Global Agricultural Tractor Market Report Size, Trends & Growth Opportunity, By Engine Power (Less than 40 HP, 41 to 100 HP, more than 100 HP), By Driveline Type (2WD, 4WD), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & South Africa) And Forecast Till 2027.
Global Agricultural Tractors Market
The Global Agricultural Tractor Market was valued at USD 58 Billion in 2021 and is expected to reach USD 88 Billion by 2027, growing at a 5.73 % CAGR from 2022 to 2027.
Tractors are agricultural machines used to perform tasks such as ploughing, tilling, and planting. They are also used to spread fertilizer, clear bushes, and perform other tasks. The cost of labour has risen dramatically as a result of urbanization and population migration to cities. Farm labour costs are directly proportional to production costs. Mechanization has the potential to lower labour wages. Rising labour wages and a scarcity of farm labour have resulted in higher rates of mechanization.
Market Drivers
Government initiatives to help farmers with funding and lower interest rates are also boosting the global agriculture tractor market. Increasing farm cash receipts, i.e. profit and revenue generated from farming, increase tractor affordability, which is expected to fuel demand for agricultural tractors. For example, the Government of India and state governments have launched several schemes to alleviate the plight of farmers.
Market Restraints
Drought and flooding are likely to disrupt harvests and reduce farmers' purchasing power, undermining the agriculture tractor market.
Market Segmentation
Driverless Tractors Market is segmented into major 3 categories. Based on Engine Power the market is segmented into Less than 40 HP, 41 to 100 HP and More than 100 HP. Based on Driveline Type the market is segmented into 2WD and 4WD. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & South Africa.
Regional Analysis
Geographically, the global agriculture tractor market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Since 2012, Asia Pacific has emerged as a significant tractor market, with notable tractor sales in India and China. Agriculture is a significant economic sector in China, employing roughly 40% of the total labour force. As a result, one of the government's goals is to develop the agricultural sector. The gradual transition to an industrial society has reduced the availability of agricultural labour and promoted agricultural mechanization. Tractors play an important role in increasing agricultural output in India. The average annual sale of agricultural tractors in the country ranges from 600,000 to over 1 million units.
Market Key Players
The Key Players in the Global Agricultural Tractor market are AGCO Corp., CNH Industrial N.V., Deere & Company, CLAAS KGaAmbH, Escorts Ltd., International Tractors Ltd., YanmarCo., Ltd., KubotaCorp., Mahindra & Mahindra Ltd. and Tractors and Farm Equipment Ltd.
Market Taxonomy
Engine Power
• Less than 40 HP
• 41 to 100 HP
• More than 100 HP
Driveline Type
• 2WD
• 4WD
Regional Outlook
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and South Africa
Global Agricultural Tractors Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Feedstock Types
