Agricultural Tractors Market Overview
The present global market is driving its growth because of the growing demand for agricultural machinery among the agricultural industry, the rising adoption of smart farming, and the growing need for productivity.
The global Agricultural Tractors Market is expected to meet at the value of USD 125 billion by the end of the year 2027. Further, the same market is registered to hold a 5% CAGR in the research period.
Furthermore, the growing preferences for the development of modernization of agricultural implements are major reasons to develop the growth opportunities in the global market—another reason behind the significant opportunities in the high demand for precision agricultural equipment.
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Agricultural Tractors Market Segmentation
According to the Agricultural Tractors Market trends report, the worldwide market has been segregated into Application, Engine Power, Operation, Type, and Driver Type.
The present market has been classified into irrigation, seed sowing, harvesting, and others based on the application segment. Among all, the irrigation segment is projected to account for the market value of USD 32,479.2 million, along with the largest market share of 38.00% in 2019. Further, this segment is registered to grow at a 4.70% CAGR during the assessment period. In terms of engine power segment, the global market is segregated into 40 HP–120 HP, 181 HP–250 HP, below 40 HP, 121 HP–180 HP, and more than 250 HP. Out of all, the below 40 HP segment is registered to witness the market value of USD 27,350.9 million and the largest market share of 32% in 2019. For instance, the same segment is expected to hold a 5.52% CAGR during the assessment timeframe.
The current market has been bifurcated into autonomous tractor vehicles and manual tractor vehicles in the operating segment. Here, the manual tractor vehicle segment holds the market value of USD 125 billion along with the larger Agricultural Tractors Market share of 81.00% in 2019. Moreover, it is estimated to expand at a 5% CAGR during the analysis period. Furthermore, the global market has been divided based on the types such as electric and ICE. The ICE segment is registered to enhance the market value of USD 67,949.9 million with a larger market share of 79.50% during the forecast period of 2019. Recently, it has been estimated to generate a 5.64% CAGR in the assessment timeframe. The global market has also been classified based on driver types such as 4-wheel drive and 2-wheel drive. For instance, this segment is projected to create a 5.40% CAGR during the period of analysis.
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Agricultural Tractors Market Regional Analysis
Depending on the regional segment, the Agricultural Tractors Market growth has been classified into Europe, North America, Asia-Pacific, and the rest of the world.
Regionally, the Asia Pacific region dominates the Agricultural Tractors Market size due to the availability of agricultural fields, especially in Vietnam, India, China, and Indonesia. Moreover, the North American region is estimated to generate high market growth due to the growing demand for modernization of agricultural implements and the high demand for agricultural machinery in the agricultural industry.
Agricultural Tractors Market Key Players:
- Deere & Company
- CNH Industrial
- Mahindra & Mahindra Limited
- Massey Ferguson
Agricultural Tractors Industry News
In February 2021, an advanced range of tractors named DYNATRACK Series was launched by TAFE (Tractors and Farm Equipment), manufacturers of Massey Ferguson tractors. It has aimed to provide sophisticated technology, versatility, dynamic performance, and unmatched utility.