Agricultural Tractors Market Size, Share, Growth Analysis, By Engine Power(Less than 40 HP, 41 to 100 HP, and More than 100 HP ), By Driveline Type(2WD and 4WD), By Operation(Manual Tractors and Autonomous Tractors), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10A2044 | Region: Global | Published Date: October, 2024
Pages: 175 |Tables: 86 |Figures: 73

Agricultural Tractors Market Insights

Global Agricultural Tractors Market size was valued at USD 92.95 Billion in 2022 and is poised to grow from USD 98.69 Billion in 2023 to USD 150.06 Billion by 2031, growing at a CAGR of 6.17% in the forecast period (2024-2031).

The rapid automation is expected to fuel market expansion over the next eight years owing to demand for smaller tractors in small farms and technological advancements such as telecommunications to drive agricultural tractors. In addition, the market is expected to increase due to migration of agricultural labor to urban areas, leading to labor shortages. The demand for products has been hampered by temporary product suspensions and supply disruptions caused by COVID-19.

In addition, OEMs are currently facing shortages of semiconductors, coupled with supply disruptions and market uncertainty due to rising COVID cases, which could delay manufacturing. Furthermore, steel and aluminium price movements higher will drive tractor prices in the next quarter. It is further expected to hinder the market growth. Government policies are likely to boost market growth over the forecast period. For example, on September 15, 2022, The Department of Agriculture (USDA) created the Precision Agriculture Loan Act (PAL) so that farmers and ranchers could use the loans to purchase precision farm equipment.

Agricultural tractors are focused vehicles designed for use in the field and agricultural work. Tractors are commonly used to pull or push agricultural machinery and equipment such as cultivators, cultivators, seeders, reapers, to harvest crops, and perform the various other agricultural tasks. The agricultural tractors market is very competitive, with many manufacturers competing for market share. There are several key players in the industry, including John Deere, CNH Industrial, AGCO Corporation and Kubota Corporation. These companies have a strong presence in many markets, offering a range of products from small utility tractors to large appliances.

Market Snapshot - (2024-2031)

Global Market Size

Largest Segment

Fastest Growth

Growth Rate

CAGR

Global Agricultural Tractors Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Agricultural Tractors Market Segmental Analysis

The Agricultural Tractors Market is segmented by Engine Power, Driveline Type and Region. Based on Engine Power the market is segmented as, less than 40 HP, 41 to 100 HP, more than 100 HP. Based on Driveline Type the market is segmented as, 2WD, 4WD. Based on Operation the market is segmented as, Manual Tractors, Autonomous Tractors. Based on Region the market is segmented as, North America, Asia-Pacific, Europe, Latin America, Middle East and Africa.

Analysis by Engine Power

Less than 40 HP is the dominant segment in the market. The segment less than 40 HP accounted for more than 62.25% market share in terms of volume in 2023. The high growth can be attributed to lower cost, compact size and greater comfort offered by tractor less than 40HP as all major agricultural activities will be carried out. These devices are especially adopted in Asia Pacific, where about 85% of agricultural land is less than 10 hectares, preferred by most farmers in this region. The less than 40 HP tractor segment mainly serves small and medium farms and stands out especially in areas with subdivided land. This type of tractor is designed for small businesses and is well suited for farmers involved in gardening, vineyards and livestock. Their affordability and versatility make them an attractive option for farmers looking for efficient machinery without increasing the cost of heavy equipment.

The 40 HP to 100 HP segment is expected to register the highest CAGR during the forecast period. Increased demand for these tractors from developed markets such as the US, Japan and Germany is credited as the reason for this. Rising incomes, technologically savvy farmers and well-established after-sales services are expected to fuel the growth of this segment over the forecast period. The demand for high-capacity tractors increasing by an area of more than 10 hectares could be a long-term trend, sustaining the segment over the forecast period. However, higher diesel prices have already increased farm operating costs, which are expected to be one of the major concerns over the forecast period. Currently, India supplies semiconductor devices and chips for automotive and other industries. Thus, the government unveiled a 10,000-unit package to overcome shortage of semiconductors in the country and encourage industry to set up manufacturing facilities in India.Analysis by Driveline Type

The 2WD segment dominates the agricultural tractors market, especially in areas where cost effectiveness and simplicity are key considerations for farmers. 2WD tractors are generally more affordable compared to 4WD models, making them attractive to small and large farmers. Their flexible design means lower initial purchase prices, lower maintenance costs and easier maintenance, which is especially important for farmers operating on tight budgets hard or areas where advanced maintenance is not possible. In emerging markets, particularly Asia Pacific and Africa, where small-scale agriculture is common, 2WD tractors are in demand. The combination of affordable 2WD tractors and their suitability for small farms with flat terrain makes them popular in these areas and they are often used for ploughing, planting and traveling in relatively easy areas.

