Ltd.; YanmarCo., Ltd. are some of the affluent competitors with significant market share in the Agricultural Tractors Market.

Recent Development:

  • Deere & Company: Announced a collaboration with Microsoft to develop and deploy autonomous tractor solutions at scale

  • CNH Industrial: Showcased its autonomous concept tractor featuring advanced obstacle detection and path planning capabilities at Agritechnica 2022.

  • AGCO Corporation: Unveiled the Fendt MOMENTUM autonomous tractor designed for automated harvesting and transport task.

Mahindra & Mahindra Ltd-Company Financial Analysis

Company Landscape Analysis

Agricultural Tractors Market Report Market:
Report Attributes Details
Market Size in 2023 US$ 95.55 Billion
Market Size by 2031 US$ 164.17 Billion
CAGR CAGR of 7% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (Orchard Tractors, Row-crop Tractors, Other Tractors)
• by Engine Power (Less than 40 HP, 40 HP to 99 HP, 100 HP to 150 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP, Greater than 350 HP)
• by Drive Type (2WD, 4WD, Autonomous)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Mahindra & Mahindra Ltd.; AGCO Corp.; CNH Industrial N.V.; Deere & Company; Escorts Ltd.; International Tractors Ltd, Kubota Corp.; CLAAS KGaAmbH; Tractors and Farm Equipment Ltd.; YanmarCo., Ltd.
Key Drivers •The ever-increasing pressure to maximize productivity.

•The increasing prevalence of the use of advanced farming techniques.
RESTRAINTS •The price of tractors is predicted to rise as a result of a rise in the cost of steel and aluminum.

•The expansion of the market for tractor rentals will act as a brake on industry growth.

Frequently Asked Questions

Ans:- Agricultural Tractors Market Size was valued at USD 95.55 billion in 2023 and is expected to reach USD 164.17 billion by 2031 and grow at a CAGR of 7% over the forecast period 2024-2031.

Ans;- A power-driven vehicle with engineering functions that are dependent on its tractive power, the agricultural tractor is used in farming.

Ans:- The increasing prevalence of the use of advanced farming techniques and the increase in the use of smart farming technologies are the primary market drivers for Agricultural Tractors Market.

Ans:- Yes.

Ans:- Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research & development (R&D) institutions, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, and End-use industries are the stakeholder of this report.


1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges

5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India

6. Value Chain Analysis

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Global Agricultural Tractors Market Segmentation, by Type
9.1 Introduction
9.2 Trend Analysis
9.3 Orchard Tractors
9.4 Row-crop Tractors
9.5 Other Tractors

10. Global Agricultural Tractors Market Segmentation, by Sales Channel
10.1 Introduction
10.2 Trend Analysis
10.3 Less than 40 HP
10.4 40 HP to 99 HP
10.5 100 HP to 150 HP
10.6 151 HP to 200 HP
10.7 201 HP to 270 HP
10.8 271 HP to 350 HP
10.9 Greater than 350 HP

11. Global Agricultural Tractors Market Segmentation, by Drive Type
11.1 Introduction
11.2 Trend Analysis
11.3 2WD
11.4 4WD
11.5 Autonomous

12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe Poland Romania Hungary Turkey Rest of Eastern Europe
12.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East UAE Egypt Saudi Arabia Qatar Rest of the Middle East
11.5.2 Africa Nigeria South Africa Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America

13. Company Profiles
13.1 Mahindra & Mahindra Ltd
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 AGCO Corp
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 CNH Industrial N.V
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Deere & Company
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Escorts Ltd.
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 International Tractors Ltd,
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Kubota Corp
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 CLAAS KGaAmbH
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Tractors and Farm Equipment Ltd
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Others
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View

14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions

15. Use Case and Best Practices

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Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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