The global tractor market grew at a CAGR of around 6% during 2014-2019. A tractor refers to a specifically engineered vehicle designed for providing high torque at a slow speed. Tractors are mainly used in the agriculture sector for plowing, tilling, harrowing, disking, and planting. Apart from this, they are also used for load carriage, earthmoving, and building activities in the construction industry. Some of the key factors driving the global demand for tractors include rising labour costs, increasing consumption of plant-based food products, rising rural incomes, government incentives, seasonal labour shortages, etc.
The introduction of precision farming along with the rising adoption of farm mechanization to increase productivity is also bolstering the demand for tractors. The market is further being driven by the rising number of farm training programs promoting the use of agricultural machinery on a large scale. Additionally, governments across several developing countries are also providing subsidies and financial assistance to facilitate the automation of various agricultural processes. Apart from this, the rising number of building and construction projects is also augmenting the demand for tractors in the construction sector. Furthermore, various technological advancements have led to the emergence of advanced tractors with pre-installed GPS and telematics devices. The growing popularity of automated commercial vehicles along with the high penetration of wireless connectivity for remote monitoring is also expected to drive the global tractor market.
The COVID-19 pandemic outbreak in early 2020, however, has negatively impacted the global tractor market as several construction and agricultural activities came to a halt. Additionally, the production facilities manufacturing tractors were also temporarily shut down across the globe disrupting the supply chains. The global tractor market, however, is expected to recover from 2021 onwards and grow moderately during 2021-2025.
Breakup by Power Output:
Breakup by Drive Type:
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Breakup by Region:
The competitive landscape of the industry has also 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.).
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