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Global Farm Tractors Market 2023-2026

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    Report

  • 195 Pages
  • March 2023
  • Region: Global
  • The Freedonia Group
  • ID: 5769799

Featuring 88 tables and 40 figures - available in Excel and Powerpoint.

This report includes data from 2011-2031 in 5 year intervals and tables featuring year-by-year data for 2018-2025.

The study analyzes the more than $55 billion global farm tractor market. The study provides agricultural tractor demand for 2011, 2016, and 2021, and forecasts for 2026 and 2031. We also offer annual data for all countries for the 2018-2025 period. This study also presents farm tractor demand by type (wheel tractors, crawler tractors, and pedestrian-controlled tractors) for 20 countries. Finally, it evaluates the market share for the top six manufacturers worldwide, such as AGCO, Deere, and Kubota. 

Global farm tractor demand is projected to increase 7.0% annually to $77.8 billion in 2026. However, a significant portion of market value growth - particularly during the first half of the forecast period - will be mostly the result of higher prices that have resulted from high rates of inflation around the world, supply chain issues, and a chip shortage. In unit terms, demand will increase just 1.1% per year off of a relatively healthy 2021 base. Real gains are expected to grow at a faster pace in the latter part of the forecast period as the global economy continues to normalize. Growth in this period will be bolstered by:

  • advances in global farming agricultural activity and rising agricultural commodity prices, leading to farm income growth
  • farmers are increasingly replacing aging machinery and investing in newly developed agricultural technologies as they face a variety of workforce issues (e.g., skilled operator shortages, rising wages, new protections for workers)
  • high levels of government support for their respective agricultural sectors, ranging from direct subsidies to farmers to programs promoting advanced farming practices to more specialized initiatives (such as farm machinery rental schemes in India)
  • government and industry initiatives designed to insulate farmers from the impact of climate change, reduce the environmental impact of farming, and promote technological innovation in the agricultural sector

Asia/Pacific, North America, & Western Europe Account for Vast Majority of Absolute Gains

The large Asia/Pacific market is projected to register the largest gains during the forecast period; multiple developing and mature markets will perform well through 2026:

  • The growing use of state-of-the-art tractors - including automated, and electric and hybrid models - will be the leading driver of market gains in countries such as Australia, Japan, South Korea, and Taiwan.
  • In developing nations, farmers will increasingly purchase tractors as they shift away from manual farming techniques.

Governments in countries such as China, India, and Thailand will play active roles in the development of their agricultural sectors. Multiple government and nongovernment-funded projects will promote sustainable and more advanced farming techniques, thereby generating demand for tractors. In addition, the replacement of pedestrian-controlled tractors with wheeled and crawler models will drive gains in dollar terms.

The favorable growth prospects of the mature West European and North American markets can be attributed to the significant tractor replacement needs of both regions. Farmers in Western Europe and North America invest heavily in technology because of their large financial resources and high levels of government support; consequently, they will be among the first adopters of newly developed tractors. The intensification of agricultural sector workforce issues - as well as the adoption of new regional and national regulations - will drive investment in newly developed farming technologies.

Demand by Region

Through 2026, global demand for farm tractors is projected to advance 7.0% annually to $77.8 billion. The use of tractors will continue expanding swiftly in most developing regions because these machines represent the most basic type of agricultural equipment; as such, they are typically the first machines purchased by farmers because they:

  • perform multiple functions
  • are suitable for a wide range of applications, ranging from orchards to grain farming
  • have compatibility with numerous attachments
  • are available in most countries
  • have long lifespans

The vast range of tractor sizes available enables farmers to purchase the model that best fits their agricultural needs and budget. Developing nations also tend to specialize in the manufacture of tractors, which guarantees the widespread availability of affordable models.

In North America, Europe, and mature Asia/Pacific markets, tractor segment gains will be bolstered by:

  • their massive replacement needs
  • the introduction of newly developed models, including those that automate key functions
  • the incorporation of new technologies - ranging from sophisticated sensors to advanced hybrid and electric engines - which will drive up machinery prices and contribute to gains in value terms

In recent years, leading tractor manufacturers have started selling state-of-the-art models in markets that are at earlier stages of development, such as Argentina, Brazil, China, Mexico, Russia, Thailand, and Turkey. Growing concerns about a variety of workforce issues and intensifying competition from abroad will drive spending on these newly developed tractors.

