Wilmington, Delaware, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global agricultural tractors market stood at US$ 80 billion in 2021, and the global market is projected to reach US$ 118.37 billion in 2031. The agricultural tractors market is anticipated to expand at a CAGR of 4% between 2021 and 2031.
Companies in the agricultural tractors market are conducting data-driven research before investing in new manufacturing technologies since financial situations have been squeezed for many during coronavirus crisis. Although India holds lucrative incremental opportunities for companies in the agricultural tractors market, farmers are relatively slow in the adoption of new technologies such as driverless tractors. Even a slight acceleration or sudden brake by the driver results in furrows that are too deep or too shallow. Hence, companies in the market for agricultural tractors should increase the availability of driverless tractors to overcome such challenges of tractor owners.
There is a rising demand for low-cost innovations in the agricultural tractors market. This demand has led to innovations in driverless tractors. Companies are expected to join forces with think-tanks and researchers that practice science experiments outside of the academic setup to form talent pools in their R&D centers.
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The following companies are well known participants in the global Agricultural Tractors Market:
- Deere & Company
- Mahindra Group
- Kubota Corporation
- Massey Ferguson
- New Holland
- SDF Group
- CNH Industrial N.V.
- Eicher Motors Limited
- Escorts Limited
- Force Motors Limited
- Mahindra & Mahindra Limited
- International Tractors Limited (Sonalika)
- TAFE Limited
The Government of India implemented the BS Term IV regulation, which applies to diesel engine equipment, including agricultural tractors and construction equipment, which came into force in October 2020. Tractors of power <50 HP must comply with the new norms from October 2023. Thus, changing emission regulations to comply with government regulations may challenge the sale of tractors. COVID-19 disrupted the whole supply chain; however, the agricultural industry seemed to have been impacted the least among all industries. This was primarily due to the steps taken by governments to include agricultural activities under essential services. The agricultural industry faced 4 major challenges amidst COVID-19: Limited supply of farm equipment parts, decline in sales of new tractor sales in the first half of 2020, shutdown of production facilities, and a decline in working capital.
Key Takeaways of Market Report
- Global agricultural tractors market to generate absolute dollar opportunity worth US$ 118.37 billion until 2031.
- Global agricultural tractors market is valued at US$ 76.89 billion in 2020.
- The global agricultural tractors market management market value from 2021 to 2031 is 4%.
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Agricultural Tractors Market: Growth Drivers
- The growing trend of farm mechanization is primarily driven by government policies, such as loan waivers, schemes, and policies that are expected to drive the growth of the agricultural tractors market in developing countries across the globe.
- Farm mechanization is a fast-growing phenomenon in the market for agricultural tractors, since emerging economies are being uplifted by government efforts to revolutionize the agriculture industry. Governments of various countries have promoted the adoption of machinery for agricultural activities across the globe. This has resulted in change from traditional agriculture practices to more mechanized processes.
- Agricultural tractor providers are adopting contingency planning to prevent disruptions across the availability of logistics services, customer demand, and supply of materials. Import & export of agricultural tractors are projected to rise, owing to increase in shipment and demand for the same. The reopening of country borders is helping resolve transport and logistic issues, owing to stringent regulations being followed during transport of raw materials.
Agricultural Tractors Market: Regional Landscape
- Asia Pacific accounted for a major share of the global agricultural tractors market. The Asia Pacific region includes China, India, Japan, South Korea, Australia, and others for the market analysis.
- Increasing Gross Domestic Product (GDP), infrastructure investments, rising per capita income, growing inclination toward mechanization, and government initiatives for FDI, coupled with high containerized transportation have created significant opportunities for the farming business, which, in turn, is driving the agricultural tractors market in Asia Pacific.
- The structure and size of farms in North America can influence the demand for different types and sizes of tractors. Larger farms may require more powerful and technologically advanced tractors.
Agricultural Tractors Market: Key Players
- In September 2022, New Holland Agriculture launched sub-30 HP tractor Blue Series SIMBA targeting specialized applications.
- IN May 2022, Tractors and Farm Equipment Limited announced the launch of the EICHER PRIMA G3 Series - a new range of premium tractors for the new-age Indian farmer who demands style, substance, and solidity.
Agricultural Tractors Market: Segmentation
- Engine Power
- Below 30 HP
- 30 HP- 100 HP
- 100 HP- 200 HP
- Above 200 HP
- Propulsion
- Internal Combustion Engine
- Gasoline
- Diesel
- Electric
- Others
- Internal Combustion Engine
- Drive Type
- 2WD
- 4WD
- Level of Autonomy
- Manual Tractors
- Autonomous & Semi-Autonomous Tractors
- Application
- Harvesting
- Seed Sowing
- Spraying
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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