3 Executive Summary
4 Global Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Agricultural Tractors Market, By Engine Power
5.1 Y-o-Y Growth Comparison, By Engine Power
5.2 Global Agricultural Tractors Market Share Analysis, By Engine Power
5.3 Global Agricultural Tractors Market Size and Forecast, By Engine Power
5.3.1 Less than 40 HP
5.3.2 41 to 100 HP
5.3.3 More than 100 HP
6 Global Agricultural Tractors Market, By Driveline type
6.1 Y-o-Y Growth Comparison, By Driveline type
6.2 Global Agricultural Tractors Market Share Analysis, By Driveline type
6.3 Global Agricultural Tractors Market Size and Forecast, By Driveline type
6.3.1 2WD
6.3.2 4WD
7 Global Agricultural Tractors Market, By Region
7.1 Global Agricultural Tractors Market Share Analysis, By Region
7.2 Global Agricultural Tractors Market Share Analysis, By Region
7.3 Global Agricultural Tractors Market Size and Forecast, By Region
8 North America Global Agricultural Tractors Market Analysis and Forecast (2022 – 2027)
8.1 Introduction
8.2 North America Global Agricultural Tractors Market Share Analysis, By Engine Power
8.3 North America Global Agricultural Tractors Market Size and Forecast, By Driveline type
8.4 North America Global Agricultural Tractors Market Size and Forecast, By Country
8.4.1 U.S.
8.4.2 Canada
8.4.3 Mexico
9 Europe Global Agricultural Tractors Market Analysis and Forecast (2022 – 2027)
9.1 Introduction
9.2 Europe Global Agricultural Tractors Market Share Analysis, By Engine Power
9.3 Europe Global Agricultural Tractors Market Size and Forecast, By Driveline type
9.4 Europe Global Agricultural Tractors Market Size and Forecast, By Country
9.4.1 Germany
9.4.2 France
9.4.3 UK
9.4.4. Rest of Europe
10 Asia Pacific Global Agricultural Tractors Market Analysis and Forecast (2022 – 2027)
10.1 Introduction
10.2 Asia Pacific Global Agricultural Tractors Market Share Analysis, By Engine Power
10.3 Asia Pacific Global Agricultural Tractors Market Size and Forecast, By Driveline type
10.4 Asia Pacific Global Agricultural Tractors Market Size and Forecast, By Country
10.4.1 China
10.4.2 Japan
10.4.3 India
10.4.4. Rest of Asia Pacific
11 Latin America Global Agricultural Tractors Market Analysis and Forecast (2022 – 2027)
11.1 Introduction
11.2 Latin America Global Agricultural Tractors Market Share Analysis, By Engine Power
11.3 Latin America Global Agricultural Tractors Market Size and Forecast, By Driveline type
11.4 Latin America Global Agricultural Tractors Market Size and Forecast, By Country
11.4.1. Brazil
11.4.2. Rest of Latin America
12 Middle East Global Agricultural Tractors Market Analysis and Forecast (2022 – 2027)
12.1 Introduction
12.2 Middle East Global Agricultural Tractors Market Share Analysis, By Engine Power
12.3 Middle East Global Agricultural Tractors Market Size and Forecast, By Driveline type
12.4 Middle East Global Agricultural Tractors Market Size and Forecast, By Country
12.4.1. Saudi Arabia
12.4.2. UAE
12.4.3. Egypt
12.4.4. Kuwait
12.4.5. South Africa
13 Competitive Analysis
13.1 Competition Dashboard
13.2 Market share Analysis of Top Vendors
13.3 Key Development Strategies
14 Company Profiles
14.1 AGCO Corp
14.1.1 Overview
14.1.2 Offerings
14.1.3 Key Financials
14.1.4 Business Segment & Geographic Overview
14.1.5 Key Market Developments
14.1.6 Key Strategies
14.2 CNH Industrial N.V.
14.2.1 Overview
14.2.2 Offerings
14.2.3 Key Financials
14.2.4 Business Segment & Geographic Overview
14.2.5 Key Market Developments
14.2.6 Key Strategies
14.3 Deere & Company
14.3.1 Overview
14.3.2 Offerings
14.3.3 Key Financials
14.3.4 Business Segment & Geographic Overview
14.3.5 Key Market Developments
14.3.6 Key Strategies
14.4 CLAAS KGaAmbH
14.4.1 Overview
14.4.2 Offerings
14.4.3 Key Financials
14.4.4 Business Segment & Geographic Overview
14.4.5 Key Market Developments
14.4.6 Key Strategies
14.5 Escorts Ltd.
14.5.1 Overview
14.5.2 Offerings
14.5.3 Key Financials
14.5.4 Business Segment & Geographic Overview
14.5.5 Key Market Developments
14.5.6 Key Strategies
14.6 International Tractors Ltd.
14.6.1 Overview
14.6.2 Offerings
14.6.3 Key Financials
14.6.4 Business Segment & Geographic Overview
14.6.5 Key Market Developments
14.6.6 Key Strategies
14.7 YanmarCo., Ltd
14.7.1 Overview
14.7.2 Offerings
14.7.3 Key Financials
14.7.4 Business Segment & Geographic Overview
14.7.5 Key Market Developments
14.7.6 Key Strategies
14.8 KubotaCorp.
14.8.1 Overview
14.8.2 Offerings
14.8.3 Key Financials
14.8.4 Business Segment & Geographic Overview
14.8.5 Key Market Developments
14.8.6 Key Strategies
14.9 Mahindra & Mahindra Ltd.
14.9.1 Overview
14.9.2 Offerings
14.9.3 Key Financials
14.9.4 Business Segment & Geographic Overview
14.9.5 Key Market Developments
14.9.6 Key Strategies
14.10 Tractors and Farm Equipment Ltd.
14.10.1 Overview
14.10.2 Offerings
14.10.3 Key Financials
14.10.4 Business Segment & Geographic Overview
14.10.5 Key Market Developments
14.10.6 Key Strategies
