Selbyville, Delaware , May 22, 2024 (GLOBE NEWSWIRE) -- Tractor Market is estimated to be valued at USD 191.8 billion in valuation by 2032, as per a recent study by Global Market Insights Inc.
The increasing mechanization of agriculture, especially in developing regions, where traditional farming methods are replaced by modern and efficient machinery is fueling the market growth. With the population growing worldwide and the demand for food production increasing, farmers are under pressure to increase productivity and efficiency. Tractors, which are versatile and efficient agricultural tools, help in this transformation as they enable farmers to perform various tasks, such as ploughing, cultivating, sowing, and harvesting more efficiently and in less time.
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Modern tractors are also equipped with advanced features, such as GPS technology, telematics and automation to improve their functionality and ease of use. To illustrate, in March 2023, the Krish-e Smart Kit from Mahindra's agri-tech division provided data on tractors and other machinery through a smartphone and GPS, allowing the remote monitoring of key parameters. These innovations not only improve labor efficiency, but also reduce labor costs. The growing trend of smart farming and precision agriculture, where data-driven decisions optimize farming practices is further increasing the demand for technologically advanced tractors.
101-200 HP tractors to gain prominence
Tractor market share from the 101-200 HP segment is slated to record high demand between 2023 and 2032 due to their ideal balance of power and versatility, emerging suitable for a wide range of agricultural tasks on medium to large farms. Tractors in this horsepower range are durable enough to handle tough tasks like plowing, harvesting, and hauling, yet are maneuverable and efficient for more precise operations including planting and soil preparation.
Rising adoption of construction tractors
The construction tractor type segment in the tractor market is poised to grow at a substantial rate during 2023-2032, favored by the increasing infrastructure development and urbanization projects worldwide. Known for their durability and versatility, construction tractors are indispensable for various tasks, such as grading, digging, and handling materials on construction sites. As governments and the private sector invest heavily in the construction of roads, bridges, commercial buildings and residential buildings, the demand for reliable and efficient construction equipment has increased. The high demand for construction tractors that can perform multiple functions and withstand harsh conditions will add to the segment growth.
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North America to emerge as a lucrative market
North America tractor market size will register a strong CAGR through 2032. The U.S. and Canada have a highly developed agricultural sector where large-scale farming is the norm. This has led to a strong demand for high-performance and technologically advanced tractors that can handle large tracts of farmland efficiently. Government support and subsidies are also key for farmers to adopt modern equipment. The rising adoption of durable tractors in the construction sector will also drive the regional market growth.
Tractor Market Participants
Some of the renowned tractor companies are Zetor, AGCO Corporation, Belarus Tractor, YANMAR, Claas, TAFE (Tractors and Farm Equipment Limited), CNH Industrial, SAME Deutz-Fahr Group, Deutz-Fahr, Mahindra & Mahindra, Escorts Group, LS Tractor, John Deere, Kubota and Kioti. These firms are focusing on several growth-based strategies to widen their customer base. To cite an instance, in January 2024, LS Mtron Co. unveiled the new MT2·MT2E compact tractor series in North America.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
