USD 67.39 billion
Industrial Tractor Market Size, Share, Growth Analysis, By Type(Utility Tractors, Row Crop Tractors, Garden Tractors, and Industrial Loaders), By Application(Agriculture, Construction, Mining and Forestry), By Power Output(40 HP, 40-99 HP, 100-199 HP and More than 200 HP), By Driver Type(2-Wheel Drive, 4-Wheel Drive), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20H2019 |
Region:
Global |
Published Date: February, 2024
Pages:
232
|Tables:
117
|Figures:
77
Industrial Tractor Market Insights
Global Industrial Tractor Market size was valued at USD 67.39 billion in 2019 and is poised to grow from USD 70.09 billion in 2023 to USD 95.92 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
The market for industrial tractors is growing as a consequence of factors such rising demand for mining and construction activity, growing government spending on infrastructure development, and the need for better agricultural productivity. The creation of technologically advanced and environmentally friendly tractors is also expected to drive market growth.
However, the market saw a significant rebound in H1 2022, with double-digit growth in important economies like the U.S., Canada, the United Kingdom, Germany, China, and India. Also, in H1 2022, product sales surged due to strong crop output in these countries and the need to replace outdated machinery. However, a sudden rise in demand resulted in lower tractor inventory levels in H2 2022, and this trend is expected to persist for the remaining quarters of 2022. Manufacturers are predicted to raise industrial tractor prices by 4% to 22% in 2019, which is anticipated to stifle market growth. That is attributed to the dealers' low tractor inventory levels.
One of the key factors limiting the market's growth is the high price of industrial tractors and the maintenance associated with them. A further factor that can restrict expansion is the availability of alternative technologies such drones and autonomous vehicles. Opportunities for the industrial tractor market are expected to arise from the increasing demand for organic food and the use of precision farming methods. Additionally, it is expected that the industry would see new opportunities due to the introduction of novel goods like smart tractors that can be operated remotely.
US Industrial Tractor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
2-Wheel Drive
Fastest Growth
2-Wheel Drive
Growth Rate
4% CAGR
Global Industrial Tractor Market ($ Bn)
Country Share for North America Region (%)
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Industrial Tractor Market Segmental Analysis
Global Industrial Tractor Market is segmented based on Type, Application, Power Output, Driver Type and region. Based on Type the Industrial Tractor Market is segmented into Utility Tractors, Row Crop Tractors, Garden Tractors, and Industrial Loaders. Based on Application the Industrial Tractor Market is segmented into Agriculture, Construction, Mining and Forestry. Based on Power Output the Industrial Tractor Market is segmented into 40 HP, 40-99 HP, 100-199 HP and More than 200 HP. Based on Driver Type the Industrial Tractor Market is segmented into 2-Wheel Drive, 4-Wheel Drive. Based on region the global Industrial Tractor Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Industrial Tractor Market Analysis by Power Output
The 40 HP segment dominated the global market in 2022. Low cost, compact size, and greater convenience provided by tractors with 40 HP for performing out all essential farming operations are factors that contribute to the high growth. The farmers in the region prefer using these tools, which are mainly used in the Asia Pacific region, where 85% of farmlands are larger than 10 hectares. Furthermore, over the following several years, momentum is expected to build in favor of electrifying tractors in the sub-40 HP segment.
The segment of 40 HP to 99 HP is projected to grow at a high CAGR over the duration of the forecast period. It is thought to be due to a rise in demand for these tractors from mature economies including the United States, Japan, and Germany. Rising income levels, tech-savvy farmers, and well-established after-sales services are predicted to promote the segment growth throughout the forecast period. The growing demand for high-power tractors for farms larger than 10 hectares is one long-term driver projected to propel the category during the forecast period.
Industrial Tractor Market Analysis by Application
The global market is dominated by the agriculture sector segment. This is because of the widespread use of industrial tractors in farming operations like plowing, planting, and harvesting. Also, as a result of population increase, there is an increasing demand for food, which raises the need for trying to cut farming equipment, such as industrial tractors. Thus, it is expected that the agriculture industry will continue to rule the industrial tractor market in the years to come. However, due to the expansion of infrastructure and rising demand for raw materials, the building, mining, and forestry segments are all significant and are expected to grow.
Global Industrial Tractor Market By Type
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Industrial Tractor Market Regional Insights
Asia-Pacific dominated the global market. The need for industrial tractors is being driven by the region's strong rise in infrastructure development activities, including construction and mining. In addition, the industry is expanding as more nations, including China and India, adopt precision agriculture methods. Major manufacturers like Mahindra & Mahindra (India) and Kubota Corporation (Japan) are present in the region, which is assisting to fuel the development of the industrial tractor market in the Asia-Pacific region.
