Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2362
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Market Overview 2023-2028:

The global tractor market is expected to exhibit a CAGR of 4.3% during 2023-2028. 

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.

Tractor Market Trends:

The introduction of precision farming along with the rising adoption of farm mechanization to increase productivity is also bolstering the demand for tractors. The tractor 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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global tractor market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on power output, drive type and application.

Breakup by Power Output:

  • Below 40 HP
  • 40 HP - 100 HP
  • Above 100 HP
     

Breakup by Drive Type:

  • 2-Wheel Drive
  • 4-Wheel Drive
     

Breakup by Application:

  • Agriculture
  • Construction
  • Mining
  • Forestry
  • Others


Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

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.).

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Power Output, Drive Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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