Global Agricultural Tractors Market Research Report Forecast to 2030

Agricultural Tractors Market Forecast till 2030

Market Overview
The worldwide market for agricultural tractors is likely to grow at a substantial rate during the forecast period. The agricultural tractor is a power-driven that depends on its tractive power for engineering functions. It is tailored for a variety of farm-related tasks such as ploughing, tilling, disking, planting, harrowing, and spraying/pesticide applications. Therefore, it is often referred to as a farm vehicle as it facilitates mechanizing agricultural processes. The worldwide market is propelled by the need for increased productivity and the rising acceptance of smart farming. Nevertheless, the expansion of the tractor rental market is predicted to impede market growth. Market players are likely to benefit from the increasing demand for precision agricultural equipment.

Factors such as the increasing need for productivity and the rising adoption of smart farming are driving the agricultural tractors market. However, the growth of the tractor rental market is expected to impede market growth. There are opportunities for market players due to the growing demand for precision agricultural equipment.

Segment Overview
The engine power, type, application, driver type, operation and regional segments have been used to divide the market for global agricultural tractors market. The global market has been divided into below 40 HP, 40–120 HP, 121–180 HP, 181–250 HP and more than 250 HP based on the type of agricultural tractors.

The application segment has been divided into harvesting, irrigation, seed sowing, and others. Also, based on operation, the market has been segregated into manual tractor and autonomous tractor vehicle. The segmentation also includes the driver type comprising 2-wheel drive and 4 wheel drive. By type of the tractor, the segmentation covers ICE and electric.

Regional Analysis
The agricultural tractors market is segregated into Americas (North and South), Europe, Asia-Pacific, and the rest of the world. It is anticipated that the demand for agricultural machinery in the agricultural sector will boost the growth of the North American agricultural tractors market. Additionally, the high demand for the modernization of farm implements is likely to create lucrative opportunities for the agricultural tractors industry during the study period.

Asia-Pacific countries are particularly attractive markets for agricultural tractors due to the abundance of agricultural land, particularly in India, China, Vietnam, and Indonesia. The agricultural sector is a major source of livelihood for many in India, with nearly 58% of the population relying on it. This is expected to generate increased demand for agricultural tractors in the area over the forecast period. China and India lead the way in terms of the production of agricultural produce such as crops and vegetables.

Major Players
Deere & Company, Mahindra & Mahindra Limited, CNH Industrial, SDF, and Massey Ferguson are some of the affluent contenders holding sizeable agricultural tractor market share.

COVID 19 Impacts
The impact of COVID on the global tractor market has been significant. Tractor sales have decreased significantly since the start of the pandemic, as farmers have been unable to access credit, and farmers in the north have been put in a difficult financial situation due to the disruption of agricultural supply chains. Low commodity prices, labour shortages, and restrictions on movement have also had a negative impact on tractor sales. The situation has been further exacerbated by the disruption of the supply chain for parts and components for tractors, which has resulted in a drop in production.

Companies Mentioned
Deere & Company
Mahindra & Mahindra Limited
CNH Industrial
SDF
and Massey Ferguson

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