Tractor Market Share, Size, Growth, Opportunity and Forecast 2020-2025

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

Market Overview:

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.

Global Tractor Market Growth Drivers:

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.

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.

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 for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on power output, drive type, application and region.

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.).

Key Questions Answered in This Report:

How has the global tractor market performed so far and how will it perform in the coming years?
What are the key regional markets?
What is the impact of COVID 19 on global tractor market?
What is the breakup of the market based on the power output?
What is the breakup of the market based on the drive type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global tractor market and who are the key players?
What is the degree of competition in the market?