Global Agricultural Tractors Market Research Report – Forecast till 2026
According to Market Research Future Statistics, the Global Agricultural Tractors Market in terms of value is anticipated to witness a CAGR 5.67% during the forecast period to surpass a value of USD 1,24,932.2 Million by 2026. The agricultural tractor is specially designed for various farming activities such as pulling or pushing agricultural machinery or trailers for plowing, tilling, disking, harrowing, planting, and spraying/pesticide applications.
The agricultural tractor is a power-driven vehicle based on engineering functions depends on its tractive power. It is specially produced for several agricultural tasks such as pulling or pushing agricultural machinery or trailers for plowing, tilling, disking, harrowing, planting, and spraying/pesticide applications. Hence, nowadays, tractors are also known as farm vehicles as they provide the power and traction to mechanize agricultural tasks.
The global agricultural tractor market is expected to register substantial market growth during the review period. The global market growth is attributed to the rising requirement for productivity and the increasing adoption of intelligent farming. However, the growth of the tractor rental market is expected to hinder the market growth during the forecast period. Moreover, the increasing requirement for precision agricultural equipment is anticipated to create attractive growth opportunities for major market players.
Global Market for Agricultural Tractors has been categorized based on Engine Power, Application, Type, Operation, and Driver Type.
Based on Engine Power, the global agricultural tractors market has been segmented into below 40 HP, 40 HP–120 HP, 121 HP–180 HP, 181 HP–250 HP, and more than 250 HP.
Based on the application, the global agricultural tractors market has been segmented into harvesting, seed sowing, irrigation, and others.
Based on type, the global agricultural tractors market has been bifurcated into ICE and electric.
Based on the operation, the global agricultural tractors market has been divided into manual tractor vehicles and autonomous tractor vehicles. Based on driver type, the global market has been classified into 2-wheel drive and 4-wheel drive.
Geographically, the report on the Agricultural Tractors Market has been classified into Asia-Pacific, North America, Europe, and the rest of the world.
Asia-Pacific is likely to drive the largest market for global agricultural tractors market owing to the largest market share of 52.00% in 2019. The regional market is attributed to the ample agricultural fields in India, China, Vietnam, and Indonesia.
North America is expected to register the second largest market of the global market because of the 23% market share in 2019. The regional market growth is driven by the presence of the agricultural machinery industry in North America. Moreover, the increasing requirement for the development of modernization of agricultural implements is anticipated to create lucrative opportunities for the agricultural tractors market during the review period. The rise in agricultural activities across the region is also estimated to contribute substantially to the growth of the regional market during the review period.
The key players operating in the global Agricultural Tractors Market include Deere & Company, CNH Industrial, SDF, Mahindra & Mahindra Limited, and Massey Ferguson.
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