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 refers to a high-power, low-speed motor-driven tracklaying automotive vehicle designed for drawing essential farm equipment and other automobiles. It consists of wheels, an engine, cooling, transmission, fuel, electrical and operator systems as standard components.
As compared to regular trucks, tractors have the potential to carry heavier loads and are intended to perform agricultural practices, such as plowing, tilling, harrowing, disking, and planting. They are also easy to use, maneuverable, ensure precise tasks, simplify farming activities, offer cost and time efficiency and have the ability to operate in wetland conditions. As a result, tractors are extensively utilized in the construction, logistics, mining, and agriculture industries.
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Market Trends and Drivers:
The significant enhancement in the agricultural sector and the increasing need for high-performance mechanized tools for performing sowing, harrowing, and harvesting operations precisely are primarily driving the tractor market growth.
The widespread adoption of tractors for organic farming practices to ensure proper mixing and harvesting of crops while minimizing the usage of multiple growth-enhancing steroids, including transgenic species and pesticides, is favoring the market growth.
the growing environmental concerns and the implementation of green initiatives by governments have prompted manufacturers to develop electric tractors to mitigate carbon emissions, which is propelling the market growth. Apart from this, the advent of artificial intelligence (AI)-enabled tractors to reduce human errors, the rising need for automation and the escalating labor shortages are supporting 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:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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