Global Tractor Market to Grow at 4.3% During 2023-2028, Bolstered by Increasing Adoption of Farm Mechanization

August 18, 2021

The latest report by IMARC Group, titled “Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global tractor market is expected to grow at a CAGR of 4.3% during 2023-2028. A tractor is a high-power, low-speed traction vehicle and power unit that is mechanically similar to a truck. It is fitted with tillers, aerators, rotary cutters, cultivators, disc harrows, pallet forks, and various other attachments. It also consists of a power-takeoff accessory that is used to operate stationary or drawn machinery and implements. Tractors are also specifically designed to be used in the form of bulldozers, scrapers and diggers to pull, move, haul, plow, and till the land.

Global Tractor Market Trends: 

The global tractor market is primarily driven by the increasing mechanization in the agriculture industry. The rising labor costs and seasonal labor shortages are also propelling the market growth. Besides this, the increasing consumption of plant-based food products has resulted in the introduction of precision farming to improve farmland productivity. As a result, there has been a significant rise in the use of agricultural machinery on a large scale. Along with this, governments of various countries are taking initiatives to educate farmers on the importance of using agricultural machinery, including tractors. They are also offering subsidies and financial assistance to facilitate automation in agricultural processes. In addition to this, the construction of highways and smart cities has escalated the demand for tractors as they are used for load carriage, earthmoving and building activities. Furthermore, technological advancements have enabled manufacturers to integrate global positioning systems (GPS) and telematics with tractors. They have also introduced self-driving tractors with Wi-Fi connectivity that helps in increasing efficiency and productivity.

Market Summary: 

  • Based on the power output, the market has been segmented into below 40 HP, 40 HP - 100 HP, and above 100 HP.
  • On the basis of the drive type, the market has been classified into 2-wheel drive and 4-wheel drive.
  • The market has been categorized based on the application into agriculture, construction, mining, forestry, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Agco Corporation, Argo Tractors S.p.A, Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, Kubota Corporation, Mahindra & Mahindra Ltd. (Mahindra Group), Sonalika Group, Tractors And Farm Equipment Limited (Amalgamations Group), and Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.).

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Tractor Market to Grow at 4.3% During 2023-2028, Bolstered by Increasing Adoption of Farm Mechanization
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