The agricultural tractors market is anticipated to reach a value of US$ 63 million in 2022, with a projected Compound Annual Growth Rate (CAGR) of 6%. Over the assessment period from 2022 to 2032, it is expected to exhibit a significant growth, accumulating a market value of US$ 113 million.
The global agricultural tractors market is witnessing significant growth due to several key factors. One of the primary drivers is the increasing demand for food globally, driven by population growth and changing dietary habits. Agricultural tractors play a crucial role in modern farming practices, enhancing efficiency and productivity. Moreover, the adoption of mechanized farming techniques, particularly in developing countries, is fueling the demand for tractors.
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Market Dynamics:
The agricultural tractors market is influenced by various factors, including government policies, technological advancements, and environmental concerns. Government subsidies and incentives for agricultural mechanization are driving the adoption of tractors among farmers. Technological advancements, such as the integration of GPS and precision farming techniques, are further boosting the market growth. Additionally, the growing focus on sustainable agriculture and the use of alternative fuels in tractors are shaping the market dynamics.
Market Future Outlook:
The future outlook for the agricultural tractors market remains positive, with continued growth expected in the coming years. The market is projected to witness significant expansion, especially in emerging economies, where mechanization levels are relatively low. The introduction of advanced tractors with improved fuel efficiency and precision farming capabilities is expected to drive market growth. Moreover, the increasing trend of contract farming and the growing popularity of autonomous tractors are likely to create new opportunities for market players.
Market Insights:
The global agricultural tractors market is segmented based on power output, drive type, application, and region. By power output, the market is segmented into less than 40 HP, 40-99 HP, 100-199 HP, and more than 200 HP. Based on drive type, the market is classified into two-wheel drive and four-wheel drive. On the application front, the market is segmented into farming, harvesting, and others. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Players:
- 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.
Competitive Landscape:
In January 2022, Deere & Company unveiled a fully autonomous tractor that has reached the stage of large-scale production readiness. This cutting-edge tractor incorporates a GPS system, advanced technologies, and a Tru-Set enabled chisel plow. Moreover, it is anticipated that this remarkable tractor will be made available in the market by the conclusion of 2022.
Additionally, Deere & Company was honored with eight prestigious AE50 awards for its exceptional product engineering by the American Society of Agricultural and Biological Engineers (ASABE). The company's primary focus lies in enhancing the efficiency of its diverse range of products, aiming to deliver immediate and tangible outcomes.
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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
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