Agricultural Tractors Market
Agricultural Tractors Market Size, Share & Trends Analysis Report by Engine Power (Less than 40 HP, 41 to 100 HP, and More than 100 HP), by Driveline (2WD, and 4WD), and by Propulsion (Electric, and ICE) Forecast Period (2024-2031)
Agricultural tractors market is anticipated to grow at a CAGR of 5.6% during the forecast period (2024-2031). Agricultural tractor is described as a farm vehicle that provides the power and traction to mechanize agricultural tasks, especially (and originally) tillage, and now many more. The growing cost of labor and increasing mechanization of farming activities are driving the growth of the global agricultural tractors market.
Market Dynamics
Government Policies and Subsidies
Favorable government policies to encourage the adoption of mechanized solutions is a key factor driving the global market growth. Initiatives such as the US Precision Agriculture Loan (PAL) Act and the Canadian Agricultural Loans Act (CALA) support farmers in purchasing precision agriculture equipment. China, Turkey, Brazil, Japan, Germany, France, and India provide direct subsidies to small farmers for purchasing farm equipment, including tractors. In Vietnam and Thailand, farmers receive subsidized loans to buy equipment. The rental market for tractors is common across many countries. Initiatives include financial incentives, tax credits, and subsidies to make electric tractors more accessible.
Market segmentation
- Based on engine power, the market is segmented into Less than 40 HP, 41 to 100 HP, and More than 100 HP.
- Based on the driveline, the market is segmented into 2WD and 4WD.
- Based on the propulsion, the market is segmented into electric, and ICE.
Less than 40 HP Segment Leads Agricultural Tractor Market
The less than 40 HP segment in agricultural tractors is quite significant, especially for small-scale farming operations. They are suitable for a variety of tasks, including basic farming operations and horticulture. The popularity of these tractors can be attributed to their low cost, compact size, and the convenience they offer to farmers. They are particularly in demand in developing countries, where they meet the needs of farmers who may have limited disposable income and face high labor costs.
Electric Segment to Exhibit Considerable Growth
This growth is spurred by increasing innovations and advancements in Electric Vehicle (EV) technology, such as more efficient electric motors, high-capacity batteries, and advanced power management systems. Government subsidies and incentives are also playing a crucial role in the advancement of this technology. However, challenges such as high initial costs, maintenance expenses, and limited range concerns still pose barriers to the widespread adoption of electric tractors.
Regional Outlook
The global agricultural tractors market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Agricultural Tractor Market Growth by Region 2024-2031
Asia-Pacific holds largest market share
The regional market is driven by the high adoption of agricultural tractors across India, China, and South Korea. India is an agriculture-dependent economy. According to the Indian Brand Equity Foundation, in 2023, 58.0% of the total population in India are farmers. This indicates a high demand for agricultural tractors across the region. To increase the mechanization level, the Indian government is promoting 'Balanced Farm Mechanization' by providing subsidies on various equipment and supporting bulk buying through front-end agencies, which is expected to strengthen the tractors market in India. For instance, the Indian government offers various schemes for agricultural equipment, such as loan-cum-subsidy for the purchase of tractors. In addition, as per NABARD norms, any farmer with eight acres of land can take a tractor loan for nine years with a 12.5% rate of interest. Thus, the implementation of such government programs across the region is likely to promote the growth of the regional market.
Major Player Outlook
*Note: Major Players Sorted in No Particular Order
The major companies serving in the global agricultural tractors market include AGCO Corp., CNH Industrial N.V., Deere & Company, Kubota Corp., and Claas KGaA mbH among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in July 2023, CLAAS introduced its agricultural tractor series in North America.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global agricultural tractors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Deere & Company, Co.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. CNH Industrial N.V.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Kubota Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Agricultural Tractor Market by Engine Power
