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Agricultural Tractors Market

Agricultural Tractors Market

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

Agricultural Tractors Market
FACT7101MR

Agricultural Tractors Market Outlook (2022-2032)

The global sales of agricultural tractors will likely garner a market value of US$ 63 Mn in 2022 and is expected to register a CAGR of 6% by accumulating a market value of US$ 113 Mn through the assessment period 2022-2032.

Report Attributes

Values

Expected Market Value in 2022

US$ 63 Mn

Forecasted Market Value in 2032

US$ 113 Mn

Growth Rate (2022-2032)

6% CAGR

Key Companies Profiled

  • CNH Industrial N.V.
  • Deere & Company
  • Kubota Corp.
  • International Tractors Ltd.
  • CLAAS KGaA
  • Escorts Ltd.
  • Mahindra & Mahindra Ltd.
  • AGCO Corp.
  • Yanmar Co., Ltd.
  • Tractors and Farm Equipment Ltd.

Increase in demand for food has burdened the agriculture industry across the globe. Thus, to escalate the production rate, farmers are relying on agricultural tractors for sowing, ploughing and spraying. Furthermore, improving mechanization in tractors is rapidly growing the adoption of the same.

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Demand Analysis of Agricultural Tractors from 2015 to 2021 Vs Market Projections for 2022 to 2032

As per Fact.MR’s report, from 2015 to 2021, the global sales of agricultural tractors market experienced an incline of 4%. A rapidly expanding population and consequent requirement of food has led to an increase in the proportion of food crops cultivation, impelling demand for agricultural tractors in the recent past.

During the COVID-19 pandemic, prospects somewhat declined, especially in the first half of 2020, attributed to the imposition of strict lockdowns. The prevalence of these lockdowns prevented any agricultural activity from happening, leading to cessation of usage of agricultural tractors. However, as the curbs eased, a gradual resurgences is being observed.

Manufacturers of agricultural tractors are focusing on improving the efficiency of the same by making them automatic and electric. Moreover, cost efficiency and convenience of using 2WD tractors is escalating the demand for agricultural tractors.  Thus, the sales of agricultural tractors are expected to exceed US$ 113 Mn by registering a CAGR of 6% in the forecast period 2022-2032.

Convenience Playing a Key Role in Upsurging Demand for Agricultural Tractors?

Agriculture is one of the major occupations of most people across the globe. Increase in the population has burdened farmers with providing food. As demand and supply chain of food is getting affected at a large scale, farmers are depending on options that make crop cultivation easy. Thus, the demand for agricultural tractors has increased.

Agricultural tractors are convenient to use and fasten the process of crop cultivation. Moreover, changes in seasons require a change in crop production. Thus, the process of ploughing, sowing and spraying is time consuming. Due to these factors, manufacturers of agricultural tractors are focusing on improvising existing models by working on mechanization of tractors. This, in turn, is expected to improve the sales of agricultural tractors.

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Mechanization Increasing Popularity of Agricultural Tractors?

Technological advancement is playing a key role in the innovation of agricultural tractors. Companies are focusing on integrating electric power for smooth and easy functioning of tractors. Moreover, to reduce the burden of farmers and to augment the process of crop cultivation, automatic tractors are being preferred by farmers on a large scale.

In addition, large and small farm lands require different tractors. Thus, 2 WD and 4WD tractors have gained popularity as they are helpful to escalate the production of crops. Furthermore, the integration of telematics and initiatives by governments to increase the agricultural sector is positively influencing the sales of agricultural tractors.

Country-wise Analysis

Dominance of Agriculture Accelerating Demand for Agricultural Tractors in Asia Pacific?

According to India Brand Equity Foundation, 58% of the Indian occupation practices agriculture. In addition, agriculture strongly contributes to the gross domestic product of the country. Moreover, India is the largest producer of pulses and jute along with the majority of the country’s population being vegetarian. Thus, the demand for accelerating production has increased.

