USD 73.72 billion
Global Tractor Market Size, Share, Growth Analysis, By Type(Utility Tractors, Row Crop Tractors), By Drive(Two-Wheel Drive (2WD), Four-Wheel Drive (4WD)), By Application(Agriculture, Construction) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2106 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
95 |
Figures:
76
Global Tractor Market Insights
Global Tractor Market size was valued at USD 73.72 billion in 2022 and is poised to grow from USD 77.79 billion in 2023 to USD 119.56 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2031).
In recent years, the global tractor market has been changing consumer preferences and demands due to the combination of technological advancements, increasing mechanization in agriculture, and a growing demand for efficient farm equipment. In modernizing agricultural practices, enhancing productivity, and meeting the demands of a growing global population, tractors play a pivotal role
Additionally, the integration of smart technologies such as GPS, precision farming, and automation, contributes to optimized farm operations are the major trends.
Asia-Pacific and Latin America are emerging markets experiencing a surge in tractor demand due to ongoing agricultural expansion and modernization efforts. Additionally, sustainability and environmental considerations are influencing the development of eco-friendly and energy-efficient tractor models.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Utility Tractors
Fastest Growth
Electric Tractor
Growth Rate
5.52% CAGR
Global Tractor Market ($ Bn)
Country Share for North America Region (%)
Global Tractor Market By Tractor type ($ Bn)
Global Tractor Market By Tractor type (%)
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Global Tractor Market Segmental Analysis
The global tractor market is segmented into four major segments i.e. by type, drive, application, and region. Based on type, it is divided into utility tractors, row crop tractors, orchard type tractors, industrial tractors, garden tractors, and others. Based on drive, it is bifurcated as two-wheel drive (2wd), four-wheel drive (4wd), and others. Based on application it is segregated into agriculture, construction, forestry, landscaping, others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, Latin America.
Analysis by Type
Utility tractors have typically held a substantial market share due to their versatility and widespread use in various agricultural applications. Moreover, they cater to a broad range of farming activities, making them essential for farmers with diverse needs. Utility tractors are adaptable to different tasks, contributing to their dominance in the market.
Due to the increasing focus on sustainable and eco-friendly agriculture, coupled with advancements in electric vehicle technology, electric tractors have gained popularity. Governments and agricultural organizations worldwide are promoting the use of electric tractors to reduce carbon emissions and promote cleaner farming practices.
Analysis by Application
Agriculture has long dominated the global tractor market due to the increasing global population and the need to enhance agricultural productivity is driving the demand for tractors in traditional farming activities such as plowing, planting, and harvesting.
The construction segment is expected to be the fastest-growing application segment. The versatility of tractors makes them valuable equipment in construction activities, including earthmoving, leveling, and material handling. The growth in infrastructure development projects globally, particularly in emerging economies, contributes to the increased demand for tractors in the construction sector.
Global Tractor Market By Tractor type, 2023 (%)
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Global Tractor Market Regional Insights
Asia-Pacific encompasses major agricultural economies such as India and China, where a significant portion of the global agricultural activities takes place and the region is likely to dominate the tractor market. The demand for tractors in Asia-Pacific is driven by large-scale farming operations, government initiatives to modernize agriculture, and the need for increased productivity.
Latin America is expected to be the fastest-growing region. The growth is fueled by expanding agriculture, particularly in countries like Brazil and Argentina. Increasing mechanization in the region's vast agricultural lands, driven by a growing population and the need for efficient farming practices, contributes to the high demand for tractors.
Global Tractor Market By Region, 2024-2031
- Largest
- Fastest
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Global Tractor Market Dynamics
Drivers
Increasing Modernization of Agriculture and Government Initiatives
- The continuous modernization of agriculture, with farmers increasingly adopting mechanized solutions to enhance efficiency and productivity. Rising global food demand, coupled with the need for precision farming, has bolstered the demand for technologically advanced tractors. Government initiatives and subsidies aimed at promoting farm mechanization also contribute significantly. The increasing trend of farm consolidation and the need for larger, more powerful tractors further stimulate market growth.
