Agricultural Tractors Market Share 2022, Growth Overview,

According to a recently published study by Astute Analytica, the global market for agricultural tractors is expected to grow from 60,177.3 million in 2021 to reach 98,798.5 million US$ by 2030. The market is growing at a CAGR of 9.4 % over the forecast period. Factors such as strong government financial support and increasing adoption of mechanized farming by farmers in developing countries in Asia and Africa have been key to the growth of the market. This trend has been further reinforced by the continuous migration of the population to urban centers, which has, in turn, created a shortage of agricultural labor in many countries, subsequently pushing farmers to adopt agricultural equipment. farmers abandoning conventional practices. All these factors have contributed to the high demand and usage of tractors in the market.

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Market dynamics

Drivers:

Market demand is mainly characterized by the need for high-performance tractors. With the support of government initiatives, the increasing adoption of mechanized farming in developing markets, and the need for technological innovations in the agricultural sector, the market for tractors in developing countries has witnessed significant growth. The global agricultural tractor market is booming due to the growing demand for high performance tractors for use in muddy and heavy soils. The market has grown due to the multiple uses of tractors in agricultural operations such as planting, sowing and others. This, combined with supportive government programs, is encouraging more farmers to choose farming as a means of livelihood. The market for agricultural tractors is estimated to grow throughout the forecast period owing to the promotion of agricultural mechanization through subsidies for the purchase of equipment. Moreover, since farmers have little discretionary income and pay high labor costs, low horsepower tractors are in high demand in underdeveloped countries.

Most small and marginal farmers use smaller and specialized tractors that are compact, space-saving and suitable for the terrain for agricultural purposes. Also, major competitors in the market are launching new products that can satisfy the demand in developing countries. For example, river basins and other areas have soft ground that is perfect for underpowered tractors. Similarly, for horticulture, tractors with less than 40 horsepower are preferred. As a result, manufacturers are putting a lot of effort into developing high performance tractor components and technology. Hence, major market players are undertaking technological innovations by launching autonomous tractors with latest machine learning and data analytics features to improve operational efficiency, crop yield, labor productivity and safety. .

Constraints:

The unaffordability of high-powered tractors for small and medium-sized farmers has prompted companies to invest more in R&D and offer products at lower prices. This increased their overall cost of production and thus affected their profit margins. This has affected the overall agricultural tractor market.

Opportunities:

The increasing use of energy sources leads to an increase in energy dissipation and carbon emissions, which urgently demands a sustainable and efficient use of energy. Hence, growing environmental concerns and demand for green initiatives are emerging opportunities in the global agricultural tractor market.

Growth prospects

Utility Tractors to Dominate

On the basis of type, the market is segmented into utility tractors, row crop tractors, garden tractors, orchard type tractors, tillers and tool carrier tractors. The utility tractor segment holds the highest share in the global agricultural tractor market in 2021 and is expected to dominate the market throughout the forecast period. Utility tractors perform multiple loading, digging and cultivating tasks even in tight spaces and are available at a lower price and therefore can meet the needs of a large number of small farmers.

Electric tractors will see a higher growth rate

In terms of product (fuel), the market is categorized into internal combustion engines (ICE) and electric motors. Among these, the internal combustion engine (ICE) segment dominates the agricultural tractor market in 2021 and is further expected to maintain its dominance over the projection period 2022-2030. However, Electric Motors segment is analyzed to experience the highest compound annual growth rate during the forecast period.

36-50 horsepower is the most preferred engine type

In terms of engine power, the market is ranked in 250 horsepower. Among these, the 36-50 horsepower segment dominates the global agricultural tractor market in 2021 and is further expected to continue to dominate during the projection period 2022-2027. The segment is expected to register the highest compound annual growth rate during the forecast period. Low cost, compact size, greater suitability for small farms as well as greater convenience to perform the task in smaller scales have pushed its high demand among small and medium farmers.

2-wheel tractors dominate the fleet

In terms of the number of wheels, the market is divided into 2-wheelers, 3-wheelers and 4-wheelers. Among these, the 2-wheeler segment dominates the agricultural tractor market in 2021 and is expected to maintain its dominant position throughout the analyzed period. The segment is also expected to witness the highest compound annual growth rate during the forecast period. The versatility of 2-wheelers in multiple uses, their low initial cost and their easy mobility on small land make them a popular choice among farmers.

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Asia-Pacific accounts for the bulk of the market share
Based on geography, Global’s agricultural tractors market is divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. The Asia-Pacific region is leading the global agricultural tractor market in 2021. The heavy reliance on agriculture as a source of income for many developing countries in South Asia, the increased focus on agricultural production and food security as well as many supportive government initiatives drive growth. of the agricultural tractor market in the region.

Competitive Scoreboard:

John Deere is an American company that manufactures agricultural machinery, heavy equipment, forestry machinery, etc. The company offers a full range of innovative solutions for a variety of agricultural activities through its range of integrated, user-friendly and technologically advanced tractors.
Mahindra & Mahindra is a multinational automobile manufacturer. The company offers smart and innovative solutions to help farmers revolutionize agriculture while improving farmers’ lives. The company’s tractors range from 20 HP to 36 HP and are equipped with the latest features to help you complete any task with ease. These tractors are suitable for a variety of crops, including row crops such as cotton and sugar cane, as well as vineyards and orchards.
Case IH. is an American agricultural machinery manufacturer that creates powerful, reliable and highly efficient equipment for agricultural purposes. The company pioneered modern agriculture offering advanced farming solutions and innovative products, including tractors, combines, balers, hay and forage equipment, sugar cane harvesters, pickers cotton, coffee harvesters, tillage, seeding, planting, application, handling and precision. agricultural material.
Sonalika International is India’s newest and fastest growing tractor brand, fully equipped to produce all the components needed to produce a tractor from sheet metal to the entire tractor. The company’s product lines range from 20 to 120 horsepower, recognizing that each farmer’s needs are unique.

Introduction to Segmentation

The following are the different segments of the global agricultural tractor market:

By type of tractor:

Utility tractors
Row crop tractors
Garden tractors
Orchard type tractors
Rotary cutters
Implement carrier tractors

By product (fuel):

Internal combustion engine (ICE)
electric motor

By wheel type:

2 wheels
3 wheels
4 wheels

By engine power:

250 horsepower

By regional:

North America
United States
Canada
Mexico
Europe
Western Europe
Great Britain
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
ASEAN
Burma
South Korea
Rest of Asia-Pacific
South America
Argentina
Brazil
Rest of South America
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of MEA

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This press release was published on openPR.