Agricultural Commodity Pricing

Changes in commodity prices, and thus farm income, are a key factor in the outlook for the global farm tractor industry. Key commodities include: 

  • corn
  • dairy products
  • fresh vegetables
  • potatoes
  • rice
  • soybeans
  • sugar cane
  • wheat

Commodity prices vary around the world, especially at the local level. However, the increasingly global scope of the agricultural industry results in prices settling around global averages.

Crop yields in a given year also affect the price. Years with higher-than-average yields will generally result in lower prices for agricultural goods, while years, when crop yields are low, can drive up prices.

Fluctuations in crop prices can influence the types of crops produced in a country, as low prices for a certain crop can cause farmers to plant other, more profitable crops for future harvests. Many national governments subsidize crops and offer aid to farmers in an effort to maintain farm production, particularly for strategically important agricultural commodities. However, not all crops are subsidized nor do all nations participate in farm subsidies.

Unlike many industries, where raw material or commodity prices can result in reducing or eliminating production, agricultural commodities are essential for sustaining a healthy population, and thus many farmers continue to grow and produce crops even when prices are low. However, low crop prices do impact a farmer’s ability or willingness to invest in farm tractors - as when crop prices are low there may not be sufficient capital to purchase a new top-of-the-line tractor. In these instances, farmers may choose to repair existing tractors or purchase either lower-priced new tractors or used tractors.

Table of Contents


1. Executive Summary
2. About This Report
  • Report Details
  • Study Scope & Product Description
  • Impact of the COVID-19 Pandemic
3. Overview
  • Historical Market Trends
  • Demand by Region
  • Demand by Type
  • Wheeled Tractors
  • Crawler Tractors
  • Pedestrian-Controlled Tractors
  • Leading Country Markets
  • Pricing Trends
  • International Trade
  • Market Share
4. Factors Impacting Farm Tractor Demand
  • Global Agricultural Outlook
  • Agricultural Commodity Pricing
  • Labor Force Productivity in Agriculture
  • Government Subsidies & Regulations
  • Crop Subsidies
  • Emissions Regulations
  • Safety Regulations
  • Technical Standards
  • Technology Trends
  • Current Farm Tractor Technology
  • Technological Outlook: Automation & Other Advanced Technologies
  • Functional Competition (Used & Rebuilt Equipment)
5. North America
  • North America: Farm Tractor Market Size
  • North America: Demand by Country & Type
  • United States
  • Canada
  • Mexico
6. Central & South America
  • Central & South America: Farm Tractor Market Size
  • Central & South America: Demand by Country & Type
  • Brazil
  • Argentina
  • Other Central & South America
7. Western Europe
  • Western Europe: Farm Tractor Market Size
  • Western Europe: Demand by Country & Type
  • France
  • Italy
  • Germany
  • United Kingdom
  • Spain
  • Netherlands
  • Other Western Europe
8. Eastern Europe
  • Eastern Europe: Farm Tractor Market Size
  • Eastern Europe: Demand by Country & Type
  • Russia
  • Poland
  • Other Eastern Europe
9. Asia/Pacific
  • Asia/Pacific: Farm Tractor Market Size
  • Asia/Pacific: Demand by Country & Type
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Other Asia/Pacific
10. Africa/Mideast
  • Africa/Mideast: Farm Tractor Market Size
  • Africa/Mideast: Demand by Country & Type
  • Turkey
  • Other Africa/Mideast
11. Appendix
  • Scope
  • Definitions
  • Study-Specific Methodology
  • Sources
  • Associations & Agencies
  • Related Studies & Reports
  • Country Lists by Region
  • Macroeconomic Assumptions
  • Economic Environment
  • Demographic Trends
List of Tables
2. About This Report
Table 2-1. Annual Global Farm Tractor Demand by Region, 2019 - 2022 (million dollars)
Table 2-2. Annual Global Farm Tractor Demand by Type, 2019 - 2022 (million dollars)

