Agricultural Tractor Market Size, Share, Opportunities, And Trends By Engine Power (Less Than 40 HP, 41 To 100 HP, More Than 100 HP), By Type (Utility Tractors, Row Crop Tractors, Orchard Type, Industrial Tractors, Other Tractors), By Vehicle Type (Gasoline And Diesel, Electric), By Mode Of Operation (Manual Tractor, Autonomous), And By Geography - Forecasts From 2023 To 2028

  • Published : Oct 2023
  • Report Code : KSI061614093
  • Pages : 195

The global agricultural tractor market is estimated to grow at a CAGR of 5.13%, reaching US$27,877.434 million in 2028 from US$19,641.678 million in 2021.

The need for smaller tractors on small farms is expected to increase, and technical developments like the incorporation of telematics with agricultural tractors are expected to boost growth. Additionally, due to the quick adoption of mechanization, it is projected that the industry will grow favourably during the next few years. Moreover, tractor production is also being aided by the government's enhanced support of farm mechanization for high yield through the provision of subsidies. Additionally, technical developments are supporting the expansion of farm mechanization and increasing farmer awareness of its advantages.

Increasing farm mechanization

The need for tractors is rising as a result of precision farming and the growing use of farm technologies to increase production. Agricultural machinery can benefit from the use of high-precision positioning systems (such as GPS and GNSS), automated steering systems, geomapping, sensors, and remote sensing, as well as integrated electronic communication. Moreover, the tractor business is also being driven by the rising number of farm training programs that encourage the widespread use of agricultural machinery. These tractors' engines, which have a maximum capacity of 1,500 CC, enable them to be used more versatilely and occupy less space. Because they are simpler to customize, manufacturers are more likely to experiment with new parts and technologies in the agricultural tractor market before moving on to more powerful ones. Soft soil environments, such as those found in river basins, are ideal for low-horsepower tractors. The majority of uses for tractors with less than 40 HP are in horticulture.

Growing product innovation by key market players

The main agricultural tractor market players are also creating new products in response to the growing demand from developing countries. For instance, in February 2021, TAFE introduced the new DYNATRACK Series, a cutting-edge line of tractors that integrates a potent tractor with dynamic performance, intelligent technology, unsurpassed utility, and versatility. During the projected period, the agricultural tractor market is probably going to be driven by these variables.? For instance, FADA (Federation of Automobile Dealers Association) has released tractor OEMs' March 2023 retail sales data. The total retail sales for all tractor brands in March 2023 were 8,27,403 units, as against 7,66,545 in March 2022.

India is anticipated to be the fastest-growing country in the Asia-Pacific region

Agriculture tractors perform, tilling, plowing, and grinding among other agriculture tasks with ease and efficiency, thereby providing major assistance to farmers to bolster their production. The agriculture sector is one of the major GDP contributors of India, and with the growing population, the demand for food items has shown a significant increase thereby propelling the overall scale of agricultural activities. According to the Ministry of Agriculture & Farmers Welfare, in December 2022, food grain production reached 315.72 million tonnes thereby witnessing an increase of 2.3% over 308.65 million tonnes recorded in January 2022. Such an increase in production has positively impacted the demand for agricultural machinery such as tractors. For instance, according to the Tractor and Mechanization Association, in 2022, tractor sales in India stood at 9,12,061 units which represented an increase of 8,337 units over 2021’s sale volume of 9,03,724. Moreover, as per the same source, tractor production reached 6,99,814 units till August 2023 which represented a 3.5% increase over 6,75,607 units produced till August 2022.

Market Key Developments

  • In August 2023, Mahindra launched seven new models of its lightweight 4WD tractor “Mahindra OJA”. The new launch came as part of the company’s effort to transform Indian farming.