The 4WD segment plays an important role in large, heavy agricultural operations where power, versatility and traction are required. 4WD tractors are powered by four-wheel drive, making them suitable for a wide range of agricultural applications, especially in complex terrain and commercial farming. 4WD tractors provide improved traction and enable you to work well on uneven or difficult terrain, including hills, wetlands and rocky terrain. This makes it a must in communities with farms in areas where unpredictable terrain conditions or large terrains need to be managed. The rise in precision agricultural technology designed for heavy-duty applications such as equipment or crop transportation has also led to increased adoption of 4WD tractors, as they are more compatible with advanced machinery and attachments.

Global Agricultural Tractors Market By Engine Power (%)

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Agricultural Tractors Market Regional Insights

Asia-Pacific occupied the largest market share in 2023 and is expected to continue its dominance over the forecast period. Strong agriculture in emerging APAC countries such as China and India make it a huge market for agricultural machinery. Government policies in Asia to promote adoption of modern agricultural techniques are expected to boost the market during the prophetic period. This is also expected to boost the demand for agricultural tractors in the region. For instance, according to ddnews.gov.in, India's exports of agricultural products grew by 23.24% from March to June. Increasing disposable income among farmers is also playing an important role in improving agricultural tractor sales throughout APAC. Governments in developing countries in APAC are offering generous subsidies and low taxes on agricultural machinery, expected to boost market growth. Farmers in China are adopting technologically advanced machines with sensors and GPS are included to reduce crop damage and increase productivity.

North America is expected to drive the market. The market is only supported by key players in the sector. Technological advances in these areas are expected to boost the demand for mechanized agricultural tractors in the coming years. Increasing demand for agricultural products in the food and beverage industry in North America is expected to fuel market growth in this segment. North America plays an important role in the global agricultural tractors market, as it is one of the largest and most technologically advanced regions in the region. The major contributors to North America’s dominance are the United States and Canada, with agricultural industry occupying reputation well, high mechanical production rate. North America is leading the way in breakthrough technologies such as precision agriculture, autonomous tractors and GPS-enabled devices.

Global Agricultural Tractors Market By Geography
  • Largest
  • Fastest

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Agricultural Tractors Market Dynamics

Drivers

Increasing Mechanization in Agriculture

  • Increasing use of machinery in agriculture is one of the major factors driving the growth of the agricultural tractors market. Farmers will increasingly recognize the importance of replacing traditional methods with automated solutions to increase yields and productivity. Agricultural tractors offer a wide range of services from plowing to planting and harvesting, making them essential for reducing labor costs and improving yields. Governments in various sectors also provide subsidies to farmers for purchasing tractors to further promote technology and drive market growth.

Increased Demand for Food Due to Population Growth

  • As the global population grows, the demand for food has increased. This has put tremendous pressure on the agricultural sector to increase production and meet the growing demand for food. Tractors play an important role in modern agriculture by helping farmers manage large tracts of land more efficiently and improving overall efficiency. Pressure to increase production to meet the demands of global food security has been a key driver of strong demand for agricultural tractors.

Restraints

High Initial Investment Costs

  • One of the major constraints limiting the growth of the agricultural tractors market is the high cost of purchasing tractors for small and medium-sized farmers. This initial investment can be prohibitive, especially in the developing regions. Although there is government support in some areas, not all farmers have access to financial support, which prevents them from adopting mechanized solutions. Ongoing maintenance and repair costs further increase the financial burden on farmers.

Environmental and Regulatory Challenges

  • The environmental impact of agriculture is increasingly being scrutinized, and tractors are no exception. Globally, emissions regulations are becoming increasingly stringent, especially in developed markets, affecting tractor manufacturers. Stringent emissions standards such as Euro Stage V and the US. Complying with EPA Tier 4 requires additional costs for manufacturers to develop and implement clean technologies. These regulatory challenges could slow market growth, especially if manufacturers consume them and struggle to meet changing environmental standards.

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Agricultural Tractors Market Competitive Landscape

The agricultural tractors market is highly competitive, with many key players trying to maintain and expand their market share through new products, strategic partnerships, acquisitions, and geographic expansion. The competitive environment is characterized by multinational companies that is defined by large and local players catering to specific markets. Key strategies used by these sectors include advanced technologies, sustainability initiatives and service-oriented models that enhance overall value for farmers.

Top Player’s Company Profiles

  • AGCO Corp.
  • CNH Industrial N.V.
  • Deere & Company
  • CLAAS KGaAmbH
  • Escorts Ltd.
  • International Tractors Ltd.
  • YanmarCo., Ltd.
  • KubotaCorp.
  • Mahindra & Mahindra Ltd.
  • Tractors and Farm Equipment Ltd.
  • John Deere India Private Limited
  • CNH Industrial (India) Pvt. Ltd
  • TAFE Ltd
  • Preet Tractors (P) Limited
  • Indo Farm Equipment Limited
  • VST Tillers Tractors Limited
  • Captain Tractors Private Limited

Agricultural Tractors Key Market Trends

  • Technological Advances and Smart Tractors: The agricultural tractors market is witnessing significant changes driven by technological innovation. Smart tractors equipped with advanced technologies such as GPS navigation, telematics and autonomous capabilities are gaining traction. These tractors allow farmers to more accurately and efficiently monitor farm operations, reducing fuel consumption, labor costs and environmental impact.
  • Shift Towards Electric and Hybrid Tractors: With increasing emphasis on sustainability and reducing carbon footprints, the trend in the production and use of hybrid electric tractors is increasing. Many manufacturers are investing in research and development to introduce environmentally friendly tractors that run on renewable energy. Electric tractors offer advantages compared to conventional diesel-powered tractors such as lower emissions, lower operating costs, quieter operation and more.

