Agriculture Tractors Market Report and Forecast 2023-2028

According to the report the global agriculture tractors market reached a value of approximately USD 84.6 billion in 2022. Aided by the increasing farm mechanisation and growing application of advanced technologies in the agricultural sector, the market is projected to further grow at a CAGR of 5.50% between 2023 and 2028 to reach a value of USD 116.8 billion by 2028.

Agriculture tractors, the backbone of mechanised farming, are commonly used for various farming activities such as ploughing, tilling, harrowing, and pulling heavy loads. They play a crucial role in increasing farming efficiency, reducing manual labour, and enhancing overall agricultural productivity. Apart from traditional tasks, contemporary tractors also exhibit advanced features like GPS tracking, automated steering, and telematics, thereby offering significant operational advantages.

The escalating demand for food products driven by the burgeoning global population is a primary driver for the global agriculture tractors market growth. This demand has resulted in increased pressure on the farming sector to maximise crop yield, which, in turn, has driven the shift toward farm mechanisation. Consequently, the adoption of agriculture tractors has been significantly rising.

Furthermore, the introduction of precision farming and the growing popularity of telematics in farming have bolstered the agriculture tractors market demand. Precision farming, using technology for optimising farm operations, has gained traction, leading to an upswing in the demand for tractors equipped with GPS and automated systems. Moreover, the rise of sustainable farming practices has stimulated the market for electric and solar-powered tractors, which offer the dual advantage of being environmentally friendly and cost-effective.

The agriculture tractors market development is also reinforced by increasing government initiatives worldwide. Governments across the globe are promoting farm mechanisation and offering subsidies on agricultural equipment, further propelling the market.

In the manufacturing sector, innovations in tractor design for better ergonomics, increased power, and multi-functionality are supplementing the market growth. For instance, tractors with better fuel efficiency, lower emissions, and improved safety features are increasingly preferred by farmers.

Simultaneously, the expansion of agriculture tractors in non-agricultural sectors also contributes to the agriculture tractors market expansion. Tractors find application in construction and industrial sectors where they are used for hauling heavy materials, thereby diversifying their use-cases.

Market Segmentation

The market can be divided based on engine power, type, wheel type, and region.

Market Breakup by Engine Power

• Less Than 35 HP
• 36 - 100 HP
• 101 HP - 200 HP
• 201 HP - 350 HP
• Others

Market Breakup by Type

• Orchard Tractors
• Row-Crop Tractors
• Others

Market Breakup by Wheel Type

• Two-Wheel Type
• Four-Wheel Type

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global agriculture tractors companies. Some of the major key players explored in the report are as follows:

• Deere & Company
• Escorts Limited
• Massey Ferguson
• AGCO Corporation
• Yanmar Holdings Co., Ltd
• Mahindra & Mahindra Ltd
• Tractors and Farm Equipment Limited
• Sonalika
• Alamo Group
• Kuhn Group
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.