4.1.1. Less than 40 HP
4.1.2. 41 to 100 HP
4.1.3. More than 100 HP
4.2. Global Agricultural Tractor Market by Driveline
4.2.1. 2WD
4.2.2. 4WD
4.3. Global Agricultural Tractor Market by Propulsion
4.3.1. Electric
4.3.2. ICE
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East & Africa
6. Company Profiles
6.1. AGCO Corp.
6.2. Argo Tractors S.p.A.,
6.3. Claas KGaA mbH
6.4. CNH Industrial N.V.
6.5. Daedong-USA, Inc.
6.6. Eicher Motors Ltd.
6.7. Escorts Ltd.
6.8. JCB Ltd.
6.9. Iseki & Co. Ltd.
6.10. Kioti Tractor Division
6.11. Landini S.p.A.
6.12. Lovol Heavy Industry Co., Ltd.
6.13. Mahindra & Mahindra Ltd.
6.14. SDF Group
6.15. TAFE Ltd.
6.16. Tractors and Farm Equipment Ltd.
6.17. Yanmar Co., Ltd.
1. GLOBAL AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY POWER, 2023-2031 ($ MILLION)
2. GLOBAL LESS THAN 40 HP POWER AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL 41 TO 100 HP POWER AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL MORE THAN 100 HP POWER AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY DRIVELINE, 2023-2031 ($ MILLION)
6. GLOBAL 2WD AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL 4WD AGRICULTURAL TRACTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2023-2031 ($ MILLION)
9. GLOBAL AGRICULTURAL ELECTRIC TRACTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL AGRICULTURAL ICE TRACTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. NORTH AMERICAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY ENGINE POWER, 2023-2031 ($ MILLION)
13. NORTH AMERICAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY DRIVELINE, 2023-2031 ($ MILLION)
14. NORTH AMERICAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2023-2031 ($ MILLION)
15. EUROPEAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
16. EUROPEAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY ENGINE POWER, 2023-2031 ($ MILLION)
17. EUROPEAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY DRIVELINE, 2023-2031 ($ MILLION)
18. EUROPEAN AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2023-2031 ($ MILLION)
19. ASIA-PACIFIC AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
20. ASIA-PACIFIC AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY ENGINE POWER, 2023-2031 ($ MILLION)
21. ASIA-PACIFIC AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY DRIVELINE, 2023-2031 ($ MILLION)
22. ASIA-PACIFIC AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2023-2031 ($ MILLION)
23. REST OF THE WORLD AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
24. REST OF THE WORLD AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY ENGINE POWER, 2023-2031 ($ MILLION)
25. REST OF THE WORLD AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY DRIVELINE, 2023-2031 ($ MILLION)
26. REST OF THE WORLD AGRICULTURAL TRACTORS MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2023-2031 ($ MILLION)
1. GLOBAL AGRICULTURAL TRACTORS MARKET SHARE BY ENGINE POWER, 2023 VS 2031 (%)
2. GLOBAL LESS THAN 40 HP AGRICULTURAL TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL 41 TO 100 HP AGRICULTURAL TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL MORE THAN 100 HP AGRICULTURAL TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
5. GLOBAL AGRICULTURAL TRACTORS MARKET SHARE BY DRIVELINE, 2023 VS 2031 (%)
6. GLOBAL 2WD AGRICULTURAL TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL 4WD AGRICULTURAL TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL AGRICULTURAL TRACTORS MARKET SHARE BY PROPULSION, 2023 VS 2031 (%)
9. GLOBAL AGRICULTURAL ELECTRIC TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL AGRICULTURAL ICE TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL AGRICULTURAL TRACTORS MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. US AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
13. CANADA AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
14. UK AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
15. FRANCE AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
16. GERMANY AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
17. ITALY AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
18. SPAIN AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
19. REST OF EUROPE AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
20. INDIA AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
21. CHINA AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
22. JAPAN AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
23. SOUTH KOREA AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
24. REST OF ASIA-PACIFIC AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
25. LATIN AMERICA AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
26. MIDDLE EAST AND AFRICA AGRICULTURAL TRACTORS MARKET SIZE, 2023-2031 ($ MILLION)
