Agricultural Tractors Market Forecast Overview:
Agricultural
Tractors Market Forecast size was valued at USD 92.91 billion in 2023. The
agricultural tractors industry is projected to grow from USD 96.86 Billion in
2024 to USD 144.45 billion by 2032, at a CAGR of 4.9%
The global Agricultural Tractors Market Forecast is witnessing a considerable
rise in its size. The market growth attributes to the improving automotive and
agricultural infrastructure in developed and developing regions. Besides, the
increasing production and sales of off-road vehicles globally drive the growth
of the market. Moreover, the introduction of mechanical power and advanced
technologies into the agricultural production system further escalates the
market growth.
According to an
eminent research firm, Market Research Future (MRFR), the global Agricultural
Tractors Market Forecast is poised to garner exponential traction by 2023, registering
an impressive CAGR throughout the anticipated period (2023 – 2032). The
increasing demand for tractors equipped with cutting edge technology and
growing investments in agriculture boost the growth of the market. Also, the
governmental support towards farm mechanization and R&D investments foster
market growth.
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Major Players:
Players leading the global Agricultural
Tractors Market Forecast include Deere & Company (USA), CNH Industrial
America LLC. (USA), Deutz AG (Germany), Mahindra & Mahindra Limited
(India), Hattat Traktör (Turkey), Massey Ferguson Limited (US), CLAAS KGaA mbH
(Germany), New Holland Agriculture (US), Escorts Limited (India), and KUBOTA
Corporation (Japan), among others.
Additionally, the
increasing implementation of data analytics, GPS, and remote sensing in
tractors push the growth of the market. The emergence of electric and hybrid
power tractors propels the growth of the market. Advances in technology and
features such as the unique 'Protect-U' cab/engine, radical 'neo-retro' design,
and max power of plus-20hp from engine power management (EPM) are expected to
storm the market.
Besides,
developments like 'built from the ground up' with connectivity and smart
farming technologies, and connect telemetry allows owners to manage their
fleets using cloud-based solutions. Conversely, the lack of skilled workers and
prohibitive prices of agricultural tractors are the significant factors
projected to impede the market growth. Also, changing weather conditions pose
challenges to the growth of the market, lowering the purchasing power of
farmers.
Agricultural Tractors Market Forecast - Regional Analysis
Asia Pacific dominates the global Agricultural
Tractors Market Forecast. The market growth attributes to the massive increase
in the production and sales of tractors in the region. Besides, growing
automotive infrastructure and increasing government efforts and incentives for
farm mechanization across the region drive the regional market growth.
North America holds the second-significant
share in the global Agricultural Tractors Market Forecast. The market is driven
by the augmenting demand for tractors with a low operating cost. Moreover, the
increased government backing and support for the development of the
agricultural industry push the regional market growth. Also, investments in
research and development increase agricultural tractors sales. Large consumer
potential in the US, and Canada create a considerable demand for environment-friendly
heavy vehicles.
Europe too, holds a considerable share in the
global Agricultural Tractors Market Forecast. The market is driven by
regulatory laws such as the European Union (EU) implemented to minimize vehicle
emissions. Besides, and timelines for creating zero-emission zones in countries
like the UK and France increase the demand for electric vehicles to foster the
growth of the regional market. Furthermore, favorable incentives policies to
buy electric tractors propel the growth of the market in the region.
Agricultural Tractors Market Forecast - Competitive Analysis
Highly competitive, the Agricultural Tractors Market Forecast appears fragmented due to the presence of
several well-established players. These players incorporate strategies like
mergers & acquisition, collaboration, technology/product launch, and
expansion, to gain a larger competitive share. With the industry, technologies,
and agricultural tractors changing faster than ever before, research projects
to optimize the performance of components and simulation toolkits have become
crucial.
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