Agricultural Tractor Market

Agricultural tractor market is predicted to reach at USD 132 Billion by 2028 at a CAGR of 5.4% CAGR during the forecast period.

Introduction of the Agricultural Tractor Market Report

A tractor is a farm vehicle that furnishes high power and low-speed traction to mechanize agricultural tasks. The tractor was designed to deliver a high tractive effort to haul trailers or machinery used in agriculture. Tractors can perform various tasks such as seeding, spraying fertilizer, and harvesting. Modern tractors are equipped with internal combustion engines running on gasoline, diesel, or LPG.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global agricultural tractor market include shortage of skilled labor and increasing labor cost due to the migration of people from rural to urban areas. The National Association of Business Economics stated that the labor shortage aren’t likely to go away any time soon. The initiative taken by governments across the world to provide funding and assist farmers with lower interest rates will propel the agricultural tractor market growth. For instance, the Government of India provides a 50% subsidy to farmers on buying tractors under the PM Kisan Tractor Scheme. Furthermore, technological advancement in the form of autonomous electric tractors will further propel market growth. Autonomous tractors are driverless tractors that use robotic technology to come up with high productivity and reduces human intervention. For instance, in 2020, Monarch Tractor launched a fully electric autonomous tractor that can perform pre-programmed tasks without a driver.

Restraint in the Agricultural Tractor Market

However, the tractor provides high power with low-speed traction, due to which it consumes a lot of fuel which increases the operation cost. This factor can act as a restraint and will hamper the agricultural tractor market growth.

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Engine Power – Segment Analysis

Based on the engine power, 40 Hp -110 Hp is expected to grow at a higher CAGR in the global agricultural tractor market over the forecast period.  The 40 Hp -110 Hp range tractors handle different farming tasks. This range tractor offers motility, and relatively affordable. For instance, according to one of the leading tractor company, Mahindra & Mahindra by volume, the company’s top-selling tractors are in this range, such as Mahindra YUVO and Mahindra NOVO.  Some of the other leading companies offering tractors in this range include John Deere and Chase IH.

Drive Type – Segment Analysis

Based on the drive type, 4WD is expected to grow at a higher CAGR over the forecast period. The 4WD tractor is equipped with a 4-wheel drive axile that divides power to all four wheels. This system enables the tractor to perform in all types of terrain and soil condition. The increasing demand for agricultural production will propel the 4WD tractor market growth. Farmers will require extensive and more powerful tractors for heavy application in farming to boost the agricultural process. For instance, in 2021, John Deere recorded 79% retail sales growth for the 4WD tractor in the North America region.

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Regional – Segment Analysis:

Based on the region, the APAC region is anticipated to grow at a higher CAGR over the forecast period. The growing agricultural sector in APAC will drive the market growth of agricultural tractors. According to Rabobank, the Asia region offers a significant portion in the global food chain, responsible for 19% of total global food and agricultural exports. The existence of key players in APAC such as Mahindra & Mahindra, Tafe Group, John Deere, Escorts, among others will propel the market growth. For instance, Mahindra & Mahindra one of largest tractor company sold 46875 units of farm equipment including tractors in India during June 2021 and exporting 1347 units.

Top Market Players

Various notable players operating in the market, include, Mahindra & Mahindra Ltd., Deere & Company, Tractors and Farm Equipment Limited, KUBOTA Corporation., Escorts Limited, New Holland Agriculture a brand of CNH Industrial, Massey Ferguson, Sonalika, Valtra Inc., ZIMENO INC DBA MONARCH TRACTOR, among others. 

Key Developments:

• • In 2021, Mahindra & Mahindra Ltd. launched 3 new Yuvo Tech+ tractors. The new Mahindra Yuvo Tech+ is launched with Mahindra’s new mZip 3-cylinder engine, equipped with higher cubic capacity technology.
  • In 2021, Tractors and Farm Equipment Limited launched new Dynatrack series, a world’s first tractor with VersaTECH technology.

Segments covered in the Report:

The global Agricultural Tractor market has been segmented on the basis of engine power, drive type, and operation. Based on engine power, the market is segmented into less than 40 Hp, 40 Hp -110 Hp and above 40 Hp. Based on drive type, the market is segmented into 2WD, and 4WD. Based on operation, the market is segmented into manual, and autonomous. 

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Key questions answered in this research report:

• • At what pace is global agricultural tractor market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in agricultural tractor market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global agricultural tractor market?
  • Which engine power generated maximum revenues in 2020 and identify the most promising engine power during the forecast period?
  • What are the various drive type areas of global agricultural tractor market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Agricultural Tractor Market by Engine Power

• • Less than 40 Hp
  • 40 Hp -110 Hp
  • Above 40 Hp

Global Agricultural Tractor Market by Drive Type

• • 2WD
  • 4WD

Global Agricultural Tractor Market by Operation

• • Manual
  • Autonomous

Global Agricultural Tractor Market by Region

• • North America Agricultural Tractor Market (Option 1: As a part of the free 25% customization)
    • North America Agricultural Tractor Market by Engine Power
    • North America Agricultural Tractor Market by Drive Type
    • North America Agricultural Tractor Market by Operation
    • US Agricultural Tractor Market All-Up
    • Canada Agricultural Tractor Market All-Up
  • Europe Agricultural Tractor Market (Option 2: As a part of the free 25% customization)
    • Europe Agricultural Tractor Market by Engine Power
    • Europe Agricultural Tractor Market by Drive Type
    • Europe Agricultural Tractor Market by Operation
    • UK Agricultural Tractor Market All-Up
    • Germany Agricultural Tractor Market All-Up
    • France Agricultural Tractor Market All-Up
    • Spain Agricultural Tractor Market All-Up
    • Rest of Europe Agricultural Tractor Market All-Up
  • Asia-Pacific Agricultural Tractor Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Agricultural Tractor Market by Engine Power
    • Asia-Pacific Agricultural Tractor Market by Drive Type
    • Asia-Pacific Agricultural Tractor Market by Operation
    • China Agricultural Tractor Market All-Up
    • India Agricultural Tractor Market All-Up
    • Japan Agricultural Tractor Market All-Up
    • Rest of APAC Agricultural Tractor Market All-Up
  • RoW Agricultural Tractor Market (Option 4: As a part of the free 25% customization)
    • RoW Agricultural Tractor Market by Engine Power
    • RoW Agricultural Tractor Market by Drive Type
    • RoW Agricultural Tractor Market by Operation
    • Brazil Agricultural Tractor Market All-Up
    • South Africa Agricultural Tractor Market All-Up
    • Saudi Arabia Agricultural Tractor Market All-Up
    • UAE Agricultural Tractor Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Agricultural Tractor Market All-Up

Major Players Operating in the Agricultural Tractor (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Mahindra & Mahindra Ltd.
  • Deere & Company
  • Tractors and Farm Equipment Limited
  • KUBOTA Corporation.
  • Escorts Limited
  • New Holland Agriculture a brand of CNH Industrial
  • Massey Ferguson
  • Sonalika
  • Valtra Inc.
  • ZIMENO INC DBA MONARCH TRACTOR