Agricultural Tractor Market Scope:

 

Report Metric Details
Market Size Value in 2021 US$19,641.678 million
Market Size Value in 2028 US$27,877.434 million
Growth Rate CAGR of 5.13% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Million
Segments Covered Engine Power, Type, Vehicle Type, Mode of Operation, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Mahindra & Mahindra Limited, Deere & Company, Tractors and Farm Equipment Limited, CNH Industrial N.V., Kubota Corporation, AGCO Corporation, Force Motors, Standard Corporation India Limited, Sonalika Group
Customization Scope Free report customization with purchase

 

Segmentation:

  • By Engine Power
    • Less than 40 HP
    • 41 to 100 HP
    • More than 100 HP
  • By Type
    • Utility Tractors
    • Row Crop Tractors
    • Orchard Type
    • Industrial Tractors
    • Other Tractors
  • By Vehicle Type
    • Gasoline and Diesel
    • Electric
  • By Mode of Operation
    • Manual Tractor
    • Autonomous
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • Spain
      • United Kingdom
      • France
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • Australia
      • India
      • Others
 

Frequently Asked Questions (FAQs)

The agricultural tractor market is estimated to grow at a CAGR of 5.13% during the forecast period.
The agricultural tractor market is estimated to reach a market size of US$27,877.434 million by 2028.
Agricultural Tractor Market was valued at US$19,641.678 million in 2021.
The Asia Pacific region is expected to hold the largest share of the agricultural tractor market.
The increasing need for operational efficiency and the rise in labor costs are expected to boost the demand for agricultural tractors.

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. AGRICULTURAL TRACTOR MARKET, BY ENGINE POWER

5.1. Introduction

5.2. Less than 40 HP

5.3. 41 to 100 HP

5.4. More than 100 HP

6. AGRICULTURAL TRACTOR MARKET, BY TYPE

6.1. Introduction

6.2. Utility Tractors

6.3. Row Crop Tractors

6.4. Orchard Type

6.5. Industrial Tractors

6.6. Other Tractors

7. AGRICULTURAL TRACTOR MARKET, BY VEHICLE TYPE

7.1. Introduction

7.2. Gasoline and Diesel

7.3. Electric

8. AGRICULTURAL TRACTOR MARKET, BY MODE OF OPERATION

8.1. Introduction

8.2. Manual Tractor

8.3. Autonomous

9. AGRICULTURAL TRACTOR MARKET, BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Engine Power

9.2.2. By Type

9.2.3. By Vehicle Type

9.2.4. By Mode of Operation

9.2.5. By Country

9.2.5.1. USA

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Engine Power

9.3.2. By Type

9.3.3. By Vehicle Type

9.3.4. By Mode of Operation

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.2. Argentina 

9.3.5.3. Others

9.4. Europe

9.4.1. By Engine Power

9.4.2. By Type

9.4.3. By Vehicle Type

9.4.4. By Mode of Operation

9.4.5. By Country

9.4.5.1. Germany

9.4.5.2. Spain

9.4.5.3. United Kingdom

9.4.5.4. France

9.4.5.5. Others

9.5. Middle East and Africa

9.5.1. By Engine Power

9.5.2. By Type

9.5.3. By Vehicle Type

9.5.4. By Mode of Operation

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. South Africa

9.5.5.3. Others

9.6. Asia Pacific

9.6.1. By Engine Power

9.6.2. By Type

9.6.3. By Vehicle Type

9.6.4. By Mode of Operation

9.6.5. By Country

9.6.5.1. China

9.6.5.2. Japan

9.6.5.3. Australia

9.6.5.4. Japan

9.6.5.5. India

9.6.5.6. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

11. COMPANY PROFILES

11.1. Mahindra & Mahindra Limited

11.2. Deere & Company

11.3. Tractors and Farm Equipment Limited

11.4. CNH Industrial N.V.

11.5. Kubota Corporation

11.6. AGCO Corporation

11.7. Force Motors

11.8. Standard Corporation India Limited

11.9. Sonalika Group


Mahindra & Mahindra Limited

Deere & Company

Tractors and Farm Equipment Limited

CNH Industrial N.V.

Kubota Corporation

AGCO Corporation

Force Motors

Standard Corporation India Limited

Sonalika Group