Agricultural Tractors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2022 – 2030

The global agricultural tractors market size was valued at 2,750.3 thousand units in 2020, and is predicted to be worth around 4,960 thousand units by 2030, registering a CAGR of 6.7% during the forecast period 2022 to 2030.

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Growth Factors

Increase in farmers’ income, lower bank interest rates, and soaring farm yields are expected to drive the market growth over the forecast period. In addition, increased demand for mini-compact tractors is likely to drive market growth over the forecast period. Also, the integration of sophisticated technology, such as Light Detection and Ranging (LiDAR) and Global Positioning System (GPS), and telematics coupled with the rising popularity of compact tractors are presumed to drive the market growth over the next few years. Increasing demand for medium horsepower (40 to 100 HP) tractors is likely to grow over the next few quarters of 2022.

The surge in demand for compact tractors in small farms and technological advancements, such as integrating telematics with agricultural tractors, are expected to drive market growth over the forecast period. In addition, the rapid adoption of mechanization in the agriculture industry is likely to bode well for the market growth over the next eight years. Furthermore, farm laborers’ migration towards cities creating a shortage of laborers is anticipated to drive the market growth. The outbreak of COVID-19 hampered the product demand owing to the temporary suspension of production and supply chain disruption.

Report Coverage

Report Scope Details
Market Size 4,960 thousand units by 2030
Growth Rate CAGR of 6.7% From 2022 to 2030
Largest Market Asia Pacific
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Engine Power, Driveline Type
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned AGCO Corp.; CLAAS KGaAmbH; CNH Industrial N.V.; Deere & Company; Escorts Ltd.;International Tractors Ltd/;Kubota Corp.; Mahindra & Mahindra Ltd.; Tractors and Farm Equipment Ltd.;YanmarCo., Ltd.

By Engine Power Analysis

On the basis of engine power, the global market has been segmented into less than 40 HP, 41 to 100 HP, more than 100 HP. The less than 40 HP segment accounted for more than 61% market share in terms of volume.

The high growth can be attributed to low cost, compact size, and greater convenience offered by less than 40HP tractors to perform all basic farming operations.

The 40 HP to 100 HP segment is expected to register a significant CAGR during the forecast period. It is credited to a surge in demand for these tractors from developed markets, such as the U.S, Japan, and Germany.

Increased income levels, tech-savvy farmers, and well-established after sales services are expected to favor the growth of this segment over the forecast period. The rising demand for high-power tractors for more than 10-hectare farm sizes is expected to be a long-term factor, which is expected to drive the segment over the forecast period.

By Driveline Analysis

On the basis of driveline type, the global market has been bifurcated into 2 Wheel Drive (WD) and 4WD. The 2WD segment accounted for more than 79.5% market share in terms of volume. The segment is also estimated to register the fastest growth rate over the forecast period.

A hike in diesel prices has already increased the operation cost of farmers, which is expected to be one of the serious concerns over the forecast period. Currently, India outsources semiconductor chips and devices for the automobile and other sectors. Therefore, to overcome the semiconductor shortage in the country, the government announced a USD 10 billion packages to incentivize companies to set up production units in India.

By Regional Analysis

Asia Pacific led the global market with a volume share of more than 73.5% in 2021 and is estimated to grow further at the fastest CAGR over the forecast period retaining the dominant position.

The market is driven by India, followed by China and the rest of Asia Pacific. India led the APAC regional market accounting for more than 40% share in 2021. In India, product sales are expected to reach over 900 thousand units by 2022. Easy loan availability,

Europe is expected to grow at a moderate growth rate in terms of volume over the next few quarters in 2022. The growth is attributed to the increased demand for large farm tractors, particularly from Italy, Greece, and Lithuania.

Key Players

  • AGCO Corp.
  • CNH Industrial N.V.
  • Deere & Company
  • CLAAS KGaAmbH
  • Escorts Ltd.
  • International Tractors Ltd.
  • YanmarCo., Ltd.
  • KubotaCorp.
  • Mahindra & Mahindra Ltd.
  • Tractors and Farm Equipment Ltd.

Market Segmentation

  • By Engine Power
    • Less than 40 HP
    • 41 to 100 HP
    • More than 100 HP
  • By Driveline Type
    • 2WD
    • 4WD
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Ukraine
      • Romania
      • Poland
      • Benelux
      • Turkey
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa

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Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Table of Contents

Chapter 1.  Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.  Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.  Executive Summary

3.1.  Market Snapshot

Chapter 4.  Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.    Raw Material Procurement Analysis

4.3.2.    Sales and Distribution Channel Analysis

4.3.3.    Downstream Buyer Analysis

Chapter 5.  Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.    Market Drivers

5.1.2.    Market Restraints

5.1.3.    Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.    Bargaining power of suppliers