All these factors have increased the demand for agricultural tractors in the country. Presence of key market players along with local players is adding to the market value of agricultural tractors. China too is the largest producer of rice. Technological advancement along with upgradation of mechanical processes in tractors is fueling the growth of agricultural tractors in the region. Thus, Asia Pacific is expected to hold more than 70% market share for agricultural tractors.

Autonomous Tractors Escalating Demand for Agricultural Tractors in Europe?

Technological advancement has taken a forefront in nearly all domains in Europe. Thus, agriculture too is no exception. This has led to the demand for autonomous and electric tractors in Europe. In comparison, the land for agriculture in countries such as Greece, Italy and Lithuania are bigger in comparison to other regions. Thus, to save time, demand for agricultural tractors has escalated in the region.

 Furthermore, the government in Europe is focusing on increasing the production rate of agriculture. Thus, the demand for agricultural tractors has increased in the region. Due to the aforementioned factors, Europe is expected to hold more than 40% market share for agricultural tractors in the forecast period.

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Category-Wise Insights

Smaller Farm Lands Bolstering Demand for Less Than 40 HP Agricultural Tractors?

Tractors possessing less than 40 HP engine power have gained massive popularity amongst farmers. This is due to the qualities of less than 40 HP engine power. 40 HP powers are convenient to use in smaller farm lands and perform tasks efficiently. In addition, lower prices of less than 40 HP engine power agricultural tractors is driving the demand for the same.

Furthermore, most farm lands in Asia Pacific are smaller in size. Moreover, continuous ploughing according to the season change requires tractors that would not delay the process of production. Electrical agricultural tractors are gaining huge prominence too for less than 40 HP engine power. Thus, less than 40 HP engine power is expected to hold more than 45% market share for agricultural tractors.

Cost Efficiency and Convenience Increasing Adoption 2 WD Tractors?

Smaller land farms require tractors that can easily turn and move without causing much trouble. Thus, preference towards 2 WD (wheel drive) agricultural tractors has increased by leaps and bounds. 2 WD agricultural tractors are cost efficient and require less investment. In addition, they provide an easy turn cycle in compact and smaller farm lands.

Moreover, 2 WD agricultural tractors are easy to drive and can be easily navigated. Thus, by driveline, 2 WD tractors are expected to hold more than 75% market share for agricultural tractors.

Competitive Landscape

  • In January 2022, Deere & Company revealed a fully autonomous tractor that is ready for large scale production. The tractor consists of GPS system, advanced technologies and Tru-Set enabled chisel plow. Furthermore, the tractor is expected to be available in the market by the end of 2022.
  • In January 2022, Deere & Company received eight AE50 awards for innovative product engineering from ASABE. The company is focusing on increasing efficiency of its wide range products that would provide instant results.

Report Scope

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2015-2021

Market Analysis

  • US$ Mn for Value
  • ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Italy
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia
  • New Zealand
  • GCC
  • Turkey
  • South Africa

Key Segments Covered

  • Engine Power
  • Driveline Type
  • Region

Key Segments Covered in the Agricultural Tractors Industry Report

  • By Engine Power

    • Agricultural Tractors Less than 40 HP
    • Agricultural Tractors  between 41 to 100 HP
    • Agricultural Tractors  More than 100 HP
  • By Driveline Type 

    • 2WD Agricultural Tractors
    • 4WD Agricultural Tractors

- FAQs -

As of 2021, the market for agricultural tractors reached nearly US$ 63 Mn
The agricultural tractors industry is expected to surpass a CAGR of 6% from 2022-2032.
The agricultural tractors market is expected to reach nearly US$ 113 Mn by 2032
Electrification of tractors along with efficient tractors for smaller farm lands are the key trends driving agricultural tractors sales.
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.
China, India, Greece, Italy and Lithuania are the top five countries driving demand for agricultural tractors.
Less than 40 HP engine power is expected to hold more than 45% market share for agricultural tractors.
2 WD tractors are expected to hold more than 75% market share for agricultural tractors.
The agricultural tractors industry is expected to possess nearly 40% market share throughout North America.
The agricultural tractors industry is expected to possess nearly 70% market share throughout Asia Pacific.

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