Global Agriculture Tractors Market

Global Agriculture Tractors Market: Projected to Reach US$ 98.79 Bn by 2030 with a CAGR of 6%"

The Global Agriculture Tractors Market is set for significant growth, with its value projected to expand from US$ 66.15 Bn in 2023 to US$ 98.79 Bn by 2030, at a CAGR of 6%. In terms of volume, the market size is expected to be 1,235.7 thousand units in 2023.

Segment Overview:

Tractor Type: The Utility Tractors segment leads the market, holding more than 20% of the share in 2023. Other types include Row Crop Tractors, Garden Tractors, Orchard Type Tractors, Rotary Tillers, and Implement Carrier Tractors.

Product (Fuel): The Internal Combustion Engine (ICE) segment is anticipated to surpass US$ 60 Bn by 2026. Electric Motor tractors also form a significant part of the market.

Wheel Type: The 2-wheeler tractor segment presents an opportunity of nearly US$ 30 Bn for 2022-2030.

Engine Power: The 36-50 Horsepower segment is expected to exhibit the fastest CAGR of over 7%.

By Tractor Type

• Utility Tractors
• Row Crop Tractors
• Garden Tractors
• Orchard Type Tractors
• Rotary Tillers
• Implement Carrier Tractors

By Product (Fuel)

• Internal Combustion Engine (ICE)
• Electric Motor

By Wheel Type

• 2-wheeler
• 3-wheeler
• 4-wheeler

By Engine Power

• < 20 Horsepower
• 21-35 Horsepower
• 36-50 Horsepower
• 51-90 Horsepower
• 91-120 Horsepower
• 121-150 Horsepower
• 151-180 Horsepower
• 181 HP-250 Horsepower
• >250 Horsepower

Regional Overview:

Asia Pacific: This region dominates the market with a share of over 58% in 2023, amounting to a revenue of US$ 38.64 Bn. Other significant regions include North America, Europe, the Middle East & Africa, and South America. Below are the coverage:

North America

• United States
• Canada
• Mexico

Europe

• Germany
• France
• UK
• Spain
• Italy
• Poland
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia & New Zealand
• ASEAN
• Myanmar
• South Korea
• Rest of APAC
• Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

South America

• Argentina
• Brazil
• Rest of South America

Company Profile:

Major players contributing to approximately 55% of the market share include John Deere, Massey Ferguson, Case IH, Sonalika International, Escorts Group, Kubota, Fendt, Deutz Fahr, Claas, New Holland, Universal (UTB), Big Bud, Ford, Mahindra & Mahindra, and other prominent players.

Growth Influencers:

Drivers: The market is primarily driven by increasing demand for high-performance tractors and government initiatives promoting agricultural mechanization, particularly in developing markets.

Restraints: Challenges include the overall cost of manufacturing and various government regulations impacting the sector.

Value Addition:

The report provides a comprehensive forecast of tractor sales in top markets, including volume data from 2021 to 2030.

It includes insights into government agriculture schemes, with a focus on major initiatives introduced in countries like India.

Report Insights:

• The agriculture tractors market is on a growth trajectory, expected to reach nearly US$ 100 Bn by 2030.
• Key segments showing significant growth include Utility Tractors and the 36-50 Horsepower range.
• Asia Pacific leads in market share, driven by robust agricultural activities and mechanization trends.
• Major market players are contributing to technological advancements and the adaptation of modern agricultural practices.

Questions to be Answered:

• What are the key factors driving the global agriculture tractors market?
• How are different segments contributing to the overall market growth?
• What role does Asia Pacific play in the global market scenario?
• How are major companies influencing market trends and developments?