New York, US, Aug. 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Study by Market Research Future (MRFR), “Tractor Market Information by Power Output, Drive Type, Application, and Region - Forecast till 2032”, The tractor market will be jumping from USD 69.9 Billion in 2023 to USD 99.4 Billion by 2032, with a CAGR of 4.50% between 2023 and 2032.
Tractor Market Overview
A tractor can be referred to as a type of vehicle that typically has one or two little wheels up front and two large wheels back there. To move associated tools like rotavators, plowing, tilling, sowing, cultivating, and harvesting, as well as other equipment, it is employed in logistics, construction, and agricultural applications. The 2-wheel and 4-wheel types of tractors are both available. A power output of 20 HP to more than 20 HP is also offered.
Tractor Market Competitive Landscape:
The important companies in the market for tractors are
- Tractors and Farm Equipment Ltd
- Kubota Corporation
- Deere & Company
- Mahindra & Mahindra Ltd.
- Force Motors Limited
- CNH Industrial N.V.
- Sonalika International Tractors Limited
- HMT Limited
- Escorts Limited
- S.T. Tillers & Tractors Ltd
- Among others.
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Market USP Covered:
Market Drivers:
The global tractor market has been making great progress as a result of an increase in government investment in new infrastructure and construction projects, which in turn boosts demand for tractors for transportation applications. The Australian government, for instance, has doubled its spending on infrastructure-related projects. From 2018 to 2020, spending climbed by 10.3%. Construction tractors also provide improved tractor technology and operational efficiency. The expansion of the worldwide tractor market is fueled by this.
The development of the worldwide tractor market is fueled by a rise in the mechanization of agricultural machinery, including tractors, in nations like India, Brazil, China, and others. The market is expanding because of the increase in demand for highly efficient tractors for numerous purposes, including planting, sowing, and others. Tractors with a power output range of 50-100 HP are being offered by major firms like Mahindra & Mahindra Ltd and Escorts Limited. Mahindra & Mahindra Ltd., for instance, sells the Mahindra NOVO tractor. It produces 64.1 HP of power. Its powerful engine makes it ideal for conditions with heavy and sticky soil. A reliable cooling system is present. For harrow and mulcher uses, it is employed.
The demand for high-performance tractors to handle muddy, heavy soil conditions is increasing, which encourages the expansion of the global tractor market. Major companies like Mahindra & Mahindra Ltd, VST Tillers and Tractors Ltd, and John Deere India Private Limited, for example, are engaged in providing tractors with power output greater than 100 HP. For instance, Deere & Company sells the John Deere 6120 B tractor for use in farming and mulching. It costs less to service and is more reliable. Tilting, sowing, carting, and puddling are a few examples of the agricultural tasks it is employed for. Its turbocharged John Deere Power Tech engine produces 120 HP and has 4 cylinders.
Market Restraints:
Farmers’ lack of knowledge about effective tractors, especially in developing countries like India, might impede market expansion. On the plus side, government programs supporting and subsidizing farmers with low credit rates are expected to create profitable prospects for the expansion of the world tractor industry. For instance, numerous government programs, such as the PM Kisan Tractor Yojana and Telangana Yantra Laxmi Scheme in India, give farmers 20% to 50% off tractors.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 99.4 Billion |
| CAGR during 2023-2032 | 4.50% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Power Output, Drive Type, Application and Region |
| Key Market Opportunities | Rise in the mechanization of agricultural machinery |
| Key Market Dynamics | Increase in demand for compact tractors on small farms and transportation applications |
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COVID 19 Analysis
The COVID-19 outbreak had a negative effect on the tractor market since the supply chain was interrupted during the second quarter of 2020, which had an effect on the production and sales of tractors all over the world. The market is, however, rapidly rebounding as a result of the economies' reopening, combined with the introduction of new products. The market is expanding as a result of the rising demand for tractors. In addition, the construction industry was also in a standstill, which was fatal for the market since the construction industry is one of the main end users of composite materials.
Tractor Market Segmentation
By Power Output
Less than 30 HP, 30–50 HP, 51–100 HP, and more than 100 HP are the different power output categories for the tractor market.
By Drive Type
Two-wheel drive and four-wheel drive are included in the tractor market segmentation depending on drive type.
By Application
Tractors have applications in agriculture, construction, mining, and logistics.
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Regional Insights
The top spot has belonged to the Asia Pacific market since 2022 (45.80%). The demand for tractors is being driven by precision farming and an increase in the usage of farm equipment to increase output. Another element propelling the tractor sector is the expansion of farm training programs that encourage the greater use of agricultural equipment.
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