June 13th, 2022
Agricultural Tractor Market
Agricultural tractor market is expected to reach at USD 132 Billion by 2028, growing at a CAGR of 5% over the forecast period.
The factors driving the Agricultural Tractor Market includes growing labor-shortage and rising labor cost due to mass-migration from rural areas to cities. As per report published by Frankfurter Allgemeine Zeitung, almost 44% of companies in Germany are experiencing slowed down due to unavailability of skilled workers. Moreover, the increasing initiatives taken by governments all over the world to fund and provide loans on low interest rates, subsidies, and tax benefits, are expected to increase the Agricultural Tractor Market Size in the coming years. The U.S. Department of Agriculture (USDA) launched the Microloan Program to provide loans up to $35,000 to small and mid-sized farmers. Since 2013, USDA has provided more than 8,400 microloans, with majority of these loans going to small farmers. The growing demand for electric tractors and driverless tractors, are accelerating the Agricultural Tractors Market Growth. India’s biggest tractor makers Mahindra & Mahindra and TAFE are working on the development of electric tractors and are expecting to officially launch it by FY2026. However, the growth of Agricultural Tractor Market is hindered due to high equipment cost caused by continually changing emission norms around the world.
The major players operating in the market are Escorts Limited, New Holland Agriculture, Massey Ferguson, Tractors and Farm Equipment Limited, Sonalika, Valtra Inc., Mahindra & Mahindra Ltd., Deere & Company, KUBOTA Corporation. and ZIMENO INC DBA MONARCH TRACTOR among others.
Engine Power – Segment Analysis
Based on the engine power, 40 Hp -110 Hp is projected to grow at a faster CAGR in the Global Agricultural Tractor Market during the forecast period due to increasing disposable income, growing tech-savvy farmers population, followed by rising demand for high-power tractors around the world.
Drive Type – Segment Analysis
Based on the drive type, 4WD is anticipated to grow at a faster CAGR during the forecast period. 4WD’s ability to enhance the performance of tractors in any type of terrain or soil condition and growing demand for agricultural output and powerful tractors are pushing the growth of the segment.
Regional – Segment Analysis:
Based on the region, the Asia-Pacific region is expected to grow at a faster CAGR during the forecast period due to increasing growth of agriculture sector and strong presence of key players such as Mahindra & Mahindra, TAFE Group, Escorts etc. As per the Economic Survey 2021-22, Agriculture and the allied sector proved recorded a growth of 3.6 % in 2020-21 and increased to 3.9% in 2021-22, accounting for nearly 20.19% to India’s GDP.
Global Agricultural Tractor Market by Engine Power
· Less than 40 Hp
· 40 Hp -110 Hp
· Above 40 Hp
Global Agricultural Tractor Market by Drive Type
Global Agricultural Tractor Market by Operation
Global Agricultural Tractor Market by Region
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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