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

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 Also, in H1 2022, product sales surged due to strong crop output in these countries and the need to replace outdated machinery.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.