Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "Global Tractor Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global tractor market increased by 3.2% in 2023 from 2022. The global agricultural tractor market witnessed shipments of 2,054.8 thousand units in 2023 and is expected to grow at a CAGR of 3.76% from 2023-2029.
The global tractor market is expected to witness growth in the coming years due to various factors such as population growth, urbanization, and changing dietary patterns. As the global population continues to rise, there is an increased demand for food, which in turn drives the need for efficient agricultural practices. Tractors play a crucial role in modernizing and mechanizing agriculture, leading to increased crop production.
Government support and initiatives also contribute significantly to the growth of the tractor market. Many governments around the world provide support to farmers through schemes and subsidies, making it easier for them to invest in agricultural machinery like tractors. These initiatives aim to enhance agricultural productivity and promote mechanization.
The tractor market is highly competitive, with a few key players dominating the industry. Established vendors invest heavily in research and development to introduce new and innovative tractor technologies. They also expand their presence in emerging markets to cater to the growing demand for agricultural tractors.
Overall, the global tractor market is expected to grow as agriculture continues to modernize and adapt to the changing needs of the world's population. Key players in the industry, such as Mahindra & Mahindra, Deere & Company, CNH Industrial, AGCO Corporation, and Kubota Corporation, are well-positioned to capitalize on these opportunities.
In the APAC region, the tractor market is expected to dominate the global market due to the presence of a large number of smallholder farmers. Government support for agricultural mechanization, along with innovations in tractor technology, further fuels the growth of the market in this region.
The North American tractor market is characterized by a high level of farm mechanization. Wealthy farmers in the US and Canada have the financial means to invest in agricultural machinery, including tractors. Additionally, easy access to credit loans for purchasing such machinery supports the growth of the tractor market in North America.
Europe also holds a significant share of the global tractor market, with diverse agricultural practices and landscapes across its member countries. The agriculture sector in Europe plays a vital role in providing food security, contributing to rural economies, and preserving cultural heritage.
KEY HIGHLIGHTS
Technological Advances in Tractor Technology
A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the industry. GPS and remote sensing make farming more accurate and productive.
Rising Adoption of Energy-Efficient Tractors
Governments, including India, the US, Germany, and France, target a 40% reduction in GHG emissions by 2030 and zero emissions by 2040. Electric tractors, driven by environmental concerns and automation, find increasing use, especially in developed nations, offering cost savings and reduced reliance on traditional diesel tractors.
MARKET SEGMENTATION
INSIGHTS BY HORSEPOWER
The 46-65 HP segment generated the highest sales in most of the regions in the global tractor market. Tractors in this HP range can easily handle small and medium-sized fields and heavy-duty mowing tasks.
Market Trends Driving 46-65 HP Range Tractor Sales:
Crop Adaptability: These HP range of tractors are favored by farmers due to their versatility across various crops, accommodating the diverse agriculture seen across the world.
Sustainability Focus: Sustainable farming practices are a priority, and small & medium-sized tractors, with their efficient power-to-efficiency ratio, align well with eco-friendly approaches.
Cost-Effective Solutions: In a globally competitive agricultural landscape, small and medium HP range of tractors offer cost-effective alternatives to larger models, attracting budget-conscious farmers while delivering substantial performance.
INSIGHTS BY WHEEL DRIVE
The global tractor market by wheel drive is dominated by low-range HP 2WD tractors. The major advantages of 2WD tractors are the ease of driving and maneuverability during light loads and plain fields.
Ease of driving and flexibility with light loads and in plain fields are significant factors that boost the demand for two-wheel-drive tractors. Mahindra & Mahindra, John Deere, New Holland, and Massey Ferguson hold most of the 2-wheel drive tractors segment shares.
KEY QUESTIONS ANSWERED:
- What are the expected units sold in the global tractor market by 2029?
- What is the growth rate of the global tractor market?
- How big is the tractor market?
- Which region holds the largest global tractor market share?
- Who are the key companies in the global tractor market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value in 2023 | 2054.8 Thousand Units |
| Forecasted Market Value by 2029 | 2564.1 Thousand Units |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
Industry Overview
- Future of Tractor Electrification
- Innovation & Acquisitions
- Technological Advances
Market Opportunities & Trends
- Increased Focus on Smart & Autonomous Tractors
- Swath Control & Variable Rate Technology (Vrt)
- High Demand for Autonomous Equipment
- Use of Energy-Efficient Agriculture Tractors
- Shortage of Agricultural Laborers
- Fall in Farming Interest
- Youth Engagement
Market Growth Enablers
- Government Subsidies & Credit Support Systems
- Existence of Small Farms & Farmers Globally
- Increased Farm Mechanization
- Farm Mechanization Rate in India:
- Benefits of Farm Mechanization
- Challenges of Farm Mechanization
Market Restraints
- Lack of Awareness of Latest Agriculture Equipment Innovations
- Lack of Education Among Farmers
- High Demand for Used & Rental Tractors
- Detrimental Effects of Climate Change on Agriculture
Key Company Profiles
- Deere & Company
- CNH Industrial
- AGCO
- Mahindra
- Kubota
Other Prominent Vendors
- CLAAS
- SAME DEUTZ-FAHR
- Yanmar
- Mitsubishi Agricultural Machinery Co., Ltd. (MAM)
- TAFE
- SOLIS
- KIOTI
- Arbos Group
- Iseki
- Escorts Kubota
- Lovol
- McCormick
- Branson
- TYM Corporation
- LS Tractor
- V.S.T Tillers Tractors Ltd.
- Zetor
- Hanomag
- Roland H
- Agrale
- ACE
- Talaythong Factory Co., Ltd.
- Foton
- JCB
- Antonio Carraro
- MTW Holdings
For more information about this report visit https://www.researchandmarkets.com/r/gpcnhg
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