Restraints
High Initial Cost Associated with Purchasing Tractors
- One of the main market restraints is the high initial cost associated with purchasing tractors, which poses a financial challenge for small and marginal farmers, particularly in developing regions. Additionally, fluctuations in commodity prices and uncertainties in agricultural income create hesitancy among farmers to invest in new machinery. Stringent emission norms and environmental concerns are driving the need for technologically advanced, emission-compliant tractors, adding to the cost burden for manufacturers.
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Global Tractor Market Competitive Landscape
The competitive environment of the tractor market is dynamic and characterized by the presence of major players striving for market share and continuous innovation. The industry is marked by a focus on research and development to introduce advanced features, enhance fuel efficiency, and meet evolving emission standards. Regional players also contribute significantly, catering to specific market needs. Strategic collaborations and partnerships are common, reflecting efforts to expand market reach and offer comprehensive solutions.
Top Player’s Company Profiles
- John Deere & Company
- CNH Industrial N.V.
- SAME Deutz-Fahr S.p.A.
- ARGO SpA
- Yanmar Co., Ltd.
- TracFone Wireless, Inc.
- Escorts Limited
- Tafe Motors Limited
- PT Astra International Tbk
- LS Mtron Ltd.
- Sampo Rosenlew Ltd.
- CLAAS KGaA mbH & Co KG
- JCB Inc.
- New Holland Agriculture N.V.
- Mitsubishi Heavy Industries Ltd.
- Volvo Construction Equipment AB
- SDF Group
Recent Developments
- In October 2023, Ag-Pro was delighted to announce the successful acquisition of a John Deere dealership located in South Daytona, FL. Previously operating under the name "South Daytona Tractor & Mower," this establishment has been dedicated to serving Volusia County and its neighboring areas since the year 1990.
- In February 2023, The merger of Mahindra Electric Mobility Limited (MEML) into its parent company, Mahindra and Mahindra Limited (M&M), was formally completed. The M&M Board had previously announced that MEML would integrate into M&M starting from April 1, 2021, to streamline electric vehicle (EV) development, manufacturing, and sales operations.
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In April 2023, Mahindra & Mahindra will introduce 40 tractor models on the OJA platform, which it recently introduced. The organization intends to focus on the markets in Africa, Asia, India, and Thailand.
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In March 2023, John Deere announced MY24 improvements for its array of 7, 8, and 9 Series Tractors, which will aid in preparing them for precision agriculture's future.
Global Tractor Key Market Trends
Rising Integration of Advanced Technologies into Tractor Design
- The integration of advanced technologies into tractor design, including precision farming tools, telematics, and GPS guidance systems. This technological evolution enhances operational efficiency, allowing farmers to optimize their agricultural practices. Another notable trend is the rising demand for compact and utility tractors, reflecting a shift towards smaller, more versatile machinery suited for diverse farm sizes. Sustainable and eco-friendly tractors, often powered by alternative fuels or electric sources, are gaining traction as environmental consciousness increases.
Global Tractor 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.
Global tractor market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by the increasing mechanization of agriculture, driven by the demand for enhanced productivity. Technological advancements, including GPS guidance and precision farming tools, are key drivers. However, high initial costs and financial constraints for small-scale farmers act as restraints. Utility tractors dominate the product segment, while Asia-Pacific leads in regional demand due to substantial agricultural activities. Key trends include the integration of smart technologies and a shift towards compact, eco-friendly, and autonomous tractors. Sustainability and precision farming are driving forces, shaping the modernization of global agriculture through advanced tractor solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 73.72 billion |
| Market size value in 2031 | USD 119.56 billion |
| Growth Rate | 5.52% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Global Tractor 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Global Tractor 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Global Tractor 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 Global Tractor 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 Global Tractor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Tractor 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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Tractor Market Report Snapshots
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