North America Agricultural Tractors Market Size, Share & Industry Trends Analysis Report By Driveline Type (Two-wheel Drive, and Four-wheel Drive), By Engine Power, By Country and Growth Forecast, 2021 - 2027
The North America Agricultural Tractors Market would witness market growth of 3.3% CAGR during the forecast period (2021-2027).
Population growth, water scarcity, a scarcity of arable land, and the loss of land fertility are all factors driving up consumer demand for food. In relation to meeting consumer demand, the agriculture industry has a number of challenges in terms of food production. Due to rapid industrialization, the majority of agricultural land around urban and rural communities is used for commercial purposes. This is mostly due to population migration from rural to urban areas.
Recently, the trends in the modern agricultural tractor industry to replace existing machinery with innovative machinery would generate higher demand for agricultural tractors. To boost efficiency, self-driving or driverless tractors replace the drivers with multiple hardware and software components. Self-driving tractors reduce human effort while increasing productivity.
Traditionally, farming has been a labor-intensive form of agriculture. Farmers are highly deploying agricultural technology, particularly tractors, as a substitute for manual labour. According to the World Bank statistics, the agriculture sector employed 1.5 percent of the total workforce in the United States in 2019, up from 1.4 percent in 2016.
According to the Canadian Agriculture Human Resource Council, Canada's farm labor shortage is predicted to increase to 123,000 workers by 2029, accounting for one out of every three positions, as shortages continue to wreak havoc on the sector's bottom line. The rapid contraction of farm labor has boosted the tractor market, resulting in increased demand for tractors in the region. Moreover, farming technologies have advanced dramatically as a result of changing industry trends that have led to the creation of more advanced agricultural technology. Sales of agricultural tractor machinery are driven by increased farm consolidation, a broad production base, and increased government assistance through subsidies. Therefore, these factors are estimated to open new growth avenues for the players operating in the regional Agricultural Tractors Market during the forecasting period.
The US market dominated the North America Agricultural Tractors Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $12,042.5 million by 2027. The Canada market is estimated to grow at a CAGR of 5.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 4.8% during (2021 - 2027).
Based on Driveline Type, the market is segmented into Two-wheel Drive, and Four-wheel Drive. Based on Engine Power, the market is segmented into Less than 40 HP, 41 to 100 HP, and More than 100 HP. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AGCO Corporation, CNH Industrial N.V., Deere & Company, CLAAS KGaA mbH, Escorts Ltd., International Tractors Ltd., Yanmar Co., Ltd., Kubota Corp., Mahindra & Mahindra Ltd., and Tractors and Farm Equipment Ltd.
Scope of the Study
Market Segments covered in the Report:
By Driveline Type
- Two-wheel Drive
- Four-wheel Drive
- Less than 40 HP
- 41 to 100 HP
- More than 100 HP
- US
- Canada
- Mexico
- Rest of North America
- AGCO Corporation
- CNH Industrial N.V.
- Deere & Company
- CLAAS KGaA mbH
- Escorts Ltd.
- International Tractors Ltd.
- Yanmar Co., Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
- Tractors and Farm Equipment Ltd.
