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Agricultural Tractor Market Size, Share & Industry Analysis, By Engine Power (Less than 40 HP, 40HP to 80 HP, 81HP to 120 HP and Others), By Drive Type (2-Wheel Drive (2WD), 4-Wheel Drive (4WD)), By Type (Orchard Tractors, Row-Crop Tractors and Other Tractors), By Operation (Manual Tractors and Autonomous Tractors) and Regional Forecast, 2024-2032

Report Format: PDF | Published Date: Ongoing | Report ID: FBI105067 | Status : Upcoming

Agricultural tractors are primarily utilized in the farm for a wide range of farming operations, including tilling, ploughing, and planting fields. In addition to this, they are also used for spreading fertilizers, clearing bushes, and other farming activities. A wide range of modern agricultural tractors is available in the market as per the customer requirement. Growing urbanization has increased the shortage of skilled labourers for agricultural activities. This shortage is expected to create a surge in demand for the agricultural tractor market. Modern agricultural tractors come with capacities ranging from less than 40 HP to more than 100 HP; hence they are highly suitable for various farming operational requirements. The utilization of tractors in farming activities improves productivity with minimum resources. Governments in developing economies provide generous subsidies for the purchase of agricultural tractors to encourage the modernized farming. Increasing demand for the replacement of outdated agricultural machinery is expected to propel the agricultural tractor market growth in years to come. Moreover, manufacturers are promoting their tractors by providing lucrative offers to the consumers, which further accelerates the market growth. For instance, New Holland Agriculture, one of the leading agriculture brands, recently in October 2020 announced a 6-year Transferable warranty on all the tractors sold in India, effective from 2nd October 2020. This offer assisted the company in strengthening the trust of consumers in the quality and durability of their tractors. Manufacturers are also collaborating with financial service providers for financial assistance to the farmers for the purchasing tractors. Growing technological advancement in farming machinery and increasing manufacturer's investment for the development of electrically powered automated tractors is anticipated to generate lucrative opportunities for market growth over the forecast period.


However, the implementation of stringent regulations by governments across the world regarding emission control is expected to hamper the market growth over the forecast period.  



Market Segmentation:


The market is segmented by engine power, by drive type, by type, by operation, and by region.


By engine power, the market is segmented into less than 40 HP, 40HP to 80 HP, 81HP to 120 HP, 121 HP to 180 HP, 181 HP to 250 HP, and more than 250 HP. The less than 40HP segment held the largest market share in 2019 and is expected to continue its dominance during the forecast period. This range of tractors is highly suitable for all agricultural activities. In addition to this, they are compact and less expensive as compared to the other segments. Hence it is anticipated to create a surge in demand for these tractors in years to come. The 40HP to 80HP segment is also expected to register significant growth over the forecast period, Owing to the growing demand for high capacity tractors with improved comfort in developed countries across the world.


By drive type, the market is segmented into 2 wheel drive (2WD) and 4 wheel drive (4WD). The 4 -wheel drive (4WD) segment is expected to register significant growth over the forecast period, owing to the increasing demand for high power agricultural tractors to perform the various agricultural task efficiently. For instance, powerful agricultural tasks such as tilling and sowing can be easily performed with 4WD tractors. In a four-wheel drive, all four wheels of the tractors receive power from the engine. 4WD tractors provide enhanced performance, high speed, and reduces slippage. All these factors are anticipated to drive the 4WD segment growth over the forecast period.


By type, the market is segmented into orchard tractors, row-crop tractors, and other tractors. The Orchard tractors segment is expected to register the highest growth over the forecast period. These tractors are compact and suitable for various lightweight agricultural applications. In addition to this, they are available at a low cost as compared to other types. The growing adoption of orchard tractors in emerging economies is expected to propel the segment growth during the forecast period.


By operation, the market is segmented into manual tractors and autonomous tractors. Manual tractors are expected to experience significant growth over the forecast period. The high availability of manual tractors drives the segment growth. Manual tractors are less expensive as compared to autonomous tractors, and a wide range of manual tractors are available for farmers. The autonomous tractors segment is expected to experience moderate growth during the forecast period. Manufacturers are investing in the development of electrically powered autonomous tractors to expand their product portfolio. Government initiation to reduce carbon emission from automotive is expected to drive the development of electrically powered autonomous tractors.        


Key Players:


Major players operating in the global market include Claas Group, Deere and Company, Mahindra & Mahindra Ltd., CNH Industrial NV, Kubota Corporation, Daedong Industrial, Escorts Group, AGCO Corporation, Dongfeng, Kioti Tractor, New Holland, SDF Group, among others.


Key Insights



  • New Advancements in Agricultural Tractor Market

  • Number of Products, Key Countries, 2020

  • New Product Launches, Key Players


Regional Analysis:


Geographically, the Agricultural Tractor market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific held the largest market share in 2019 and is expected to continue its dominance over the forecast period. The strong presence of the agricultural sector in emerging countries of APAC, including China, India, and others, has made the APAC the largest market for agricultural machinery. Government initiation in the Asian countries for encouraging the adoption of modern farming techniques is anticipated to drive market growth over the forecast period. The growing export of various agricultural products is anticipated to expand the agricultural sector. This is further expected to create a surge in demand for agricultural tractors in the region. For instance, according to ddnews.gov.in export of agricultural products of India rose by 23.24% from March to June 2020. Increasing disposable income among the farmers also plays an important role in the rise in agricultural tractor sales across APAC. Governments in the developing countries of APAC are providing generous subsidies and lower tax rates on agricultural machinery, which is anticipated to propel the market growth. To reduce crop damage and increase yield, farmers in China are adopting technologically advanced machinery with sensors and monitoring devices such as GPS and others. This farm mechanization in china has generated high demand for the market, and it is expected to grow during the forecast period.


Europe is also expected to experience significant growth, followed by North America. The shortage of skilled labourers in European and North American countries is expected to drive the market. The presence of the key players in the region is the supporting factor for the market. Technological advancement in these regions is expected to propel the demand for automated agricultural tractors in years to come. Increasing demand for agricultural products in the food and beverage industry of North America is anticipated to drive market growth in the region.



Segmentation






























 ATTRIBUTE


  DETAILS

By Engine Power




  • Less than 40 HP

  • 40HP to 80 HP

  • 81HP to 120 HP

  • 121 HP to 180 HP

  • 181 HP to 250 HP

  • More than 250 HP



By Drive Type




  • 2-Wheel Drive (2WD)

  • 4-Wheel Drive (4WD)



By Type




  • Orchard Tractors

  • Row-Crop Tractors

  • Other Tractors



By Operation




  • Manual Tractors

  • Autonomous Tractors



By Geography




  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World


  • Global
  • 2023
  • 2019-2022
  • PRICE
  • $ 4850
    $ 5850
    $ 6850
    Pre Book

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