According to IMARC Group’s latest report, titled “Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global tractor market is expected to exhibit a CAGR of 4.3% during 2023-2028. A tractor is a heavy-duty vehicle that performs various agricultural tasks, such as plowing, tilling, planting, and harvesting. They are typically powered by diesel engines and equipped with large tires or tracks that provide traction on rough terrain. Some of the advantages of tractors include increased efficiency, improved productivity, and reduced labor costs. They can also help farmers work on larger areas of land and achieve higher yields. Compared to manual labor, tractors are faster and more powerful, making them essential for modern agriculture. Currently, there are several types of tractors, including utility, row crop, and specialty tractors. Among these, utility tractors are versatile and can perform a wide range of tasks, whereas row-crop tractors are designed to work in row-crop fields and are equipped with narrow tires to avoid damaging crops. On the other hand, specialty tractors are designed for specific tasks, such as orchard work, vineyard work, or landscaping.
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Market Trends and Drivers:
The demand for tractors is witnessing a significant rise due to the increasing adoption of precision farming techniques and farm mechanization to improve productivity in the agriculture sector. Moreover, the growing number of farm training programs advocating the use of agricultural machinery on a larger scale and the rapidly expanding construction industry are other growth-inducing factors. Additionally, governments of various countries are providing subsidies and financial aid to support the automation of various agricultural processes, which is further propelling the market growth. Besides this, the rising number of building and construction projects and the development of advanced tractors with pre-installed global positioning systems (GPS) and telematics devices are driving the market growth.
Tractor Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the tractor market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Agco Corporation
- Argo Tractors S.p.A
- Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
- CLAAS KGaA mbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- Kubota Corporation
- Mahindra & Mahindra Ltd. (Mahindra Group)
- Sonalika Group
- Tractors And Farm Equipment Limited (Amalgamations Group)
- Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.)
Key Market Segmentation:
The report has segmented the global tractor market based on power output, drive type, application and region.
Breakup by Power Output:
- Below 40 HP
- 40 HP – 100 HP
- Above 100 HP
Breakup by Drive Type:
- 2-Wheel Drive
- 4-Wheel Drive
Breakup by Application:
- Agriculture
- Construction
- Mining
- Forestry
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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