Over the forecast period, Europe is anticipated to experience volume growth at a moderate CAGR. The increase in demand for large farm tractors, particularly from Italy, Greece, and Lithuania, is blamed for the expansion. Additionally, over the course of the forecast period, the high demand for autonomous tractors is anticipated to propel regional market expansion. However, a prolonged wait time for new tractor purchases as a result of production delays is anticipated to restrain market growth over the forecast period.
Global Industrial Tractor Market By Region
- Largest
- Fastest
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Industrial Tractor Market Dynamics
Industrial Tractor Market Drivers
Agricultural sector growth
- The development of the agricultural industry is tightly linked to the demand for industrial tractors. The demand for food is rising as the world’s largest population expands, which has fueled the growth of the agricultural sector and increased the need for industrial tractors.
Growth in the construction sector
- In the construction industry, heavy-duty tasks like earthmoving, excavation, and other activities require for the use of industrial tractors. The demand for industrial tractors is being fueled by the growth of the construction sector, particularly in emerging markets.
Technological advancements
- The demand for industrial tractors is being fueled by technological advancements such automation, precision farming, and the use of sensors. Farmers are discovering it simpler and more profitable to manage their fields due to these technologies.
Industrial Tractor Market Restraints
High prices
- High cost of industrial tractors may limit their wide use in some areas. Small-scale farmers in particular might find it difficult to pay for a label industrial tractor.
Costs of maintenance
- Regular servicing is required for industrial tractors, which raises the total cost of ownership. These ongoing costs can deter some farmers.
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Industrial Tractor Market Competitive Landscape
These companies provide a range of industrial tractors, including models made for forestry, construction, and agricultural use. To increase market share and stay competitive in the industry, they compete on a set of factors, including price, quality, innovation, and customer service. In addition, a lot of these companies work over many countries and countries, giving it a strong global presence.
Industrial Tractor Market Top Player’s Company Profiles
- John Deere
- CNH Industrial N.V.
- AGCO Corporation
- Kubota Corporation
- Mahindra & Mahindra Ltd.
- Escorts Limited
- Yanmar Co., Ltd.
- Claas KGaA mbH
- Same Deutz-Fahr Group S.p.A.
- JCB Inc.
- Hitachi Construction Machinery Co., Ltd.
- SDF S.p.A.
- Doosan Bobcat Inc.
- KIOTI Tractor
- New Holland Agriculture
- TAFE - Tractors and Farm Equipment Limited
- Foton Lovol International Heavy Industry Co., Ltd.
- Farmtrac Tractors Europe
- VST Tillers Tractors Ltd.
- Argo Tractors S.p.A.
Industrial Tractor Market Recent Developments
- In November 2022, The T8 tractor with Raven Autonomy, an autonomous grain cart harvest application, made its debut at SIMA 2022 for New Holland. It uses Omni DRIVE, the first driverless agriculture technology for harvesting grain carts in the world. The farmer may control, synchronize, and monitor an autonomous tractor from the harvester's cab thanks to cutting-edge technology stack.
- In August 2022, in order to increase traction and lessen soil compaction, John Deere introduced the 9RX Series of four-track tractors.
Industrial Tractor Key Market Trends
- The market for industrial tractors is also being affected by the rise of electric cars, since several companies are developing electric tractors that have lower operating costs and emissions.
- The use of technology and data analysis to maximize crop yields is known as "precision farming," and it is becoming more and more important in the agriculture sector. As a result, a lot of industrial tractor producers are providing their products precision farming features.
- Autonomous tractors are becoming more common in the industrial tractor sector. Such tractors use sensors and artificial intelligence to navigate and carry out duties. For farmers, these tractors can improve efficiency while lowering labor expenses.
Industrial Tractor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Industrial Tractor market analysis, the market is growing as a consequence of factors such rising demand for mining and construction activity, growing government spending on infrastructure development, and the need for better agricultural productivity. Opportunities for the market growth are expected to arise from the increasing demand for organic food and the use of precision farming methods. Additionally, it is expected that the industry would see new opportunities due to the introduction of novel goods like smart tractors that can be operated remotely.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 67.39 billion |
| Market size value in 2031 | USD 95.92 billion |
| Growth Rate | 4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Tractor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Tractor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Tractor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Tractor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Tractor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Tractor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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