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With a projected CAGR of 6.0% from 2024–2031, the worldwide tractor market is projected to grow from $64,802 million in 2024 to $97,906.31 million in 2031.
The combination of rising need for efficient farm equipment, rising levels of agricultural mechanization, and technical breakthroughs has been influencing customer tastes and demands in the worldwide tractor market in recent years. Agricultural practices are being modernized, productivity is being enhanced, and the demands of a growing global population are being met through the use of tractors.
Another notable development is the increasing use of smart technologies in farming. This includes tools like GPS, precision farming, and automation, all of which help to optimize agricultural operations. The continual development and modernization of agriculture in the Asia-Pacific and Latin American emerging economies has resulted in a spike in the demand for tractors. The creation of more sustainable and energy-efficient tractor models is also being impacted by environmental and sustainability concerns.
The need for tractors for transportation purposes is getting a boost from an increase in government spending on new infrastructure and construction facilities, which is driving the expansion of the worldwide tractor market. To provide just one example, the Australian government has recently boosted expenditure on infrastructure projects. The budget had a 10.3% increase from 2018 to 2020. Efficiency in operations and new developments in tractor technology are other benefits of construction tractors. The worldwide market for tractors is being propelled by this.
The global tractor market is being propelled by the rising mechanization of agricultural equipment in nations like China, India, and Brazil, among others. A number of factors are contributing to the expansion of the market for high-efficiency tractors, which are in high demand for a variety of uses including planting and sowing. Tractors with 50-100 HP output range are offered by major firms like Escorts Limited and Mahindra & Mahindra Ltd. The Mahindra NOVO tractor is one example of a product offered by Mahindra & Mahindra Ltd. It produces 64.1 horsepower. For conditions of heavy and sticky dirt, its powerful engine is ideal. The air conditioning works well. Harrow and mulcher uses are two of its primary functions.
The ever-present trend toward mechanization in farming as a means for farmers to boost output and efficiency. More sophisticated tractors are in high demand because to the increasing need for food around the world and the necessity of precision farming. Farm mechanization is also greatly aided by government programs and subsidies. Additional factors driving market expansion include the growing tendency of farms merging and the requirement for bigger and more powerful tractors.
Particularly in developing countries, small and marginal farmers face financial difficulties due to the high initial cost of buying tractors, which is one of the key constraints on the market. As a result of commodity price volatility and income uncertainty in agriculture, farmers are wary of investing in new gear. The demand for technologically improved tractors that comply with strict emission standards is increasing the economic burden for producers due to environmental concerns and stringent norms.
The worldwide tractor market is seeing expansion because to the increasing demand for high-performance tractors that can handle muddy and heavy soil conditions. For example, tractors with more than 100 HP are being offered by key businesses like John Deere India Private Limited, Mahindra & Mahindra Ltd, and VST Tillers and Tractors Ltd. For agricultural and mulching purposes, for example, the John Deere 6120 B tractor is available from Deere & Company. It is more dependable and requires less maintenance. Pitching, planting, carting, and puddling are some of the agricultural tasks that make use of it. The four-cylinder, turbocharged John Deere Power Tech engine produces 120 horsepower.
It is projected that the market expansion will be hindered due to the lack of knowledge about efficient tractors among farmers in India. The worldwide tractor market is expected to see significant development potential due to a government initiative that offers low-interest subsidies to farmers. Take India's PM Kisan Tractor Yojana and the Telangana Yantra Laxmi Scheme as examples of government programs that subsidize tractors for farmers by 20% to 50%.
Report Coverage
Global Tractor research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tractor report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tractor competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tractor market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tractor market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tractor market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
John Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Limited, SAME Deutz-Fahr S.p.A., ARGO SpA, Yanmar Co., Ltd., TracFone Wireless, Inc., Escorts Limited, Tafe Motors Limited, PT Astra International Tbk, LS Mtron Ltd., Sampo Rosenlew Ltd., CLAAS KGaA mbH & Co KG, JCB Inc., New Holland Agriculture N.V., Mitsubishi Heavy Industries Ltd., Volvo Construction Equipment AB, SDF Group.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Tractor market based on the below-mentioned segments:
Global Tractor Market, By Drive Type
2 Wheel Drive
4 Wheel Drive
Global Tractor market, By Application
AGRICULTURE
CONSTRUCTION, MINING AND LOGISTICS
Global Tractor Market, By Power Output
Less Than 30 HP
30-50 HP
51-100 HP
More Than 100 HP
Global Tractor market, Regional Analysis
The combination of rising need for efficient farm equipment, rising levels of agricultural mechanization, and technical breakthroughs has been influencing customer tastes and demands in the worldwide tractor market in recent years. Agricultural practices are being modernized, productivity is being enhanced, and the demands of a growing global population are being met through the use of tractors.
