The agricultural tractors market size has exhibited robust growth in recent years, escalating from $74.61 billion in 2023 to $78.77 billion in 2024 at a CAGR of 5.6%. This growth in the historic period is attributed to the mechanization of agriculture, the expansion of farm sizes, increasing demands for productivity, the replacement of traditional farming methods, and government agricultural policies. Looking ahead to 2028, the market is projected to continue its upward trajectory, reaching $97.58 billion at a CAGR of 5.5%. The growth in the forecast period is associated with the adoption of precision agriculture practices, global population growth, a focus on environmental sustainability, the development of agriculture in emerging markets, and the integration of advanced farming technologies. Prominent trends in the forecast period include the implementation of artificial intelligence (AI) for crop management, a shift towards electric and hybrid tractors, enhancements in comfort and ergonomics for operators, the adoption of predictive maintenance solutions, and the introduction of smart farming applications.
Major Driver In The Agricultural Tractors Market
The burgeoning demand for compact tractors is anticipated to fuel the growth of the agricultural tractors market in the coming years. Compact tractors, tailored for homeowners or hobby farmers with modest acreage, feature a 540-rpm PTO and a three-point hitch suitable for Category 1 equipment. They play a crucial role in various agricultural activities. In July 2021, unit sales for farm tractors and self-propelled combine vehicles witnessed a persistent trend of double-digit growth. Specifically, in April 2021, the total number of farm tractors sold in the USA surged by 22.7% compared to the previous year, with mid-size engines experiencing a 28.8% increase and sub-40 horsepower class witnessing a 20.88% rise. Consequently, the increasing demand for compact tractors is propelling the growth of the agricultural tractors market. In 2023, the agricultural tractors market was valued at $X billion and is expected to reach $Y billion by 2024, further ascending to $Z billion by 2028.
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Agricultural Tractors Market Competitive Landscape
Tractors and Farm Equipment Ltd., ARGO Tractors S.p.A., Deere & Company, CNH Industrial N.V., Kubota Corporation, LS Mtron Co. Ltd., Mahindra & Mahindra Ltd., Dongfeng Motor Corporation Ltd., AGCO Corporation, Yanmar Co. Ltd., Escorts Ltd., YTO Group Corporation, Jinma Agricultural Machinery Co. Ltd., CLAAS KGaA mbH, J C Bamford Excavators Ltd., Lovol Heavy Industry Co. Ltd., SAME Deutz-Fahr Group, Iseki & Co. Ltd., Daedong Corporation, The Sonalika Group, Carraro Agritalia S.p.A., Buhler Industries Inc., Gromax Agri Equipment Limited, AgriArgo UK Ltd., McCormick Tractors International Ltd., Massey Ferguson Limited, Weifang Huaxia Tractor Manufacturing Co. Ltd., Landini S.p.A., Zetor Tractors a.s., Kukje Machinery Co. Ltd., Shandong Wuzheng Group Co. Ltd., Landtrac Tractors Private Limited, V.S.T. Tillers Tractors Ltd.
Key Agricultural Tractors Market Trend
Major companies operating in the agricultural tractors market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the agricultural tractors market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in August 2023, Mahindra & Mahindra Ltd., an India-based automobile manufacturing company, partnered with SARGA MotoCorp Ltd., a Tanzania-based automotive manufacturing company. Through this partnership, Tanzanian farmers will have access to an extensive selection of tractors and farm equipment, top-notch productivity, earnings, and after-sale support. This cooperation is in line with programs intended to increase youth involvement in Tanzania's agricultural sector for sustainable development. It is also a part of Mahindra's commitment to revolutionizing farming and improving the lives of farmers worldwide. To guarantee a first-rate client experience, the collaboration also entails setting up a showroom in Dar es Salaam and more than 25 authorized servicing locations.
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Agricultural Tractors Market Segmentation
The agricultural tractors market covered in this report is segmented –
1) By Type: Orchard Tractors, Row-Crop Tractors, Other Tractors
2) By Propulsion: ICE, Electric and Hybrid
3) By Operation Type: Manual, Autonomous
4) By Engine Power Type: Less than 40 HP, 41 to 100 HP, More than 100 HP
By Geography:The regions covered in the agricultural tractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the agricultural tractors market in 2023.
The Agricultural Tractors Global Market Report 2024 furnishes information about the global agricultural tractors market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