Agricultural Tractors Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to SkyQuest analysis, the agricultural tractors market is poised for significant growth, driven by increasing mechanization in agriculture and increasing demand for food to support the growing global population. But the basic investment requirements are environmental regulations, increasing poses challenges to market expansion. Technological advances, including the rise of smart tractors and the shift to electric hybrids, represent key factors that will determine the future of the industry. Although the agricultural tractor market has great potential, especially if innovation makes it more efficient all the time. The agricultural tractors market is being converted by using the integration of current technologies, such as GPS, telematics, precision farming structures, and autonomous tractors. These improvements enhance performance, productiveness, and precision, permitting farmers to maximize yields with fewer sources.

Report Metric Details
Market size value in 2022 USD 92.95 Billion
Market size value in 2031 USD 150.06 Billion
Growth Rate 6.17%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Billion
Segments covered
  • Engine Power
    • Less than 40 HP, 41 to 100 HP, and More than 100 HP
  • Driveline Type
    • 2WD and 4WD
  • Operation
    • Manual Tractors and Autonomous Tractors
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • AGCO Corp.
  • CNH Industrial N.V.
  • Deere & Company
  • CLAAS KGaAmbH
  • Escorts Ltd.
  • International Tractors Ltd.
  • YanmarCo., Ltd.
  • KubotaCorp.
  • Mahindra & Mahindra Ltd.
  • Tractors and Farm Equipment Ltd.
  • John Deere India Private Limited
  • CNH Industrial (India) Pvt. Ltd
  • TAFE Ltd
  • Preet Tractors (P) Limited
  • Indo Farm Equipment Limited
  • VST Tillers Tractors Limited
  • Captain Tractors Private Limited
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Agricultural Tractors Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Agricultural Tractors Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Agricultural Tractors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Agricultural Tractors Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Agricultural Tractors Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Agricultural Tractors Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Global Agricultural Tractors Market size was valued at USD 92.95 Billion in 2022 and is poised to grow from USD 98.69 Billion in 2023 to USD 150.06 Billion by 2031, growing at a CAGR of 6.17% in the forecast period (2024-2031).

The agricultural tractors market is highly competitive, with many key players trying to maintain and expand their market share through new products, strategic partnerships, acquisitions, and geographic expansion. The competitive environment is characterized by multinational companies that is defined by large and local players catering to specific markets. Key strategies used by these sectors include advanced technologies, sustainability initiatives and service-oriented models that enhance overall value for farmers. 'AGCO Corp.', 'CNH Industrial N.V.', 'Deere & Company', 'CLAAS KGaAmbH', 'Escorts Ltd.', 'International Tractors Ltd.', 'YanmarCo., Ltd.', 'KubotaCorp.', 'Mahindra & Mahindra Ltd.', 'Tractors and Farm Equipment Ltd.', 'John Deere India Private Limited', 'CNH Industrial (India) Pvt. Ltd', 'TAFE Ltd', 'Preet Tractors (P) Limited', 'Indo Farm Equipment Limited', 'VST Tillers Tractors Limited', 'Captain Tractors Private Limited'

Increasing use of machinery in agriculture is one of the major factors driving the growth of the agricultural tractors market. Farmers will increasingly recognize the importance of replacing traditional methods with automated solutions to increase yields and productivity. Agricultural tractors offer a wide range of services from plowing to planting and harvesting, making them essential for reducing labor costs and improving yields. Governments in various sectors also provide subsidies to farmers for purchasing tractors to further promote technology and drive market growth.

Technological Advances and Smart Tractors: The agricultural tractors market is witnessing significant changes driven by technological innovation. Smart tractors equipped with advanced technologies such as GPS navigation, telematics and autonomous capabilities are gaining traction. These tractors allow farmers to more accurately and efficiently monitor farm operations, reducing fuel consumption, labor costs and environmental impact.

Asia-Pacific occupied the largest market share in 2023 and is expected to continue its dominance over the forecast period. Strong agriculture in emerging APAC countries such as China and India make it a huge market for agricultural machinery. Government policies in Asia to promote adoption of modern agricultural techniques are expected to boost the market during the prophetic period. This is also expected to boost the demand for agricultural tractors in the region. For instance, according to ddnews.gov.in, India's exports of agricultural products grew by 23.24% from March to June. Increasing disposable income among farmers is also playing an important role in improving agricultural tractor sales throughout APAC. Governments in developing countries in APAC are offering generous subsidies and low taxes on agricultural machinery, expected to boost market growth. Farmers in China are adopting technologically advanced machines with sensors and GPS are included to reduce crop damage and increase productivity.

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