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.
Get More Information on Agricultural Tractors Market - Request Sample Report
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.
KEY DRIVERS:
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.
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.
OPPORTUNITIES:
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.
CHALLENGES:
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.
IMPACT OF ECONOMIC SLOWDOWN:
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.
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:
Get Customized Report as per Your Business Requirement - Request For Customized Report
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
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
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.
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.
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.
| 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 (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, 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. |
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.
TABLE OF CONTENTS
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
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 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
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
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.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
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.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Locomotive Market size was valued at USD 9.13 billion in 2022 and is expected to reach at USD 16.29 billion by 2030, and grow at a CAGR of 7.50 % over the forecast period of 2023-2030.
The AC Charger for EVs Market Size was valued at USD 28.82 billion in 2023, and expected to reach USD 382.49 billion by 2031, and grow at a CAGR of 37.82% over the forecast period 2024-2031.
The Automotive Collision Avoidance System Market size was valued at USD 58.05 billion in 2023 and is expected to reach USD 115.67 billion by 2031 and grow at a CAGR of 9.22% over the forecast period 2024-2031.
The Intelligent Traffic Management System Market Size was valued at USD 11.14 billion in 2022 and is expected to reach USD 28.80 billion by 2030 and grow at a CAGR of 12.6% over the forecast period 2023-2030.
The Semi-Autonomous Vehicle Market Size was valued at USD 24.27 million in 2022 and is expected to reach USD 113.76 million by 2030 and grow at a CAGR of 21.3% over the forecast period 2023-2030.
Automotive 3D Map System Market
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
