Growth Opportunities in Agricultural Tractors

Growth Opportunities in Agricultural Tractors

Autonomous Tractors, Precision Agtech, and Business Model Transformation to Drive Growth through 2030

The global agricultural tractor industry is a critical component of the systems that make feeding a global population possible. Agricultural tractors are used to perform a variety of tasks on farms, including plowing, tilling, planting, and harvesting crops. This industry has grown significantly in recent years, with a global market size of $54.96 billion in 2022 that will reach approximately $81.42 billion in 2030, increasing at a compound annual growth rate (CAGR) of 5.0% during that period. Several factors are driving this growth, including an expanding global population, rising demand for food, and increasing mechanization of farming practices. During this same period, the developed markets of the United States and Europe will experience CAGRs of 4.8% and 6.4%, respectively, whereas the developing nations of India and China will show resilient growth rates of 7.1% and 2.6%. This is due to the large agricultural sector in India and China that see high demand for tractors. In North America and Europe, large-scale agriculture practices drive growth in the tractor market.

Overall, the agricultural tractor industry is highly competitive, with many manufacturers operating and competing for market share. The industry is dominated by a few major players, including John Deere, AGCO Corporation, CNH Industrial, and Kubota Corporation. These companies have a strong presence in many markets and offer a range of products, from small utility tractors to large industrial tractors. The industry is also characterized by a trend toward more sustainable and efficient tractors, with an increasing focus on reducing emissions and improving fuel efficiency. This trend is driving innovation, with manufacturers developing new technologies such as electric and autonomous tractors.

Frost & Sullivan expects major innovations in the agricultural tractor market to happen in the fields of precision agriculture, electrification, automation/robotics, new business model transformation, and autonomous tractors. The adoption of precision agriculture tools is already picking up pace in developed markets, yet the trend has yet to catch up in developing markets.


RESEARCH HIGHLIGHTS:

Analyze market growth trends globally
Evaluate technology trends and market dynamics
Examine market status and understand expectations by 2030

KEY ISSUES ADDRESSED:

What are the main areas of demand and growth?
Who are the top industry participants, and what are their anticipated development and launch activities for 2023–2030?
What are some of the notable industry partnerships and highlights?
What are the main factors and trends shaping industry growth?
What is the expected demand for tractor unit sales globally?