5.2.2.    Bargaining power of buyers

5.2.3.    Threat of substitute

5.2.4.    Threat of new entrants

5.2.5.    Degree of competition

Chapter 6.  Competitive Landscape

6.1.1.    Company Market Share/Positioning Analysis

6.1.2.    Key Strategies Adopted by Players

6.1.3.    Vendor Landscape

6.1.3.1.        List of Suppliers

6.1.3.2.        List of Buyers

Chapter 7.  Global Agricultural Tractors Market, By Engine Power

7.1.  Agricultural Tractors Market, by Engine Power, 2021-2030

7.1.1.    Less than 40 HP

7.1.1.1.        Market Revenue and Forecast (2019-2030)

7.1.2.    41 to 100 HP

7.1.2.1.        Market Revenue and Forecast (2019-2030)

7.1.3.    More than 100 HP

7.1.3.1.        Market Revenue and Forecast (2019-2030)

Chapter 8.  Global Agricultural Tractors Market, By Driveline Type

8.1.  Agricultural Tractors Market, by Driveline Type, 2021-2030

8.1.1.    2WD

8.1.1.1.        Market Revenue and Forecast (2019-2030)

8.1.2.    4WD

8.1.2.1.        Market Revenue and Forecast (2019-2030)

Chapter 9.  Global Agricultural Tractors Market, Regional Estimates and Trend Forecast

9.1.  North America

9.1.1.    Market Revenue and Forecast, by Engine Power (2019-2030)

9.1.2.    Market Revenue and Forecast, by Driveline Type (2019-2030)

9.1.3.    U.S.

9.1.3.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.1.3.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.1.4.    Rest of North America

9.1.4.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.1.4.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.2.  Europe

9.2.1.    Market Revenue and Forecast, by Engine Power (2019-2030)

9.2.2.    Market Revenue and Forecast, by Driveline Type (2019-2030)

9.2.3.    UK

9.2.3.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.2.3.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.2.4.    Germany

9.2.4.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.2.4.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.2.5.    France

9.2.5.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.2.5.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.2.6.    Rest of Europe

9.2.6.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.2.6.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.3.  APAC

9.3.1.    Market Revenue and Forecast, by Engine Power (2019-2030)

9.3.2.    Market Revenue and Forecast, by Driveline Type (2019-2030)

9.3.3.    India

9.3.3.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.3.3.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.3.4.    China

9.3.4.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.3.4.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.3.5.    Japan

9.3.5.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.3.5.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.3.6.    Rest of APAC

9.3.6.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.3.6.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.4.  MEA

9.4.1.    Market Revenue and Forecast, by Engine Power (2019-2030)

9.4.2.    Market Revenue and Forecast, by Driveline Type (2019-2030)

9.4.3.    GCC

9.4.3.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.4.3.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.4.4.    North Africa

9.4.4.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.4.4.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.4.5.    South Africa

9.4.5.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.4.5.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.4.6.    Rest of MEA

9.4.6.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.4.6.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.5.  Latin America

9.5.1.    Market Revenue and Forecast, by Engine Power (2019-2030)

9.5.2.    Market Revenue and Forecast, by Driveline Type (2019-2030)

9.5.3.    Brazil

9.5.3.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.5.3.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

9.5.4.    Rest of LATAM

9.5.4.1.        Market Revenue and Forecast, by Engine Power (2019-2030)

9.5.4.2.        Market Revenue and Forecast, by Driveline Type (2019-2030)

Chapter 10.  Company Profiles

10.1.              AGCO Corp.

10.1.1.  Company Overview

10.1.2.  Engine Power Offerings

10.1.3.  Financial Performance

10.1.4.  Recent Initiatives

10.2.              CNH Industrial N.V.

10.2.1.  Company Overview

10.2.2.  Engine Power Offerings

10.2.3.  Financial Performance

10.2.4.  Recent Initiatives

10.3.              Deere & Company

10.3.1.  Company Overview

10.3.2.  Engine Power Offerings

10.3.3.  Financial Performance

10.3.4.  Recent Initiatives

10.4.              CLAAS KGaAmbH

10.4.1.  Company Overview

10.4.2.  Engine Power Offerings

10.4.3.  Financial Performance

10.4.4.  Recent Initiatives

10.5.              Escorts Ltd.

10.5.1.  Company Overview

10.5.2.  Engine Power Offerings

10.5.3.  Financial Performance

10.5.4.  Recent Initiatives

10.6.              International Tractors Ltd.

10.6.1.  Company Overview

10.6.2.  Engine Power Offerings

10.6.3.  Financial Performance

10.6.4.  Recent Initiatives

10.7.              YanmarCo., Ltd.

10.7.1.  Company Overview

10.7.2.  Engine Power Offerings

10.7.3.  Financial Performance

10.7.4.  Recent Initiatives

10.8.              KubotaCorp.

10.8.1.  Company Overview

10.8.2.  Engine Power Offerings

10.8.3.  Financial Performance

10.8.4.  Recent Initiatives

10.9.              Mahindra & Mahindra Ltd.

10.9.1.  Company Overview

10.9.2.  Engine Power Offerings

10.9.3.  Financial Performance

10.9.4.  Recent Initiatives

10.10.           Tractors and Farm Equipment Ltd.

10.10.1.               Company Overview

10.10.2.               Engine Power Offerings

10.10.3.               Financial Performance

10.10.4.               Recent Initiatives

Chapter 11.  Research Methodology

11.1.              Primary Research

11.2.              Secondary Research

11.3.              Assumptions

Chapter 12.  Appendix

12.1.              About Us

Glossary of Terms

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