- Exhaustive coverage
- Highest number of market tables and figures
- Subscription based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Agricultural Tractors Market, by Driveline Type
- 1.4.2 North America Agricultural Tractors Market, by Engine Power
- 1.4.3 North America Agricultural Tractors Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market Overview
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.1.1 Market Composition and Scenario
- 2.2 Key Factors Impacting the Market
- 2.2.1 Market Drivers
- 2.2.2 Market Restraints
- Chapter 3. Competition Analysis - Global
- 3.1 KBV Cardinal Matrix
- 3.2 Recent Industry Wide Strategic Developments
- 3.2.1 Partnerships, Collaborations and Agreements
- 3.2.2 Product Launches and Product Expansions
- 3.2.3 Acquisition and Mergers
- 3.3 Top Winning Strategies
- 3.3.1 Key Leading Strategies: Percentage Distribution (2017-2022)
- 3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2018, Sep – 2022, Feb) Leading Players
- Chapter 4. North America Agricultural Tractors Market by Driveline Type
- 4.1 North America Two-wheel Drive Market by Country
- 4.2 North America Four-wheel Drive Market by Country
- Chapter 5. North America Agricultural Tractors Market by Engine Power
- 5.1 North America Less than 40 HP Market by Country
- 5.2 North America 41 to 100 HP Market by Country
- 5.3 North America More than 100 HP Market by Country
- Chapter 6. North America Agricultural Tractors Market by Country
- 6.1 US Agricultural Tractors Market
- 6.1.1 US Agricultural Tractors Market by Driveline Type
- 6.1.2 US Agricultural Tractors Market by Engine Power
- 6.2 Canada Agricultural Tractors Market
- 6.2.1 Canada Agricultural Tractors Market by Driveline Type
- 6.2.2 Canada Agricultural Tractors Market by Engine Power
- 6.3 Mexico Agricultural Tractors Market
- 6.3.1 Mexico Agricultural Tractors Market by Driveline Type
- 6.3.2 Mexico Agricultural Tractors Market by Engine Power
- 6.4 Rest of North America Agricultural Tractors Market
- 6.4.1 Rest of North America Agricultural Tractors Market by Driveline Type
- 6.4.2 Rest of North America Agricultural Tractors Market by Engine Power
- Chapter 7. Company Profiles
- 7.1 AGCO Corporation
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Regional Analysis
- 7.1.4 Recent strategies and developments:
- 7.1.4.1 Partnerships, Collaborations, and Agreements:
- 7.1.4.2 Product Launches and Product Expansions:
- 7.1.4.3 Acquisition and Mergers:
- 7.2 Mahindra & Mahindra Limited (Mahindra Group)
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental and Regional Analysis
- 7.2.4 Research & Development Expense
- 7.2.5 Recent strategies and developments:
- 7.2.5.1 Collaborations, Partnerships and Agreements:
- 7.2.5.2 Product Launches and Product Expansions:
- 7.3 CNH Industrial N.V.
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.3.4 Research & Development Expenses
- 7.3.5 Recent strategies and developments:
- 7.3.5.1 Partnerships, Collaborations, and Agreements:
- 7.3.5.2 Product Launches and Product Expansions:
- 7.3.5.3 Acquisition and Mergers:
- 7.4 Deere & Company
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Segmental and Regional Analysis
- 7.4.4 Research & Development Expenses
- 7.4.5 Recent strategies and developments:
- 7.4.5.1 Product Launches and Product Expansions:
- 7.4.5.2 Acquisition and Mergers:
- 7.5 Claas KGaA mbH
- 7.5.1 Company Overview
- 7.5.2 Financial Analysis
- 7.5.3 Regional Analysis
- 7.5.4 Research & Development Expenses
- 7.5.5 Recent strategies and developments:
- 7.5.5.1 Partnerships, Collaborations, and Agreements:
- 7.5.5.2 Product Launches and Product Expansions:
- 7.6 Escorts Limited
- 7.6.1 Company Overview
- 7.6.2 Financial Analysis
- 7.6.3 Segmental and Regional Analysis
- 7.6.4 Research & Development Expenses
- 7.6.5 Recent strategies and developments:
- 7.6.5.1 Partnerships, Collaborations, and Agreements:
- 7.6.5.2 Product Launches and Product Expansions:
- 7.7 International Tractors Limited
- 7.7.1 Company Overview
- 7.7.2 Recent strategies and developments:
- 7.7.2.1 Partnerships, Collaborations, and Agreements:
- 7.7.2.2 Product Launches and Product Expansions:
- 7.8 Yanmar Holdings Co., Ltd.
- 7.8.1 Company Overview
- 7.9 KUBOTA Corporation
- 7.9.1 Company Overview
- 7.9.2 Financial Analysis
- 7.9.3 Segmental and Regional Analysis
- 7.9.4 Research & Development Expenses
- 7.10. Tractors and Farm Equipment Limited
- 7.10.1 Company Overview
- 7.10.2 Recent strategies and developments:
- 7.10.2.1 Product Launches and Product Expansions:
- 7.10.2.2 Acquisition and Mergers:
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook