U.S. Tractor Market - Industry Analysis & Forecast 2024-2029

The U.S. Tractor Market totaled 280.09 Thousand Units in 2023, and is expected to reach 356.84 Thousand Units by 2029, rising at a CAGR of 4.12%.

SEGMENTATION INSIGHTS

INSIGHTS BY HORSEPOWER

The U.S. tractor market is categorized into the following segments based on the horsepower types: less than 46 HP, 46-100 HP, 101-250 HP, and above 250 HP. With less than 46, the HP segment has generated the highest sales in most regions. Tractors in this HP range can easily handle small and medium-sized fields and heavy-duty mowing tasks. Market trends driving less than 46 HP range tractor sales include:

• Crop Adaptability: Farmers favor this HP range of tractors due to their versatility across various crops, accommodating the diverse worldwide agriculture.
• Sustainability Focus: Sustainable farming practices are a priority, and small & medium-sized tractors, with their efficient power-to-efficiency ratio, align well with eco-friendly approaches.
• Cost-Effective Solutions: In a globally competitive agricultural landscape, a small HP range of tractors offers cost-effective alternatives to larger models, attracting budget-conscious farmers while delivering substantial performance.

Segmentation by Horsepower

• Less Than 46 HP
• 46-100 HP
• 101-250 HP
• Above 250 HP

INSIGHTS BY DRIVE TYPE

In the U.S. tractor market, 2-wheel-drive tractors have higher sales than 4-wheel-drive tractors. Ease of driving and flexibility with light loads and in plain fields are significant factors that boost the demand for two-wheel-drive tractors. John Deere, New Holland, and Massey Ferguson hold most of the 2-wheel-drive tractors segment share.

Segmentation by Drive Type

• 2-Wheel-Drive
• 4-Wheel-Drive

REGIONAL ANALYSIS

The Midwest region has the largest market share in the U.S. tractor market. It represents one of the most intense areas of agricultural production in the world and constantly improves the global economy. The Midwest is the leading region with a high penetration of compact tractors. The area's hilly and plateau terrain has driven the adoption of small HP tractors. Also, the region offers a variety of agricultural production beyond soybeans and corn.

Northeast's geography is dominated mainly by forest area, although it contains grasslands, coastal zones, beaches and dunes, wetlands, and abundant marine and freshwater fisheries. Concerning the farmland holding structure, small and medium farmers of the Northeast region have total land holdings of 18,820 hectares, so farmers invest in low HP (less than 46 HP) tractors. The U.S. tractor market is currently in the growth stage, and manufacturers are seeking capacity augmentation. The country's Northeast region still has negligible farm mechanization, and vendors can explore these regions with a portfolio of small tractors suitable for the region's rolling hills and low mountains.

The major crops of the South region are soybean and wheat. The region is growing due to fertile soil and a warm Mediterranean climate. The region's small and medium land holdings mostly use 46-100 HP tractors. Furthermore, a sub-tropical and humid climate characterizes the West region. The region experiences hot summers, heavy rainfall during monsoons, and moderate winters. The high prevalence of small and marginal farmers and the focus of both private and public bodies on improving agriculture aspects in the region are driving the potential for the sales of tractors in the below 46 HP and 46-100 HP segments.

Segmentation by Geography

• The U.S.
• Northeast
• Midwest
• South
• West

COMPETITIVE ANALYSIS

The U.S. tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the market. Global brands not previously present in the U.S. are planning to enter the market. For instance, VST Tillers Tractors Ltd, an India-based company, has announced that it will enter the U.S. market in the next two years. Further, the industry has established players in various segments. Vendors have improved their aftersales services, making customers loyal to the existing brands.

Established global players are moving toward increasing the introduction of technology in their offerings to attract more customers. For instance, CNH Industrial has introduced autonomous technology in agriculture tractors with Case IH, New Holland, and Steyr tractor brands. The company has already incorporated technology in its agriculture tractors, such as auto-steering and telematics. John Deere and AGCO worked to introduce the autonomous concept in their tractors. Furthermore, regarding advanced tractor technology, John Deere has equipped many models with GPS, location tracking, image sensors, and telematics to assist in field navigation. The company has also equipped its S700 model with features to autonomously adjust the harvesting equipment according to the state of crops. Vendors, such as ARGO and John Deere, provide direct financing to farmers to encourage them to buy tractors and other related agricultural machinery.

Recent Developments by Top Brands in the U.S. Tractor Market

• In 2023, AGCO launched an electric tractor, Fendt 600 Vario, providing 150-200 Horsepower.
• In 2023, Kubota launched a fourth-generation M7 series of tractors.
• In 2023, Kubota introduced M5002 Narrow series tractors. The tractors are used in orchids and wine wards.
• In December 2022, CNH Industrial presented the prototype of the T7 Methane Power LNG & natural gas-powered N67 NG engine.
• In February 2022, Massey Ferguson launched the MF 6S series tractors. This machine provides up to 180 HP with advanced technology.
• In February 2022, AGCO and AgRevolution showcased new solutions from Fendt, Massey Ferguson, and Hesston Massey Ferguson at the National Farm Machinery Show in Louisville, Kentucky.

Key Company Profiles

• Deere & Company
• TAFE
• CNH Industrial
• AGCO
• Kubota

Other Prominent Vendors

• CLAAS
• Same Deutz-Fahr
• Mahindra & Mahindra
• Yanmar
• Mitsubishi Agricultural Machinery (MAM)
• SOLIS
• KIOTI
• Arbos Group
• Iseki
• Escorts Kubota
• Lovol
• ARGO Tractors
• ACE
• JCB

WHY SHOULD YOU BUY THIS REPORT?

This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:

• Market Size & Forecast Volume (units) 2020-2029
• Segmentation by Horsepower
• Segmentation by Drive Type
• Segmentation by Geography
• Production and trade values
• Major current and upcoming projects and investments
• Competitive intelligence about the economic scenario, advantages, industry dynamics, and market shares
• Innovative technologies
• Market share by each HP segment
• Market share by each country
• Company profiles of major and other prominent vendors
• Market shares of major vendors

KEY QUESTIONS ANSWERED

1. How big is the U.S. tractor market?
2. What are the expected units sold in the U.S. tractor market by 2029?
3. What is the growth rate of the U.S. tractor market?
4. Which region holds the largest U.S. tractor industry share?
5. Who are the key companies in the U.S. tractor market?