The global tractor market is expected to exhibit a growth rate (CAGR) of 3.99% during 2024-2032.
Market Growth Rate (2024-2032)
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 2024-2032. 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:
Breakup by Application:
Breakup by Region:
Middle East and Africa
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.).
Base Year of the Analysis
Power Output, Drive Type, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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Key Questions Answered in This Report
We expect the global tractor market to exhibit a CAGR of 3.99% during 2024-2032.
The rising adoption of tractors across the agriculture sector for plowing, tilling, harrowing, disking, planting, etc., is primarily driving the global tractor market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for tractors.
Based on the power output, the global tractor market can be categorized into below 40 HP, 40 HP - 100 HP, and above 100 HP. Currently, below 40 HP accounts for the majority of the global market share.
Based on the drive type, the global tractor market has been segregated into 2-wheel drive and 4-wheel drive, where 2-wheel drive currently holds the largest market share.
Based on the application, the global tractor market can be bifurcated into agriculture, construction, mining, forestry, and others. Currently, the agriculture sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global tractor market include 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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