What is the Global market size of Tractor Market?

Global Tractor Market size was valued at USD 69.68 billion in 2021 and is poised to grow from USD 73.72 billion in 2022 to USD 115.74 billion by 2030, growing at a CAGR of 5.52% in the forecast period (2023-2030).

Who are the key vendors in the Global Tractor Market?

The competitive environment of the tractor market is dynamic and characterized by the presence of major players striving for market share and continuous innovation. The industry is marked by a focus on research and development to introduce advanced features, enhance fuel efficiency, and meet evolving emission standards. Regional players also contribute significantly, catering to specific market needs. Strategic collaborations and partnerships are common, reflecting efforts to expand market reach and offer comprehensive solutions. 'John Deere & Company', 'CNH Industrial N.V.', 'AGCO Corporation', 'Kubota Corporation', 'Mahindra & Mahindra Limited', 'SAME Deutz-Fahr S.p.A.', 'ARGO SpA', 'Yanmar Co., Ltd.', 'TracFone Wireless, Inc.', 'Escorts Limited', 'Tafe Motors Limited', 'PT Astra International Tbk', 'LS Mtron Ltd.', 'Sampo Rosenlew Ltd.', 'CLAAS KGaA mbH & Co KG', 'JCB Inc.', 'New Holland Agriculture N.V.', 'Mitsubishi Heavy Industries Ltd.', 'Volvo Construction Equipment AB', 'SDF Group'

What is the key driver of Global Tractor Market?

The continuous modernization of agriculture, with farmers increasingly adopting mechanized solutions to enhance efficiency and productivity. Rising global food demand, coupled with the need for precision farming, has bolstered the demand for technologically advanced tractors. Government initiatives and subsidies aimed at promoting farm mechanization also contribute significantly. The increasing trend of farm consolidation and the need for larger, more powerful tractors further stimulate market growth.

What is the key market trend for Global Tractor Market?

The integration of advanced technologies into tractor design, including precision farming tools, telematics, and GPS guidance systems. This technological evolution enhances operational efficiency, allowing farmers to optimize their agricultural practices. Another notable trend is the rising demand for compact and utility tractors, reflecting a shift towards smaller, more versatile machinery suited for diverse farm sizes. Sustainable and eco-friendly tractors, often powered by alternative fuels or electric sources, are gaining traction as environmental consciousness increases.

Which region accounted for the largest share in Global Tractor Market?

Asia-Pacific encompasses major agricultural economies such as India and China, where a significant portion of the global agricultural activities takes place and the region is likely to dominate the tractor market. The demand for tractors in Asia-Pacific is driven by large-scale farming operations, government initiatives to modernize agriculture, and the need for increased productivity.

Tractor Market Size, Share, Growth Analysis, By Type(Utility Tractors, Row Crop Tractors, Orchard Type Tractors, Industrial Tractors), By Drive(Two-Wheel Drive (2WD), Four-Wheel Drive (4WD), and others), By Application(Agriculture, Construction, Forestry, Landscaping), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25C2106 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 95 | Figures: 76

Tractor Market News

In October 2023, Ag-Pro was delighted to announce the successful acquisition of a John Deere dealership located in South Daytona, FL. Previously operating under the name "South Daytona Tractor & Mower," this establishment has been dedicated to serving Volusia County and its neighboring areas since the year 1990.
In February 2023, The merger of Mahindra Electric Mobility Limited (MEML) into its parent company, Mahindra and Mahindra Limited (M&M), was formally completed. The M&M Board had previously announced that MEML would integrate into M&M starting from April 1, 2021, to streamline electric vehicle (EV) development, manufacturing, and sales operations.
In April 2023, Mahindra & Mahindra will introduce 40 tractor models on the OJA platform, which it recently introduced. The organization intends to focus on the markets in Africa, Asia, India, and Thailand.
In March 2023, John Deere announced MY24 improvements for its array of 7, 8, and 9 Series Tractors, which will aid in preparing them for precision agriculture's future.

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Global Tractor Market size was valued at USD 73.72 billion in 2022 and is poised to grow from USD 77.79 billion in 2023 to USD 119.56 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2031).

Global companies, such as AGCO Corporation (Massey Ferguson and Fendt), John Deere, CNH Industrial (Case IH and New Holland), and Kubota, dominate the European market. These highly aggressive players offer an extensive range of models with various capabilities and powers to cater to the diverse needs of farmers within Europe. Since after-sales services are vital in the agricultural machinery industry, competition is not just on product offers but also on networks of service and support. 'John Deere & Company', 'CNH Industrial N.V.', 'AGCO Corporation', 'Kubota Corporation', 'Mahindra & Mahindra Limited', 'SAME Deutz-Fahr S.p.A.', 'ARGO SpA', 'Yanmar Co., Ltd.', 'TracFone Wireless, Inc.', 'Escorts Limited', 'Tafe Motors Limited', 'PT Astra International Tbk', 'LS Mtron Ltd.', 'Sampo Rosenlew Ltd.', 'CLAAS KGaA mbH & Co KG', 'JCB Inc.', 'New Holland Agriculture N.V.', 'Mitsubishi Heavy Industries Ltd.', 'Volvo Construction Equipment AB', 'SDF Group'

It relates the rising population worldwide directly to increased agricultural production and is one of the important reasons for the growing demand for tractors. To cater to increased food demands, farmers are now using tractors to perform all the necessary chores such as planting, harvesting, or plowing. These devices facilitate more massive farming activities, and combined with greater productivity, allow farmers to farm more land within less time. Food security is increasingly a very urgent requirement globally and as farmers realize that purchasing new machinery raises productivity and aids in sustainable farming, tractor sales are predicted to increase.

Alternative Fuels and Electrification: The tractor market is undergoing an emerging trend of electrification and more utilization of alternative fuel. The threat of carbon emissions and environmental is making the producers invest more in electric and hybrid tractor models. Environmentally conscious farmers will be interested in these vehicles because they not only offer silent functions and reduce dependence on fossil fuels but save running costs. On top of that, when biofuels and hydrogen-powered tractors are developed, the market is set to become yet more diversified. This supports global sustainability goals and fosters innovation in agriculture as more farmers seek higher output while leaving as little environmental impact as possible.

Asia-Pacific held the largest share of the global tractor market over the forecast period due to the massive presence of smallholder farmers in the region and increasing government support for agricultural mechanization. Innovations in tractors and their companion technologies are significant in the region. Traction manufacturers are incorporating technological aspects like robotics, automation, and GPS in such tractors to counter the competition from Chinese companies, which is selling its merchandise at a lower price than international participants. In addition, the government of each country is seriously pursuing several initiatives to enhance the mechanism in farming. For instance, to boost the development of the tractor market in India, the Government put forward schemes, such as the Rashtriya Krishi Vikas Yojana, that provides incentives to farmers, and National Bank for Agriculture and Rural Development (NABARD), providing incentives.

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What is the global market size of Tractor Market?

Who are the key vendors in the Tractor Market?

What is the key driver of Tractor Market?

What is the key market trend for Tractor Market?

Which region accounted for the largest share in Tractor Market?

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