The global agricultural tractors market revenue was around US$ 59.9 billion in 2021 and is estimated to reach US$ 98.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2022 to 2031.
Tractors are used as agricultural vehicles to power a variety of tasks like ploughing, harrowing, planting, and tilling. Less than 20 HP to more than 60 HP are among the power ranges that are offered. Row crops, gardens, and orchards are just a few of the uses for it.
Factors Influencing Market Growth
Government assistance for the development of agricultural operations, an increase in the use of precision farming, and improvements in tractor technology are expected to fuel market growth.
Rising consumer demand for fuel-efficient tractors and an increase in the mechanization of agricultural processes is anticipated to create lucrative opportunities in the market.
Farmers lack knowledge about effective agricultural tractors and the expensive cost of vehicles may hamper the market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the government enacted a lockdown, import-export bans on products used as raw materials. This caused the availability of crucial raw materials for automotive components to suddenly diminish. As a result, supply chains and production schedules were disrupted. The market has already been adversely affected by the COVID-19 outbreak, which has affected the expansion of the tractor sector globally.
The agriculture and automobile industries also experienced a loss in business due to the closing of national and international borders, which has blocked the movement of components that are produced in other countries and delivered to other manufacturers' locations. The component delivery process was so severely impacted by this stalled movement that the majority of the enterprises were forced to make cost-cutting decisions to sustain their losses.
Asia Pacific dominated the agricultural tractors market in terms of volume and is anticipated to maintain its dominance throughout the forecast period. India is the country with the most growth, followed by China and the rest of the region. Easy financing access, a good Minimum Support Price (MSP), and a better monsoon. These factors are anticipated to boost the market growth in this region.
The leading competitors in the global agricultural tractors market are:
Agco Tracto (Fendt)
Gromax Agri Equipment Limited
John Deere Tractors
Monarch Tractor Electric Tractor
New Holland Tractors
The global agricultural tractors market segmentation focuses on Power Output, Drive Type, Propulsion, Operation, and Region.
Segmentation based on Power Output
Less than 30 HP
30 to 50 HP
51 to 100 HP
More than 100HP
Segmentation based on Drive Type
4 Wheel Drive
2 Wheel Drive
Segmentation based on Propulsion
Electric and Hybrid
Segmentation based on Operation
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America