Agricultural Tractors Market Set to Register Striking Growth by , Size, Sha
According to MRFR analysis, the global Agricultural Tractors Market is expected to register a CAGR of ~4.90% from 2022 to 2030 and hold a value of over USD 125.95 billion by 2030.
For a variety of agricultural tasks including harrowing, tilling, plowing, and planting, tractors are used as agricultural vehicles. They come in a range of power capacities, from 20 HP to more than 60 HP. It is utilized in row crops, orchards, and gardening applications. Additionally, as the agricultural sector expands, more people in emerging nations such as India, China, Brazil, and others will need tractors for use in farming and other agricultural uses.
Regional Analysis
The market for agricultural tractors in North America was expected to develop at a considerable CAGR. This is explained by the fact that the important companies in the area are there, supporting the market. The need for automated agricultural tractors is anticipated to increase as a result of technological development in these areas. Market expansion in the area is predicted to be fueled by rising demand for agricultural goods in the food and beverage sector in North America.
The second-largest market share for agricultural tractors is held by Europe, because of the region's growing demand for large farm tractors, notably from Italy, Greece, and Lithuania. Additionally, during the forecast period, the increased demand for autonomous tractors is anticipated to propel regional market expansion. The agricultural tractor market in Germany had the biggest market share, while the agricultural tractor market in the UK had the quickest rate of growth on the continent of Europe.
Agricultural Tractors Market Trends:
The agricultural tractor market is a rapidly growing industry, driven by increasing demand for food and other agricultural products worldwide. Some of the key trends in the market include:
1. Growing Demand for Food: As the global population continues to grow, demand for food is also increasing, leading to a rise in the demand for agricultural tractors.
2. Technological advancements: Agricultural tractors are becoming more technologically advanced, with features such as GPS and precision agriculture becoming more common.
3. Rising demand for compact tractors: Compact tractors are becoming increasingly popular in the market, due to their versatility and affordability. These tractors are suitable for small to medium-sized farms and are used for a wide range of tasks, including plowing, tilling, and harvesting.
4. Increase in demand for used tractors: There has been a rise in the demand for used tractors, as farmers look for cost-effective solutions for their farming operations.
Overall, the agricultural tractor market is expected to continue growing in the coming years, driven by increasing demand for food, technological advancements, and a growing focus on sustainability.
Market Segmentation
The Global Agricultural Tractors Market size has been segmented into Engine Power, Type, Operation, Driver Type, and Application
Based on Engine Power, the market has been segmented into Below 40 HP, 40 HP–120 HP, 121 HP–180 HP, 181 HP–250 HP, and More Than 250 HP.
Based on the Type, the market has been segmented into ICE and Electric.
Based on the Operation, the market has been segmented into Manual Tractor Vehicles and Autonomous Tractor vehicles.
Based on the Driver Type, the market has been segmented into 2-Wheel Drive and 4-Wheel Drive.
Based on the Application, the market has been segmented into Harvesting, Seed Sowing, Irrigation, and Others.
Key Players
Some of the key market players are CNH Industrial, Deere & Company, CLAAS, Escorts Ltd, International Tractors Ltd, YanmarCo Ltd, KubotaCorp, Mahindra & Mahindra Ltd, and Tractors and Farm Equipment Ltd.
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