Global Agricultural Tractors Market Size Study, by Engine Power, by Application, by Type, and Regional Forecasts 2022-2032

Description

The Global Agricultural Tractors market was valued at approximately USD 92.91 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2032, reaching USD 144.45 billion by 2032. The increasing adoption of farm mechanization, particularly driven by government support and subsidies, is contributing significantly to the growth of this market. Additionally, the rising demand for compact tractors in small farms and technological advancements, such as autonomous tractors, are fueling the market's growth. Companies are heavily investing in R&D to develop tractors with enhanced capabilities, such as electric-powered models, to cater to the evolving needs of modern agriculture.

The tractor market has witnessed a surge in demand for high-performance machines designed to work in challenging soil conditions. Manufacturers like Deere & Company, Mahindra & Mahindra Ltd., and VST Tillers & Tractors Ltd. have introduced tractors with power outputs exceeding 100 HP to meet this demand. For instance, Deere & Company's 8 Family tractor line, launched in 2020, includes cutting-edge models with precision agriculture technology that offers flexibility in configuration, options, and horsepower, significantly boosting the market's growth.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America held a significant market share in 2021, driven by the strong presence of major players and advancements in tractor technology. Meanwhile, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, with countries like China and India driving the demand for agricultural machinery due to their large farming sectors.

Major market players included in this report are:

CNH Industrial N.V.
Deere & Company
CLAAS KGaA mbH
Escorts Ltd.
International Tractors Ltd.
Yanmar Co., Ltd.
Kubota Corporation
Mahindra & Mahindra Ltd.
Tractors and Farm Equipment Ltd.
ZETOR TRACTORS
JCB Limited
TAFE - Tractors and Farm Equipment Limited
Iseki & Co., Ltd.
LS Mtron Ltd.
Sonalika Group (International Tractors Limited)

The detailed segments and sub-segments of the market are explained below:

By Engine Power:

Below 40 HP
40 HP-120 HP
121 HP-180 HP
181 HP-250 HP
More Than 250 HP

By Application:

Harvesting
Seed Sowing
Irrigation
Others

By Type:

ICE
Electric

By Operation:

Manual Tractor Vehicle
Autonomous Tractor Vehicle

By Driver Type:

2-Wheel Drive
4-Wheel Drive

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Agricultural Tractors Market Executive Summary

1.1. Global Agricultural Tractors Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Engine Power
- 1.3.2. By Application
- 1.3.3. By Type
- 1.3.4. By Operation
- 1.3.5. By Driver Type
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Agricultural Tractors Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Agricultural Tractors Market Dynamics

3.1. Market Drivers
- 3.1.1. Rise in Government Support for Farm Mechanization
- 3.1.2. Surge in Demand for Compact Tractors on Small Farms
- 3.1.3. Technological Advancements in Agricultural Tractors
3.2. Market Challenges
- 3.2.1. High Initial Costs of Advanced Tractors
- 3.2.2. Lack of Awareness About Advanced Mechanization in Emerging Markets
3.3. Market Opportunities
- 3.3.1. Growing Demand for Autonomous and Electric Tractors
- 3.3.2. Expanding Agricultural Machinery Market in Emerging Economies

Chapter 4. Global Agricultural Tractors Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Agricultural Tractors Market Size & Forecasts by Engine Power (2022-2032)

5.1. Segment Dashboard
5.2. Global Agricultural Tractors Market: Engine Power Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Below 40 HP
- 5.2.2. 40 HP-120 HP
- 5.2.3. 121 HP-180 HP
- 5.2.4. 181 HP-250 HP
- 5.2.5. More Than 250 HP

Chapter 6. Global Agricultural Tractors Market Size & Forecasts by Application (2022-2032)

6.1. Segment Dashboard
6.2. Global Agricultural Tractors Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Harvesting
- 6.2.2. Seed Sowing
- 6.2.3. Irrigation
- 6.2.4. Others

Chapter 7. Global Agricultural Tractors Market Size & Forecasts by Type (2022-2032)

7.1. Segment Dashboard
7.2. Global Agricultural Tractors Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. ICE
- 7.2.2. Electric

Chapter 8. Global Agricultural Tractors Market Size & Forecasts by Operation (2022-2032)

8.1. Segment Dashboard
8.2. Global Agricultural Tractors Market: Operation Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Manual Tractor Vehicle
- 8.2.2. Autonomous Tractor Vehicle

Chapter 9. Global Agricultural Tractors Market Size & Forecasts by Driver Type (2022-2032)

9.1. Segment Dashboard
9.2. Global Agricultural Tractors Market: Driver Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 9.2.1. 2-Wheel Drive
- 9.2.2. 4-Wheel Drive

Chapter 10. Global Agricultural Tractors Market Size & Forecasts by Region (2022-2032)

10.1. North America Agricultural Tractors Market
- 10.1.1. U.S. Agricultural Tractors Market
- 10.1.2. Canada Agricultural Tractors Market
10.2. Europe Agricultural Tractors Market
- 10.2.1. UK Agricultural Tractors Market
- 10.2.2. Germany Agricultural Tractors Market
- 10.2.3. France Agricultural Tractors Market
- 10.2.4. Spain Agricultural Tractors Market
- 10.2.5. Italy Agricultural Tractors Market
- 10.2.6. Rest of Europe Agricultural Tractors Market
10.3. Asia-Pacific Agricultural Tractors Market
- 10.3.1. China Agricultural Tractors Market
- 10.3.2. India Agricultural Tractors Market
- 10.3.3. Japan Agricultural Tractors Market
- 10.3.4. South Korea Agricultural Tractors Market
- 10.3.5. Australia Agricultural Tractors Market
- 10.3.6. Rest of Asia-Pacific Agricultural Tractors Market
10.4. Latin America Agricultural Tractors Market
- 10.4.1. Brazil Agricultural Tractors Market
- 10.4.2. Mexico Agricultural Tractors Market
- 10.4.3. Rest of Latin America Agricultural Tractors Market
10.5. Middle East & Africa Agricultural Tractors Market
- 10.5.1. Saudi Arabia Agricultural Tractors Market
- 10.5.2. South Africa Agricultural Tractors Market
- 10.5.3. Rest of Middle East & Africa Agricultural Tractors Market

Chapter 11. Competitive Intelligence

11.1. Key Company SWOT Analysis
11.2. Top Market Strategies
11.3. Company Profiles
- 11.3.1. CNH Industrial N.V.
- 11.3.2. Deere & Company
- 11.3.3. CLAAS KGaA mbH
- 11.3.4. Escorts Ltd.
- 11.3.5. International Tractors Ltd.
- 11.3.6. Yanmar Co., Ltd.
- 11.3.7. Kubota Corporation
- 11.3.8. Mahindra & Mahindra Ltd.
- 11.3.9. Tractors and Farm Equipment Ltd.
- 11.3.10. ZETOR TRACTORS
- 11.3.11. JCB Limited
- 11.3.12. TAFE - Tractors and Farm Equipment Limited
- 11.3.13. Iseki & Co., Ltd.
- 11.3.14. LS Mtron Ltd.
- 11.3.15. Sonalika Group (International Tractors Limited)

Chapter 12. Research Process

12.1. Research Process
- 12.1.1. Data Mining
- 12.1.2. Analysis
- 12.1.3. Market Estimation
- 12.1.4. Validation
- 12.1.5. Publishing
12.2. Research Attributes