+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

North America Tractor Market - Industry Outlook & Forecast 2023-2028

  • PDF Icon


  • 152 Pages
  • April 2023
  • Region: North America
  • Arizton
  • ID: 5766514
UP TO OFF until Jun 30th 2024
1h Free Analyst Time
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

The North America agricultural tractor market is expected to reach 391,799 units by 2028 growing at a CAGR of 4.43% during the forecast period.


  • North America has over 376.8 million food consumers and is the fifth-largest food market in the world. The region witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity.
  • North American region accounts for almost 11.4% of the global agricultural equipment market in volume. The region represents a high level of farm mechanization.
  • The penetration and adoption of farm mechanization practices across the region drive the sale of new agricultural tractors.
  • The agriculture tractor market in North America declined by 14.1% in 2022 from 2021. The decline in crop production and tractor sales was due to supply chain shortages and increased raw material costs.

Increasing Use of Bioenergy in Tractors

  • Conventionally, farmers used diesel engine tractors known for their high power. Due to machine technologies, fuel, and engine advances, tractors are now more efficient and can complete tasks with fewer power requirements. The volatility in diesel prices hampers the budget management of farmers.

Technological Advance in Tractor Technology

  • A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.



In 2022, the less 50 HP segment recorded a high market share in North America. The major factor for the steady growth of the low-power range of tractors is the increased business turnover among hobby and livestock farmers. The sales of Above 100 HP tractors in the country are expected to grow during the forecast period as small and medium farmlands are likely to consolidate in the coming years.

Segmentation by Horsepower

  • Less than 50 HP
  • 50-100 HP
  • Above 100 HP


The agricultural tractor market in North America is dominated by low-range HP 2WD tractors, which accounted for a market share of more than 95% in 2022. Among the several tractor models available in the country, 2WD tractors are the most favored by farmers. The low relative cost of ownership, the sufficiency of features and haulage power, and convention make 2WD tractors more popular among farmers.

Segmentation by Drive Type

  • 2-Wheel-Drive
  • 4-Wheel-Drive


  • John Deere, Massey Ferguson, and New Holland dominated the North American tractor market with a collective market share of over 30% in 2022. These brands have adopted several strategies to gain traction in the market.
  • AGCO and John Deere provide direct financing to farmers to encourage them to buy agriculture equipment.
  • The US witnessed high agricultural tractor sales in North America in the past few years. Leading vendors, such as John Deere and CNH Industrial, focus on the agricultural machinery market in the US and Canada.

Key Vendors

  • John Deere
  • CNH Industrial
  • AGCO
  • Kubota

Other Prominent Vendors

  • SDF
  • Mahindra & Mahindra
  • JCB
  • Foton Motor
  • Yanmar


This North American tractor market report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:
  • Market Size & Forecast Volume (Units) 2020-2028

I. Segmentation by Horsepower

II. Segmentation by Wheel Drive

III. Segmentation by Geography

  • Production and trade values
  • Major current and upcoming projects and investments
  • Competitive intelligence about the economic scenario, advantages in Europe, industry dynamics, and market shares
  • Latest and innovative technologies
  • COVID-19 impact analysis of the industry
  • Company profiles of major and other prominent vendors
  • Industry shares of major vendors


1. What are the expected units sold in the North America agricultural tractor market by 2028?
2. What is the growth rate of the North America agricultural tractor market?
3. Which horsepower type segment will hold the largest market share by 2028?
4. Who are the key players in the North America agricultural tractor market?

Table of Contents

1 Research Methodology2 Research Objectives3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights7 Market at a Glance
8 Introduction
8.1 Value Chain Analysis
8.1.1 Overview
8.1.2 Raw Material & Component Suppliers
8.1.3 Manufacturers
8.1.4 Dealers/Distributors
8.1.5 Retailers
8.1.6 End-Users
8.2 Distribution Channels for Farm Equipment
8.2.1 Financing Options for Acquiring Farm Machinery
8.3 SWOT Analysis of Agricultural Tractor Industry
8.4 Government Support to Farmers
8.5 Technological Advances
9 Market Opportunities & Trends
9.1 Technological Advances in Tractor Technology
9.1.1 Swath Control and Variable Rate Technology
9.1.2 High Demand for Autonomous Equipment
9.2 Shortage of Agricultural Laborers
9.3 Use of Energy-Efficient Agri Tractors
10 Market Growth Enablers
10.1 Assistance to Farmers Through Loans & Subsidies
10.2 Increased Agricultural Productivity & Exports
10.3 Increased Farm Mechanization
10.4 High Local Production Capacities in US
11 Market Restraints
11.1 Lack of Awareness of Latest Innovations in Agricultural Tractor
11.2 High Demand for Used & Rental Tractors
11.3 Climate Change Adversely Impacts Agricultural Activities
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Horsepower
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Less Than 50 Hp
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 50 Hp-100 Hp
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Above 100 Hp
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
14 Wheel-Drive
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 2-Wheel-Drive
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 4-Wheel-Drive
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
15.3 US
15.3.1 Market Overview
15.3.2 Us Land Holding Structures
15.3.3 Farm Production Expenditure by Category
15.3.4 Market Size & Forecast
15.3.5 Horsepower
15.3.6 Wheel-Drive
15.3.7 Market Share Analysis
15.4 Canada
15.4.1 Market Overview
15.4.2 Land Holding Structures in Canada
15.4.3 Market Size & Forecast
15.4.4 Horsepower
15.4.5 Wheel-Drive
15.4.6 Market Share Analysis
16 Competitive Landscape
16.1 Competition Overview
16.1.1 Recent Developments by Top Brands
16.1.2 Brand Loyalty
16.1.3 Sales & Exports
17 Key Company Profiles
17.1 John Deere
17.1.1 Business Overview
17.1.2 Product Offerings
17.1.3 Key Strategies
17.1.4 Key Strengths
17.1.5 Key Opportunities
17.2 Cnh Industrial
17.2.1 Business Overview
17.2.2 Product Offerings
17.2.3 Key Strategies
17.2.4 Key Strengths
17.2.5 Key Opportunities
17.3 Agco
17.3.1 Business Overview
17.3.2 Product Offerings
17.3.3 Key Strategies
17.3.4 Key Strengths
17.3.5 Key Opportunities
17.4 Kubota
17.4.1 Business Overview
17.4.2 Product Offerings
17.4.3 Key Strategies
17.4.4 Key Strengths
17.4.5 Key Opportunities
18 Other Prominent Vendors
18.1 Sdf
18.1.1 Business Overview
18.1.2 Product Offerings
18.2 Mahindra
18.2.1 Business Overview
18.2.2 Product Offerings
18.3 Jcb
18.3.1 Business Overview
18.3.2 Product Offerings
18.4 Claas
18.4.1 Business Overview
18.4.2 Product Offerings
18.5 Kioti
18.5.1 Business Overview
18.5.2 Product Offerings
18.6 Foton
18.6.1 Business Overview
18.6.2 Product Offerings
18.7 Yanmar
18.7.1 Business Overview
18.7.2 Product Offerings
19 Report Summary
19.1 Key Takeaways
19.2 Strategic Recommendations
20 Quantitative Summary
20.1 Market by Geography
20.2 Market by Horsepower
20.3 Market by Wheel-Drive Type
21 Appendix
21.1 Abbreviations

Companies Mentioned

  • John Deere
  • CNH Industrial
  • AGCO
  • Kubota
  • SDF
  • Mahindra & Mahindra
  • JCB
  • Foton Motor
  • Yanmar


Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



Table Information