Global Tractor Industry will grow with a CAGR of 2.7% from 2021-2027
Worldwide, 7.9 Billion populations in 2021 are directly and indirectly dependent on agriculture.
In addition, the surge in population, advancements in tractor technology, and the rise in the appropriation of precision farming stimulate the growth of the global tractor market.
On the other hand, government initiatives for funding and assisting farmers with lower interest rates also expand the global agriculture tractor market. Growing farm cash receipt i.e. raises the affordability of tractors, profit and revenue generated from farming, which is expected to fuel the demand for agriculture tractors.
Four-Wheel Drive Global Agricultural Tractor Market
Based on type, Global Agricultural Tractor, the market is segmented into Four-wheel drive and Two-wheel drive. The enlargement in mechanization in the agriculture industry contributes to the growth of the four-wheel-drive tractors market. A four-wheel-drive (4WD) tractor comes with a four-wheel-drive axle that simultaneously spreads power to wheels. It helps in providing less slippage, excellent traction with better performance, more pulling power, is fuel-efficient, has longer service intervals, and distributes power to all wheels depending on the requirement.
Moreover, four-wheel-drive tractors and Two-wheel drive tractors are suitable for applications like land development & seedbed preparation, harvesting & threshing, Sowing & Planting, Weed Cultivation, etc. Due to the shortage of farm laborers, mostly in developed and developing economies most of the land is developed by four-wheel-drive tractors and Two-wheel drive tractors respectively.
Global Tractor Market Size was US$ 56.3 Billion in 2021
Furthermore, the main types of engine power are 100 HP to 150 HP, Less than 40 HP, 40 HP to 99 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP and Above 350 HP. The less than 40 HP tractors are mainly utilized for horticulture. In emerging countries, the demand for lower HP tractors is high due to the low disposable income of farmers. Besides, due to small farmland sizes, producers prefer small and customized tractors for agricultural purposes.
Asia-Pacific Commands the Agricultural Tractors Market
Based on geography, the global agriculture tractor industry is segmented into Europe, North America, Asia Pacific, and Rest of World. The Asia Pacific has emerged as a strong tractor market, with notable sales of tractors in India and China. Although China has significantly accelerated the adoption of tractors in recent years, its overall development of agricultural machinery is one of the crucial carriers for modern agriculture and a tool for improving farm productivity and liberating agricultural labor shortage. China introduced the 'Made in China 2025' scheme, focusing on producing 90% of its agricultural equipment with high-end machines, like agricultural tractors.
COVID-19 Impact in Worldwide Tractor Industry
Tractor industry has observed a sharp decline in the pandemic period, and the most affected company is the dealership system, owing to the disturbances in the supply chain. The global agricultural tractors market is an evolving industry, which has been hindered due to the unavailability of a workforce due to the corona virus's spread. This has disrupted the production and installation of agriculture tractors across affected countries.
Company Aspect
The global tractor market is compressed, with major players such as John Deere's, CNH Industrial, AGCO Corporation, KUBOTA Corporation, Mahindra & Mahindra, Claas KGaA mbH, Argo Group International Holdings Ltd., Escorts Ltd. The market share is cornered by established brands in their particular country.
This new report titled “Global Tractor Market by Type (Four-wheel-drive tractors and Two-wheel drive), Engine Power (Less than 40 HP, 40 HP to 99 HP, 100 HP to 150 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP and Above 350 HP), Application (Land Development & Seed Bed Preparation , Sowing & Planting ,Weed Cultivation ,Plant Protection, Harvesting & Threshing and Post-harvest & Agro Processing), Region (North America, Europe, Asia-Pacific and ROW), Company Analysis (John Deere's, CNH Industrial, AGCO Corporation, KUBOTA Corporation, Mahindra & Mahindra, Claas KGaA mbH, Argo Group International Holdings Ltd., Escorts Ltd.)"" provides comprehensive details about Global Agricultural Tractors Industry.
Drive Type - Global Agricultural Tractors Market breakup from 2 viewpoints
1. Two Wheel Drive
2. Four Wheel Drive
Engine Power - Global Agricultural Tractors Market breakup from 7 viewpoints
1. Less than 40 HP
2. 40 HP to 99 HP
3. 100 HP to 150 HP
4. 151 HP to 200 HP
5. 201 HP to 270 HP
6. 271 HP to 350 HP
7. Above 350 HP
Application - Global Agricultural Tractors Market breakup from 6 viewpoints
1. Land Development & Seed Bed Preparation
2. Sowing & Planting
3. Weed Cultivation
4. Plant Protection
5. Harvesting & Threshing
6. Post-harvest & Agro Processing
Region - Global Agricultural breakup from 4 viewpoints Tractors Market
1. North America
2. Europe
3. Asia-Pacific
4. Rest of the World
All companies have been covered from 3 viewpoints
- Overviews
- Recent Developments
- Revenues
Company Analysis
1. John Deere's
2. CNH Industrial,
3. AGCO Corporation
4. KUBOTA Corporation
5. Mahindra & Mahindra
6. Claas KGaA mbH
7. Argo Group International Holdings Ltd.
8. Escorts Ltd.
Table of Contents
Companies Mentioned
- John Deere's
- CNH Industrial,
- AGCO Corporation
- KUBOTA Corporation
- Mahindra & Mahindra
- Claas KGaA mbH
- Argo Group International Holdings Ltd.
- Escorts Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | January 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 56.3 Billion |
| Forecasted Market Value ( USD | $ 66.1 Billion |
| Compound Annual Growth Rate | 2.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
