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

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). 

There have been several contributory factors to the recent consistent rise in the tractor market, including demand for high horsepower tractors, a growth rate in the mechanization of agriculture, and government policies aimed at promoting farm mechanization. Such a huge size mirrors how important tractors are to boosting the productivity of agriculture, and this market is foreseen to grow exponentially with a growth in precision farming techniques and demands for sustainable agricultural practices. There are short-term reasons for this increase in the sales of tractors across the globe that include short tractor replacement cycles, increasing prices of the labor force on farms, labor shortages across the seasons, and increasing rates of automation in farms-all across which the countries have been gaining an intense momentum. There are some of the top companies in the market that are more focused toward M&A deals and new products development. Technological progress in tractors has been a significant phenomenon influencing the European markets. Modern tractors are fitted with precision farming technology in automated steering, telematics, and GPS guiding systems. Such technologies improve operational effectiveness besides maximizing resource utilization and supporting sustainable agriculture by minimizing their negative impact on the environment. In a bid to increase production, more farmers are investing in tractors fitted with smart technologies and using precision farming techniques.