Austin, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The Agricultural Tractor Market Share is expected to expand from 2024 to 2032 into USD 175.66 billion, while trailing a CAGR of 7%. Farmers are outpacing their means by investing in tractors due to the exponentially increasing need for agricultural mechanization. This can be attributed to the yield and labor shortages in the regions, especially with emerging economies. Other government incentives and credit-friendly financing will also propel the use of tractors across the world.
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What Growth Drivers Dominate the Agricultural Tractors Market?
The primary growth driver, in general, is the upward trend in high-tech farming systems to increase crop yield, especially in response to population pressure. Precision farming is the new global trend; to date, 40% of tractors used in advanced economies are fitted with GPS technology, changing the face of farming practices. There is, however, a steadily increasing concern over labor shortage issues, particularly in European and North American regions that motivate farmers to invest in autonomous tractors, the segment being expected to record a growth of 10% annually.
Emerging Opportunities in the Agricultural Tractors Market
The electric and autonomous tractors signal the future of agriculture. The growth in renewable agriculture technologies has added unprecedented opportunities to this market, and electric tractors are expected to account for 15-20% of the world's tractor fleet by 2030. The electric variants are being promoted by governments worldwide as part of their other strategies for agricultural carbon reduction. Besides, AI and IoT technologies have created unparalleled prospects for growth in smart tractors.
Percentage of Agricultural Tractors Autonomous Around the World
It is estimated that 5-7% of all the agricultural tractors in the world have gone autonomous, and this number is expected to accelerate as more firms present driverless models. To begin with, autonomous tractors are very popular, especially in North America, due to the need experienced from labor shortages and large-scale farming. Companies, including among others John Deere and CNH Industrial, are still at the helm, spearheading the trend to automate farming, seeing deployment of autonomous tractors increase by 30% by 2030.
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What segment of the Agricultural Tractors Market is most likely to grow the fastest?
Compact tractors are likely to grow the fastest in the agricultural tractors market, mainly in smaller-sized farms and less arable regions. This compact tractor segment, with an annual growth rate of 8%, is expected to explode as increasing demand requires multi-function and versatile machinery. Compact tractors are gaining popularity in regions like Asia-Pacific and Africa where, on average, farms are much smaller in size and have fewer acres of arable land.
Which Region Would Dominate the Agricultural Tractors Market by 2032?
Asia-Pacific is expected to be the biggest market for agricultural tractors by 2032, largely due to rapid mechanization in countries like China and India. In the last few years, the region accounted for nearly 45% of the total tractor demand in the world and is likely to continue dominating the market as governments in countries here are providing strong support to agricultural modernization. Total investments in the farming infrastructures of the region have also seen a significant rise in the last few years, thereby creating more demand for agricultural tractors. North America and Europe are also expected to witness steady growth due to the increasing adoption of precision farming techniques as well as autonomous tractors.
Which one among All Leading Players possesses the highest share of the market in agricultural tractors?
Major players like John Deere, Kubota, and Mahindra will continue to lead the agricultural tractor market across the globe with about 50% of the market share. These players continue to innovate and focus on the development of advanced electric and autonomous tractors that will best meet the evolving needs of the farmers around the globe. Newer players are also entering the fray, especially in the compact and electric tractor categories, thereby expanding the competitive landscape.
Key Takeaways:
- Precision farming and autonomous tractors tend to drive growth in the agricultural tractors market.
- Emerging opportunities of electric and autonomous tractors are witnessed as the governments focus on the sustainability agenda in agriculture.
- Compact tractors are the fastest-growing categories, primarily with increasing demand for versatile equipment among small and mid-sized farms.
- The Asia-Pacific market will dominate, while North American and European markets are expected to grow steadily with technological innovations in farming.
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1 No. Of Pages: 350 Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
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- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
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