Pune, India, January 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Agricultural Tractors Market.
Global Agricultural Tractors Market in terms of value is estimated to reach a value of USD 1,25,012.1 Million by 2030, registering a 5% CAGR during the forecast period 2022 to 2030.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The global agricultural tractors market has registered a significant growth in adoption rates over the past few years in developing nations, such as China, India, and Brazil, owing to the growing harvesting, seed sowing, irrigation, and cultivation activities in farm fields. The agricultural tractors market is highly dependent upon the ownership of the tractors. Thus, the growth of the tractor rental market has a negative impact on the agricultural tractors market.
Global Agricultural Tractors Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Deere & Company, CNH Industrial, SDF, Mahindra & Mahindra Limited, and Massey Ferguson are a few of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key strategy in the global agricultural tractors market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Agricultural Tractors Market Research Report
The increasing need for productivity and adoption of smart farming will spur market growth. The global market for agricultural tractors has been segmented based on engine power, application, type, operation, and driver type.
Based on engine power, the global agricultural tractors market has been segmented into below 40 HP, 40 HP–120 HP, 121 HP–180 HP, 181 HP–250 HP, and more than 250 HP. In 2019, the below 40 HP segment accounted for the largest market share of 32%, with a market value of USD 27,350.9 million. It is projected to register a 5.52% CAGR during the projected timeframe.
Based on the application, the global agricultural tractors market has been segmented into harvesting, seed sowing, irrigation, and others. In 2019, the irrigation segment accounted for the largest market share of 38.00%, with a market value of USD 32,479.2 million. It is projected to register a 4.70% CAGR over the forecast period.
Based on type, the global agricultural tractors market has been divided into ICE and electric. In 2019, the ICE segment accounted for the larger market share of 79.50%, with a market value of USD 67,949.9 million. It is projected to register a 5.64% CAGR during the projected timeframe.
Based on the operation, the global agricultural tractors market has been bifurcated into manual tractor vehicle and autonomous tractor vehicle. In 2019, the manual tractor vehicle segment accounted for the larger market share of 81.00%, with a market value of USD 69,232.0 million. It is projected to register a 5.55% CAGR over the forecast period.
Based on driver type, the global agricultural tractors market has been divided into 2-wheel drive and 4-wheel drive. In 2019, the 2-wheel drive segment accounted for a considerable market share of 67.70%, with a market value of USD 57,864.3 million. It is projected to register a 5.40% CAGR over the forecast period.
Based on region, the report on the Global Agricultural Tractors Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
China and India are the leading markets in terms of the production of agricultural products such as crops and vegetables. Countries in Asia-Pacific are among the most attractive markets for agricultural tractors as there is the availability of agricultural fields, especially in India, China, Vietnam, and Indonesia. According to the India Brand Equity Foundation, the agricultural sector is the primary source of livelihood, as nearly 58% of the country's population is dependent on the sector. This is likely to drive the adoption of agricultural tractors in the region during the forecast period.
The rising demand for agricultural machinery in the agricultural industry is expected to drive the growth of the agricultural tractors market in North America. Furthermore, the rising demand for the development of modernization of agricultural implements is expected to offer lucrative opportunities to the agricultural tractors market during the study period. The increase in agricultural activities across the region is also expected to contribute significantly to the regional market's growth during the forecast period.