Dublin, July 01, 2024 (GLOBE NEWSWIRE) -- The "U.S. Tractor Market - Industry Analysis & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The U.S. Tractor Market totaled 280.09 Thousand Units in 2023, and is expected to reach 356.84 Thousand Units by 2029, rising at a CAGR of 4.12%.
The U.S. tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the market. Global brands not previously present in the U.S. are planning to enter the market. For instance, VST Tillers Tractors Ltd, an India-based company, has announced that it will enter the U.S. market in the next two years. Further, the industry has established players in various segments. Vendors have improved their aftersales services, making customers loyal to the existing brands.
Established global players are moving toward increasing the introduction of technology in their offerings to attract more customers. For instance, CNH Industrial has introduced autonomous technology in agriculture tractors with Case IH, New Holland, and Steyr tractor brands. The company has already incorporated technology in its agriculture tractors, such as auto-steering and telematics. John Deere and AGCO worked to introduce the autonomous concept in their tractors.
Furthermore, regarding advanced tractor technology, John Deere has equipped many models with GPS, location tracking, image sensors, and telematics to assist in field navigation. The company has also equipped its S700 model with features to autonomously adjust the harvesting equipment according to the state of crops. Vendors, such as ARGO and John Deere, provide direct financing to farmers to encourage them to buy tractors and other related agricultural machinery.
The Midwest region has the largest market share in the U.S. tractor market. It represents one of the most intense areas of agricultural production in the world and constantly improves the global economy. The Midwest is the leading region with a high penetration of compact tractors. The area's hilly and plateau terrain has driven the adoption of small HP tractors. Also, the region offers a variety of agricultural production beyond soybeans and corn.
Northeast's geography is dominated mainly by forest area, although it contains grasslands, coastal zones, beaches and dunes, wetlands, and abundant marine and freshwater fisheries. Concerning the farmland holding structure, small and medium farmers of the Northeast region have total land holdings of 18,820 hectares, so farmers invest in low HP (less than 46 HP) tractors. The U.S. tractor market is currently in the growth stage, and manufacturers are seeking capacity augmentation. The country's Northeast region still has negligible farm mechanization, and vendors can explore these regions with a portfolio of small tractors suitable for the region's rolling hills and low mountains.
The major crops of the South region are soybean and wheat. The region is growing due to fertile soil and a warm Mediterranean climate. The region's small and medium land holdings mostly use 46-100 HP tractors. Furthermore, a sub-tropical and humid climate characterizes the West region. The region experiences hot summers, heavy rainfall during monsoons, and moderate winters. The high prevalence of small and marginal farmers and the focus of both private and public bodies on improving agriculture aspects in the region are driving the potential for the sales of tractors in the below 46 HP and 46-100 HP segments.
INSIGHTS BY HORSEPOWER
The U.S. tractor market is categorized into the following segments based on the horsepower types: less than 46 HP, 46-100 HP, 101-250 HP, and above 250 HP. With less than 46, the HP segment has generated the highest sales in most regions. Tractors in this HP range can easily handle small and medium-sized fields and heavy-duty mowing tasks.
Market trends driving less than 46 HP range tractor sales include:
- Crop Adaptability: Farmers favor this HP range of tractors due to their versatility across various crops, accommodating the diverse worldwide agriculture.
- 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, a small HP range of tractors offers cost-effective alternatives to larger models, attracting budget-conscious farmers while delivering substantial performance.
INSIGHTS BY DRIVE TYPE
In the U.S. tractor market, 2-wheel-drive tractors have higher sales than 4-wheel-drive tractors. Ease of driving and flexibility with light loads and in plain fields are significant factors that boost the demand for two-wheel-drive tractors. John Deere, New Holland, and Massey Ferguson hold most of the 2-wheel-drive tractors segment share.
WHY SHOULD YOU BUY THIS REPORT?
- Market Size & Forecast Volume (units) 2020-2029
- Segmentation by Horsepower
- Segmentation by Drive Type
- Segmentation by Geography
- Production and trade values
- Major current and upcoming projects and investments
- Competitive intelligence about the economic scenario, advantages, industry dynamics, and market shares
- Innovative technologies
- Market share by each HP segment
- Market share by each country
- Company profiles of major and other prominent vendors
- Market shares of major vendors
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 176 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value in 2023 | 280.09 Thousand Units |
| Forecasted Market Value by 2029 | 356.84 Thousand Units |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | United States |
Industry Overview
- Increase in Adoption of Precision Farming
- Role of Mechanization in Agriculture Sector
- Innovations
- Technological Advances
Market Opportunities & Trends
- Development of Smart & Autonomous Tractors
- Growth in Use of Electric Tractors
- Change in Socio-Economic Behavior of Youth
- Fall in Farming Interest
- Youth Engagement
Market Growth Enablers
- Growth in Agriculture Productivity & Exports
- Government Schemes & Financial Aid to Farmers
- Growth in Farm Mechanization & Labor Shortage
- Benefits of Farm Mechanization
- Challenges of Farm Mechanization
Market Restraints
- Impact of Climate Change on Agriculture
- Growth in Demand for Used & Rental Tractors
- Volatility in Prices of Raw Materials
Premium Insights
- Opportunity Pockets
- Market Maturity Indicator & Vendor Spectrum
- Report Overview
- Segmental Analysis
- Market Share Analysis
- Regional Analysis
- Competitive Analysis
- Recent Developments by Top Brands
Key Company Profiles
- Deere & Company
- TAFE
- CNH Industrial
- AGCO
- Kubota
Other Prominent Vendors
- CLAAS
- Same Deutz-Fahr
- Mahindra & Mahindra
- Yanmar
- Mitsubishi Agricultural Machinery (MAM)
- SOLIS
- KIOTI
- Arbos Group
- Iseki
- Escorts Kubota
- Lovol
- ARGO Tractors
- ACE
- JCB
For more information about this report visit https://www.researchandmarkets.com/r/2kogru
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