The Global Agricultural Tractors market was valued at approximately USD 92.91 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2032, reaching USD 144.45 billion by 2032. The increasing adoption of farm mechanization, particularly driven by government support and subsidies, is contributing significantly to the growth of this market. Additionally, the rising demand for compact tractors in small farms and technological advancements, such as autonomous tractors, are fueling the market's growth. Companies are heavily investing in R&D to develop tractors with enhanced capabilities, such as electric-powered models, to cater to the evolving needs of modern agriculture.
The tractor market has witnessed a surge in demand for high-performance machines designed to work in challenging soil conditions. Manufacturers like Deere & Company, Mahindra & Mahindra Ltd., and VST Tillers & Tractors Ltd. have introduced tractors with power outputs exceeding 100 HP to meet this demand. For instance, Deere & Company's 8 Family tractor line, launched in 2020, includes cutting-edge models with precision agriculture technology that offers flexibility in configuration, options, and horsepower, significantly boosting the market's growth.
The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America held a significant market share in 2021, driven by the strong presence of major players and advancements in tractor technology. Meanwhile, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, with countries like China and India driving the demand for agricultural machinery due to their large farming sectors.
Major market players included in this report are:
CNH Industrial N.V.
Deere & Company
CLAAS KGaA mbH
Escorts Ltd.
International Tractors Ltd.
Yanmar Co., Ltd.
Kubota Corporation
Mahindra & Mahindra Ltd.
Tractors and Farm Equipment Ltd.
ZETOR TRACTORS
JCB Limited
TAFE - Tractors and Farm Equipment Limited
Iseki & Co., Ltd.
LS Mtron Ltd.
Sonalika Group (International Tractors Limited)
The detailed segments and sub-segments of the market are explained below:
By Engine Power:
Below 40 HP
40 HP-120 HP
121 HP-180 HP
181 HP-250 HP
More Than 250 HP
By Application:
Harvesting
Seed Sowing
Irrigation
Others
By Type:
ICE
Electric
By Operation:
Manual Tractor Vehicle
Autonomous Tractor Vehicle
By Driver Type:
2-Wheel Drive
4-Wheel Drive
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.