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Agriculture Tractors Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global Agriculture Tractors Market (By Tractor Type - Utility Tractors, Row Crop Tractors, Garden Tractors, Orchard Tractors, Rotary Tillers, and Implement Carrier Tractors; By Fuel - Internal Combustion Engine and Electric Motor; By Wheels - 2-wheeler, 3-wheeler, and 4-wheeler; By Engine Power - <20 Horsepower, 21-35 Horsepower, 36-50 Horsepower, 51-90 Horsepower, 91-120 Horsepower, 121-150 Horsepower, 151-180 Horsepower, 181-250 Horsepower, and >250 Horsepower) - Industry Dynamics, Market Size, and Opportunity Forecast to 2030

  • Published On: 25-Jul-2022  |  Format: pdfpowerpointexcel  |  Report ID: AA0722284
    Delivery: 2 to 4 Hours
INFOGRAPHIC:
Agriculture Tractors Market

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REPORT SCOPE

Market Size Value in 2021US$ 60,177.3 Million
Expected Revenue in 2030US$ 98,798.5 Million
Historic Data2017-2020
Base Year2021
Forecast Period2022-2030
UnitValue (USD Mn)
CAGR9.4%
Segments coveredBy Tractor Type, By Product (Fuel), By Wheel Type, By Engine Power, By Region
Key Companies                                                                    Deere & Company, Mahindra & Mahindra Ltd. India, Sonalika Group, and CNH Industrial America LLC. Other prominent players in the market include Massey Ferguson Ltd., Escorts Ltd., Kubota Corporation, AGCO Corp (Fendt), SDF S.p.A. (Deutz Fahr), New Holland (CNH Industrial N.V.), and Claas Group
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FREQUENTLY ASKED QUESTIONS

Agriculture tractors market was values at US$ 60,177.3 Million in 2021.

The market is expected to grow at a CAGR of 5.8% over period 2022-2030.

The market for agriculture tractors, as analyzed in the report, is segmented based on - tractor type, product, wheel type and engine power. 

Utility tractors, row crop tractors, garden tractors, orchard tractors, rotary tractors and implement carrier tractors are the type of agriculture tractors available in the market.

The COVID-19 had a negative impact on the market growth resulting in drop in sales volume of new tractors, closure of production plants, and a significant decrease in the working capital of the manufacturers.

Increasing demand for high performance tractors and farm mechanization in developing markets has had favorable impact on the market growth. Growing versatility of applications seeing mechanization has added to new demand in the market. In addition, rising awareness regarding the benefits of tractors for modern agriculture and lack of skilled labor are few factors supporting the growth of agriculture tractors market worldwide.

High cost of manufacturing tractors and low overall profit for manufacturers are hindering the market growth. 

The top 4 major players capture nearly 50% of the market. John Deere, Massey Ferguson, Case IH, Sonalika International, Escorts Group, Kubota, Fendt, Deutz Fahr, Claas, New Holland, Universal (UTB), Big Bud, Ford and Mahindra & Mahindra are some of the top manufacturers in the market. 

Asia Pacific dominates the market for agriculture tractors in 2021. 

Smart marketing methods, growing dealers’ networks, and advancement in the field of driverless tractors are expected to increase the research and development by manufacturers with advanced technological innovations which are likely to positively shift the agriculture tractors market.

Agriculture tractors have different prices for different horsepower. A low range horsepower can cost US$ 5000 while a high range horsepower can cost more than US$ 100,000.  

Based on product, the Internal combustion engine (ICE) segment holds the maximum share, but the electric motor engines is expected to showcase a higher adoption rate, growing at a CAGR of 6.3%.