Increase in the adoption of precision farming, rapid development in agricultural activities, surge in demand for fuel-efficient tractors, rise in government support for agriculture, and growth in mechanization in agriculture activities are expected to drive the growth of the global agricultural tractors market. In addition, persistent technological advancements in tractor technology are expected to create ample opportunities for the industry.
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. 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.
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Segment Review:
Based on operation, the manual segment held the dominating market share in 2021, holding more than 90% of the global market, and is expected to occupy a dominant status during the forecast period. This is majorly due to increase in application of manual transmission tractors for PTO-intensive work and in large open areas suitable for in-line mowing, tilling, spreading, sowing, spraying and other tasks. The autonomous segment, on the other hand, is expected to cite the fastest CAGR of 26.2% during the forecast period. The growth of this segment is primarily due to increase in automation in agriculture to provide higher efficiency and accuracy.
Based on drive type, the 2-wheel drive segment held the dominating market share in 2021, holding nearly 90% of the global market. The surge of this segment is majorly due to increase in use of 2-wheel drive due to benefits associated with 2-wheel drive tractors such as cost effectiveness, small turning cycles, and convenient application. The 4-wheel segment, on the other hand, is expected to cite the fastest CAGR of 7.4% during the forecast period. This is due to rise in demand for 4-wheel drive due to its ability to provide better traction, pull rough terrains in muddy, harsh, and wet solid conditions, versatility, high productivity, and durability.
Based on power output, the 30 to 50 HP segment held the largest market share in 2021, holding more than one-third of the global market. This is mainly due to increase in use of agricultural tractors in various countries such as India, China, U.S., Italy, and others. The more than 100 HP, on the other hand, is expected to cite the fastest CAGR of 6.6% during the forecast period. The growth of this segment is mainly owing to rise in agricultural related activities such as sowing, planting, and crop cultivation in various countries.
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Regional Insights:
Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly half of the global agricultural tractors market share. In addition, the same region is expected to cite the fastest CAGR of 6.3% during the forecast period. The growth in this region is mainly due to economic development and increase in awareness regarding use of advanced tractor products. The report also analyses other regions such as Europe, LAMEA, and North America.
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.
