Agricultural Tractors

Agricultural Tractors

Global Agricultural Tractors Market to Reach 5.1 Million Units by 2030
The global market for Agricultural Tractors estimated at 3.5 Million Units in the year 2023, is expected to reach 5.1 Million Units by 2030, growing at a CAGR of 5.6% over the analysis period 2023-2030. Less than 40 HP Engine Tractors, one of the segments analyzed in the report, is expected to record a 6.1% CAGR and reach 3.3 Million Units by the end of the analysis period. Growth in the 41-100 HP Engine Tractors segment is estimated at 4.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at 928 Thousand Units, While China is Forecast to Grow at 8.6% CAGR
The Agricultural Tractors market in the U.S. is estimated at 928 Thousand Units in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 1.2 Million Units by the year 2030 trailing a CAGR of 8.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 5.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 721.6 Thousand Units by the year 2030.

What to Expect from the Global Economy in 2024
Edgy geopolitics, and economic instability caused by monetary policy tightening and ensuing higher interest rates will create a tumultuous landscape for 2024. Several factors will continue to exert pressure on the path to recovery including hostilities in the Middle East and increasingly common climate disasters. Among the risks, several positives are also taking shape such as growing signs of disinflation and easing of anxiety over stubborn inflation, supply chain normalization and price moderation despite volatility in energy costs. Elections across several G21 jurisdictions, notably in India and the United States, will have potential ramifications for capital flows and investment strategies. While India emerges as a compelling destination in the global investment landscape, U.S, based tech firms will continue to dominate, fueled by a dynamic ecosystem of talent and capital. Tech opportunities in Silicon Valley and beyond remain attractive for investors seeking high-growth prospects supported largely by a resilient albeit slowing domestic economy and conducive regulatory environment. Europe will continue to battle tight monetary policy and recession risks with U.K. having the most challenging outlook and running the greatest risk of recession in 2024. China remains a wild card with hope for growth in the country underpinned by government spending and improvements in consumer spending. The volatile environment will offer both opportunities and challenges for investors and businesses alike. Embracing volatility as a catalyst for growth together with agility and strategic foresight in navigating investment decisions will remain important for survival.

Select Competitors (Total 36 Featured) -

• AGCO Corporation
• CLAAS KGaA mbH
• CNH Industrial N.V.
• Daedong Industrial Company Ltd.
• Deere & Company
• Escorts Limited
• International Tractors Limited
• ISEKI & CO.
• JCB
• KUBOTA Corporation
• Mahindra & Mahindra Ltd.
• SDF Group
• Sonalika Group
• Tractors and Farm Equipment Limited
• YANMAR CO., LTD.

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