Another notable development is the increasing use of smart technologies in farming. This includes tools like GPS, precision farming, and automation, all of which help to optimize agricultural operations. The continual development and modernization of agriculture in the Asia-Pacific and Latin American emerging economies has resulted in a spike in the demand for tractors. The creation of more sustainable and energy-efficient tractor models is also being impacted by environmental and sustainability concerns.
The need for tractors for transportation purposes is getting a boost from an increase in government spending on new infrastructure and construction facilities, which is driving the expansion of the worldwide tractor market. To provide just one example, the Australian government has recently boosted expenditure on infrastructure projects. The budget had a 10.3% increase from 2018 to 2020. Efficiency in operations and new developments in tractor technology are other benefits of construction tractors. The worldwide market for tractors is being propelled by this.
The global tractor market is being propelled by the rising mechanization of agricultural equipment in nations like China, India, and Brazil, among others. A number of factors are contributing to the expansion of the market for high-efficiency tractors, which are in high demand for a variety of uses including planting and sowing. Tractors with 50-100 HP output range are offered by major firms like Escorts Limited and Mahindra & Mahindra Ltd. The Mahindra NOVO tractor is one example of a product offered by Mahindra & Mahindra Ltd. It produces 64.1 horsepower. For conditions of heavy and sticky dirt, its powerful engine is ideal. The air conditioning works well. Harrow and mulcher uses are two of its primary functions.
The ever-present trend toward mechanization in farming as a means for farmers to boost output and efficiency. More sophisticated tractors are in high demand because to the increasing need for food around the world and the necessity of precision farming. Farm mechanization is also greatly aided by government programs and subsidies. Additional factors driving market expansion include the growing tendency of farms merging and the requirement for bigger and more powerful tractors.
Particularly in developing countries, small and marginal farmers face financial difficulties due to the high initial cost of buying tractors, which is one of the key constraints on the market. As a result of commodity price volatility and income uncertainty in agriculture, farmers are wary of investing in new gear. The demand for technologically improved tractors that comply with strict emission standards is increasing the economic burden for producers due to environmental concerns and stringent norms.
The worldwide tractor market is seeing expansion because to the increasing demand for high-performance tractors that can handle muddy and heavy soil conditions. For example, tractors with more than 100 HP are being offered by key businesses like John Deere India Private Limited, Mahindra & Mahindra Ltd, and VST Tillers and Tractors Ltd. For agricultural and mulching purposes, for example, the John Deere 6120 B tractor is available from Deere & Company. It is more dependable and requires less maintenance. Pitching, planting, carting, and puddling are some of the agricultural tasks that make use of it. The four-cylinder, turbocharged John Deere Power Tech engine produces 120 horsepower.
It is projected that the market expansion will be hindered due to the lack of knowledge about efficient tractors among farmers in India. The worldwide tractor market is expected to see significant development potential due to a government initiative that offers low-interest subsidies to farmers. Take India's PM Kisan Tractor Yojana and the Telangana Yantra Laxmi Scheme as examples of government programs that subsidize tractors for farmers by 20% to 50%.
Report Coverage
Global Tractor research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tractor report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tractor competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tractor market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | John Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Limited, SAME Deutz-Fahr S.p.A., ARGO SpA, Yanmar Co., Ltd., TracFone Wireless, Inc., Escorts Limited, Tafe Motors Limited, PT Astra International Tbk, LS Mtron Ltd., Sampo Rosenlew Ltd., CLAAS KGaA mbH & Co KG, JCB Inc., New Holland Agriculture N.V., Mitsubishi Heavy Industries Ltd., Volvo Construction Equipment AB, SDF Group. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Tractor Market from 2021 to 2031.
- Market Forecast for Tractor Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Tractor competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Tractor
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tractor market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tractor market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
John Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Limited, SAME Deutz-Fahr S.p.A., ARGO SpA, Yanmar Co., Ltd., TracFone Wireless, Inc., Escorts Limited, Tafe Motors Limited, PT Astra International Tbk, LS Mtron Ltd., Sampo Rosenlew Ltd., CLAAS KGaA mbH & Co KG, JCB Inc., New Holland Agriculture N.V., Mitsubishi Heavy Industries Ltd., Volvo Construction Equipment AB, SDF Group.
Primary Target Market
- Market Players of Tractor
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Tractor market based on the below-mentioned segments:
Global Tractor Market, By Drive Type
2 Wheel Drive
4 Wheel Drive
Global Tractor market, By Application
AGRICULTURE
CONSTRUCTION, MINING AND LOGISTICS
Global Tractor Market, By Power Output
Less Than 30 HP
30-50 HP
51-100 HP
More Than 100 HP
Global Tractor market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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