Dublin, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The "Agricultural Tractors Market Size, Share & Trends Analysis Report by Engine Power (Less Than 40 HP, 41 To 100 HP), by Driveline Type (2WD, 4WD), by Region (Asia Pacific, North America), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global agricultural tractors market demand is expected to reach 4,968 thousand units by 2030, expanding at a CAGR of 6.8% during the forecast period. An increase in farmers' income, lower bank interest rates, and soaring farm yields are expected to drive market growth over the forecast period. In addition, increased demand for mini-compact tractors is likely to drive market growth over the forecast period. Also, the integration of sophisticated technology, such as Light Detection and Ranging (LiDAR) and Global Positioning System (GPS), and telematics coupled with the rising popularity of compact tractors are presumed to drive the market growth over the next few years. Increasing demand for medium horsepower (40 to 100 HP) tractors is likely to grow over the next few quarters of 2022.
It is attributed to greater convenience for farmers to operate in compact spaces and provide a better operational experience on different terrain. However, Original Equipment Manufacturers (OEMs) are witnessing supply chain disruptions, which may hamper the market growth. In addition, semiconductor shortages are likely to have production delays. Thus, new agricultural tractor sales are likely to see delayed delivery schedule, thereby hindering the market growth.
The international commodity prices of base metals directly influence this market. A rise in raw materials costs of steel, aluminum, and others is likely to increase the price of agricultural tractors, which will eventually impact the market demand. The trend is expected to continue till Q4/2022. As a result, OEMs are expected to increase product prices by 22% in 2022. Such challenges may hinder the demand over the forecast period.
Agricultural Tractors Market Report Highlights
- The surge in demand for 2WD tractors and the rising popularity of autonomous tractors are likely to drive the market over the forecast period
- China, India, and countries of Eastern Europe are likely to have strong demand for less than 40 HP engine tractors over the forecast period
- This is due to lower credit interest rates and policies undertaken by the respective government to protect farmers' income
- The 2WD and 4WD segments are expected to register 7% and 4% growth rates in 2022 and 6% and 3% in 2023 respectively
- The slowdown is attributed to worldwide tractor microchip shortages, which cause supply chain delays leading to low inventory stocks of equipment and parts
- Key vendors in the market continue to witness labor shortages, leading to production delays. However, OEMs advancement in electric tractors with autonomous features is expected to be a new revenue stream to increase their market profitability over the next few years
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Agricultural Tractors Industry Outlook
3.1. Market Segmentation
3.2. Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Penetration & Growth Prospects Mapping
3.5. Industry Analysis - Porter's Five Force Analysis
3.6. PEST Analysis
3.7. COVID-19 Impact Analysis
Chapter 4. Agricultural Tractors Market: Engine Power Outlook
4.1. Agricultural Tractors Market Estimates & Forecasts, By Engine Power, 2021 & 2030(Thousand Units)
4.2. Less than 40 HP
4.2.1. Market estimates and forecasts, 2018 - 2030 (Thousand Units)
4.2.2. Market estimates and forecasts, by region, 2018 - 2030(Thousand Units)
4.3. 41 to 100 HP
4.3.1. Market estimates and forecasts, 2018 - 2030 (Thousand Units)
4.3.2. Market estimates and forecasts, by region, 2018 - 2030 (Thousand Units)
4.4. More than 100 HP
4.4.1. Market estimates and forecasts, 2018 - 2030 (Thousand Units)
4.4.2. Market estimates and forecasts, by region, 2018 - 2030 (Thousand Units)
Chapter 5. Agricultural Tractors Market: Driveline Type Outlook
5.1. Agricultural Tractors Market Estimates & Forecasts, By Driveline Type, 2021 & 2030 (Thousand Units)
5.2. 2WD
5.2.1. Market estimates and forecasts, 2018 - 2030 (Thousand Units)
5.2.2. Market estimates and forecasts, by region, 2018 - 2030 (Thousand Units)
5.3. 4WD
5.3.1. Market estimates and forecasts, 2018 - 2030 (Thousand Units)
5.3.2. Market estimates and forecasts, by region, 2018 - 2030 (Thousand Units)
Chapter 6. Agricultural Tractors Market: Regional Outlook
Chapter 7. Competitive Landscape
7.1. AGCO Corporation
7.1.1. Company overview
7.1.2. Financial performance
7.1.3. Product benchmarking
7.1.4. Recent developments
7.2. CLAAS KGaA mbH
7.2.1. Company overview
7.2.2. Financial performance
7.2.3. Product benchmarking
7.2.4. Recent developments
7.3. CNH Industrial N.V.
7.3.1. Company overview
7.3.2. Financial performance
7.3.3. Product benchmarking
7.3.4. Recent developments
7.4. Deere & Company
7.4.1. Company overview
7.4.2. Financial performance
7.4.3. Product benchmarking
7.4.4. Recent developments
7.5. Escorts Limited
7.5.1. Company overview
7.5.2. Financial performance
7.5.3. Product benchmarking
7.5.4. Recent developments
7.6. International Tractors Limited
7.6.1. Company overview
7.6.2. Financial performance
7.6.3. Product benchmarking
7.6.4. Recent developments
7.7. KUBOTA Corporation
7.7.1. Company overview
7.7.2. Financial performance
7.7.3. Product benchmarking
7.7.4. Recent developments
7.8. Mahindra & Mahindra Ltd.
7.8.1. Company overview
7.8.2. Financial performance
7.8.3. Product benchmarking
7.8.4. Recent developments
7.9. Tractors and Farm Equipment Limited
7.9.1. Company overview
7.9.2. Financial performance
7.9.3. Product benchmarking
7.9.4. Recent developments
7.10. YANMAR CO., LTD.
7.10.1. Company overview
7.10.2. Financial performance
7.10.3. Product benchmarking
7.10.4. Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/192xp8
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