3. Overview
Table 3-1. Global Farm Tractor Demand, 2011 - 2021 (million dollars)
Table 3-2. Global Farm Tractor Demand by Region, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 3-3. Annual Global Farm Tractor Demand by Region, 2018 - 2025 (million dollars)
Table 3-4. Global Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 3-5. Annual Global Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 3-6. Global Wheeled Farm Tractor Demand by Region, 2011, 2016, 2021, 2026, & (million dollars)
Table 3-7. Annual Global Wheeled Farm Tractor Demand by Region, 2018 - 2025 (million dollars)
Table 3-8. Global Crawler Farm Tractor Demand by Region, 2011, 2016, 2021, 2026, &(million dollars)
Table 3-9. Annual Global Crawler Farm Tractor Demand by Region, 2018 - 2025 (million dollars)
Table 3-10. Global Pedestrian-Controlled Farm Tractor Demand by Region, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 3-11. Annual Global Pedestrian-Controlled Farm Tractor Demand by Region, 2018 - 2025 (million dollars)

4. Factors Impacting Farm Tractor Demand
Table 4-1. Global Agricultural Value Added, 2011, 2016, 2021, 2026, & 2031 (billion 2020 dollars)
Table 4-2. Annual Global Agricultural Value Added, 2018 - 2025 (billion 2020 dollars)

5. North America
Table 5-1. North America: Farm Tractor Demand by Country & Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 5-2. North America: Annual Farm Tractor Demand by Country & Type, 2018 - (million dollars)
Table 5-3. United States: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, &1 (million dollars)
Table 5-4. United States: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 5-5. Canada: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million US dollars)
Table 5-6. Canada: Annual Farm Tractor Demand by Type, 2018 - 2025 (million US dollars)
Table 5-7. Mexico: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 5-8. Mexico: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)

6. Central & South America
Table 6-1. Central & South America: Farm Tractor Demand by Country & Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 6-2. Central & South America: Annual Farm Tractor Demand by Country & Type, 20188 - 2025 (million dollars)
Table 6-3. Brazil: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 6-4. Brazil: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 6-5. Argentina: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 6-6. Argentina: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 6-7. Other Central & South America: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 6-8. Other Central & South America: Annual Farm Tractor Demand by Type, 2018-2025 (million dollars)

7. Western Europe
Table 7-1. Western Europe: Farm Tractor Demand by Country & Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 7-2. Western Europe: Annual Farm Tractor Demand by Country & Type, 2018 - 5 (million dollars)
Table 7-3. France: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 7-4. France: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 7-5. Italy: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 7-6. Italy: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 7-7. Germany: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 7-8. Germany: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars) 95
Table 7-9. United Kingdom: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 1 (million dollars)
Table 7-10. United Kingdom: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 7-11. Spain: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 7-12. Spain: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 7-13. Netherlands: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 1 (million dollars)
Table 7-14. Netherlands: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 7-15. Other Western Europe: Farm Tractor Demand by Type, 2011, 2016, 2021, , & 2031 (million dollars)
Table 7-16. Other Western Europe: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)

8. Eastern Europe
Table 8-1. Eastern Europe: Farm Tractor Demand by Country & Type, 2011, 2016, 2021, , & 2031 (million dollars)
Table 8-2. Eastern Europe: Annual Farm Tractor Demand by Country & Type, 2018 - (million dollars)
Table 8-3. Russia: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 8-4. Russia: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 8-5. Poland: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 8-6. Poland: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 8-7. Other Eastern Europe: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 8-8. Other Eastern Europe: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)

9. Asia/Pacific
Table 9-1. Asia/Pacific: Farm Tractor Demand by Country & Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 9-2. Asia/Pacific: Annual Farm Tractor Demand by Country & Type, 2018 - 2025 (million dollars)
Table 9-3. China: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 9-4. China: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 9-5. India: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 9-6. India: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 9-7. Japan: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 9-8. Japan: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 9-9. Australia: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million US dollars)
Table 9-10. Australia: Annual Farm Tractor Demand by Type, 2018 - 2025 (million US dollars)
Table 9-11. South Korea: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 1 (million dollars)
Table 9-12. South Korea: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 9-13. Thailand: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 9-14. Thailand: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 9-15. Other Asia/Pacific: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 9-16. Other Asia/Pacific: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)

10. Africa/Mideast
Table 10-1. Africa/Mideast: Farm Tractor Demand by Country & Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 10-2. Africa/Mideast: Annual Farm Tractor Demand by Country & Type, 2018 - 2025 (million dollars)
Table 10-3. Turkey: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 10-4. Turkey: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)
Table 10-5. Other Africa/Mideast: Farm Tractor Demand by Type, 2011, 2016, 2021, 2026, & 2031 (million dollars)
Table 10-6. Other Africa/Mideast: Annual Farm Tractor Demand by Type, 2018 - 2025 (million dollars)

