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Agricultural Tractors Market

Less than 40 HP Engine Power Tractors to Dominate Agricultural Tractors Market: Fact.MR Study

Published : 04 Feb 2022 Industry: Industrial Goods

Fact.MR predicts the global sales of agricultural tractors to surpass US$ 113 Mn by registering a CAGR of 6% in the forecast period 2022-2032. Agricultural tractors help farmers to increase the production rate. Moreover, the penetration of electric and automatic tractors for better efficiency is driving the demand for agricultural tractors.

Historically, from 2017 to 2021, the sales of agricultural tractors flourished at a CAGR of 4%. The onset of COVID-19 pandemic affected the supply and demand chain for various industries across the globe. Thus, the demand for agricultural tractors dipped in the initial quarter of the pandemic. As restrictions are being lifted in most regions across the globe, production rate in agriculture has gained speed. This, in turn, is expected to increase the sales of agricultural tractors

Furthermore, manufacturers of agricultural tractors are focusing on improving the efficiency of tractors by improvising the mechanization process of the same. Moreover, the demand for 2 WD tractors from Asia Pacific is positively influencing the market for agricultural tractors.

Key Takeaways from the Market Study

  • By engine power, less than 40 HP engine power is expected to hold more than 45% market share for agricultural tractors.
  • By driveline, 2 WD tractors are expected to hold more than 75% market share for agricultural tractors.
  • Agricultural tractors industry expected to possess nearly 40% market share throughout North America.
  • Agricultural tractors industry expected to possess nearly 70% market share throughout Asia Pacific.

“Improvisation in mechanization of agricultural tractors along with electrification of the same is bolstering the demand for agricultural tractors.” opines a Fact.MR analyst.

Competitive Landscape

  • In December 2021, CLAAS KGaAmbH upgraded their NEXOS series by adding new transmission, new cab with a flat floor and a new design. The company is focusing on delivering comfort for farmers that would increase the productivity rate.
  • CNH Industrial N.V., Deere & Company, KubotaCorp, International Tractors Ltd, CLAAS KGaAmbH, Escorts Ltd, Mahindra & Mahindra Ltd, AGCO Corp, YanmarCo., Ltd, Tractors and Farm Equipment Ltd are prominent agricultural tractors market players.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global automotive steering system market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of engine power (less than 40 HP, 41 to 100 HP and more than 100 HP) and driveline type (2 WD and 4 WD) across five major regions (North America, Latin America, Europe, Asia Pacific and MEA).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant - Industrial Goods and Automotive

E-mail: Shubham@factmr.com

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Agricultural Tractors Market

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Agricultural Tractors Market Analysis by Engine Power (Less than 40 HP, between 41 to 100 HP, More than 100 HP), by Driveline Type (2WD Agricultural Tractors, 4WD Agricultural Tractors), by Region - Global Forecast 2022-2032