The growth of the global agricultural tractors market can be attributed to the rise in adoption of precision farming due to increasing governmental support for the agriculture sector. Moreover, the extensive demand for fuel-efficient tractors is projected to push the market ahead. Additionally, technological innovations in tractor technology are expected to open up new avenues in the market.
The global agricultural tractors market was valued at $59.1 billion in 2021, and is projected to reach $97.8 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Surge in urbanization has increased the shortage of skilled workers for agricultural activities. This shortage is expected to lead to a rise in demand for agricultural tractors in the market.
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Segment Review:
By drive type, the 2-wheel drive segment accounted for the largest market share in 2021 with around 90% of the total share. Various advantages of 2-wheel drive tractors including cost effectiveness and convenient application are expected to play a huge role in the growth of the market. However, the 4-wheel segment is anticipated to showcase the fastest CAGR of 7.4% during the analysis timeframe. The advantages of 4-wheel drive such as versatility and high productivity might help to widen the scope of the segment.
By operation, the manual segment generated the highest revenue in 2021 with around 90% of the total share. Growing use of manual transmission tractors for PTO-intensive work is estimated to help the segment thrive in the coming period. However, the autonomous segment is projected to have the fastest CAGR of 26.2% during the analysis timeframe. The growing introduction of automation in agriculture for higher efficiency and accuracy is projected to create new opportunities in the market.
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Regional Insights:
By region, the Asia-Pacific agricultural tractors market generated the highest market revenue in 2021 with around half of the total revenue. Moreover, the same region is anticipated to be the fastest growing with a CAGR of 6.3% in the analysis period. Major economic development in different countries of this region will help the market to prosper in this region in the coming period.
Key Industry Players:
Key players that operate in this agricultural tractor market include Captain Tractors Pvt. Ltd, CNH Industrial N.V., Deere & Company, Eicher Tractors, Escorts Limited, Fendt (AGCO GmbH), Force Motors Limited, Gromax Agri Equipment Limited, J C Bamford Excavators Ltd., KUBOTA Corporation, Mahindra & Mahindra Ltd., Monarch Tractor, SDF Group, SOLECTRAC, Sonalika International Tractors Ltd, Standard Corporation India Limited, and Yanmar Co., Ltd.