11. Appendix
Table 11-1. Relevant HS Codes
Table 11-2. Relevant NAICS & SIC Codes
Table 11-3. Relevant NACE Codes
Table 11-4. Countries in North America
Table 11-5. Countries in Central & South America
Table 11-6. Countries in Western Europe
Table 11-7. Countries in Eastern Europe
Table 11-8. Countries in the Asia/Pacific Region
Table 11-9. Countries in the Africa/Mideast Region
Table 11-10. Global Gross Domestic Product by Region & Country, 2011, 2016, 2021, 2026, & 2031 (billion 2020 dollars)
Table 11-11. Global Population by Region & Country, 2011, 2016, 2021, 2026, & 2031 (million persons)

List of Figures
1. Executive Summary
Figure 1-1. Global Farm Tractor Market Outlook

2. About This Report
Figure 2-1. Farm Tractors: Product Examples
Figure 2-2. Annual Global Farm Tractor Demand Growth, 2019 - 2024 (million dollars & thousand units)

3. Overview
Figure 3-1. Global Farm Tractor Demand, 2003 - 2021 (million dollars)
Figure 3-2. Global Farm Tractor Demand by Region, 2011, 2016, 2021, 2026, & 20(million dollars)
Figure 3-3. Global Farm Tractors: Leading Country Markets, 2021 (million dollars)
Figure 3-4. Global Farm Tractor Prices, 2016 - 2026 (dollars per unit)
Figure 3-5. Global Farm Tractor Market Share by Company, 2021 (billion dollars)

4. Factors Impacting Farm Tractor Demand
Figure 4-1. Agricultural Commodity Pricing, 2002 - 2022 (2014-2016=100)

5. North America
Figure 5-1. North America: Farm Tractor Demand by Country & Type, 20(billion dollars)
Figure 5-2. United States: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 5-3. Canada: Farm Tractor Demand by Type, 2003 - 2021 (million US dollars)
Figure 5-4. Mexico: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)

6. Central & South America
Figure 6-1. Central & South America: Farm Tractor Demand by Country & Type, 20(billion dollars)
Figure 6-2. Brazil: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 6-3. Argentina: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 6-4. Other Central & South America: Farm Tractor Demand by Type, 2003 - 20(million dollars)

7. Western Europe
Figure 7-1. Western Europe: Farm Tractor Demand by Country & Type, 20(billion dollars)
Figure 7-2. France: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 7-3. Italy: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 7-4. Germany: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 7-5. United Kingdom: Farm Tractor Demand by Type, 2003 - 20(million dollars)
Figure 7-6. Spain: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 7-7. Netherlands: Farm Tractor Demand by Type, 2023 - 2021 (million dollars)
Figure 7-8. Other Western Europe: Farm Tractor Demand by Type, 2003 - 20(million dollars)

8. Eastern Europe
Figure 8-1. Eastern Europe: Farm Tractor Demand by Country & Type, 20(billion dollars)
Figure 8-2. Russia: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 8-3. Poland: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 8-4. Other Eastern Europe: Farm Tractor Demand by Type, 2003 - 20(million dollars)

9. Asia/Pacific
Figure 9-1. Asia/Pacific: Farm Tractor Demand by Country & Type, 2021 (billion dollars)
Figure 9-2. China: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 9-3. India: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 9-4. Japan: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 9-5. Australia: Farm Tractor Demand by Type, 2003 - 2021 (million US dollars)
Figure 9-6. South Korea: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 9-7. Thailand: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 9-8. Other Asia/Pacific: Farm Tractor Demand by Type, 2003 - 20(million dollars)

10. Africa/Mideast
Figure 10-1. Africa/Mideast: Farm Tractor Demand by Country & Type, 20(billion dollars)
Figure 10-2. Turkey: Farm Tractor Demand by Type, 2003 - 2021 (million dollars)
Figure 10-3. Other Africa/Mideast: Farm Tractor Demand by Type, 2003 - 20(million dollars)

Samples

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Companies Mentioned

  • AGCO
  • Claas
  • CNH Industrial
  • John Deere
  • Kubota
  • Mahindara