Global Tractor Market to Grow at 3.99% During 2024-2032, Impelled by Significant Growth in Agriculture Industry

August 18, 2021 | Automotive Industry

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According to the latest report by IMARC Group, titled "Tractor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global tractor market is expected to grow at a CAGR of 3.99% during 2024-2032. A tractor is a powerful agricultural vehicle designed to provide high torque at low speeds to facilitate various farming tasks. It consists of a powerful engine, four large wheels or tracks, and a driver's cabin or platform. It is widely used for a wide range of tasks, including plowing, tilling, planting, and harvesting. It can be equipped with various attachments and implements such as plows, harrows, seeders, and harvesters, allowing farmers to perform multiple operations using a single tractor. It is gaining widespread prominence due to the ability of tractors to revolutionize agriculture by replacing traditional manual labor with mechanized efficiency.

Global Tractor Market Trends:

The global market is primarily driven by the significant growth in the agriculture industry. Coupled with the growing adoption of modern agricultural practices, such as mechanization and precision farming, this is a major driver for the tractor market across the globe. Moreover, as farms consolidate and increase in size, there is a growing need for larger and more powerful tractors to handle the larger areas of land and higher workloads. The trend of larger farms is propelling the demand for high-horsepower tractors with advanced features and capabilities. Additionally, the rising government support and subsidies, such as financial incentives, subsidies, and favorable financing options to farmers, for the purchase of tractors and other agricultural machinery encourage farmers to invest in modern equipment, thereby contributing to the demand for tractors. Apart from this, the growing infrastructural development projects in rural areas, such as road connectivity and irrigation facilities, are also driving the market. Some of the other factors driving the market include rapid industrialization and continual technological advancements.

Market Summary:

On the basis of the power output, the market has been categorized into below 40 HP, 40 HP - 100 HP and above 100 HP.
Based on the drive type, the market has been segmented into 2- and 4-wheel drives.
On the basis of the application, the market has been categorized into agriculture, construction, mining, forestry and others.
Region wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Agco Corporation, Argo Tractors S.p.A, Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, Kubota Corporation, Mahindra & Mahindra Ltd. (Mahindra Group), Sonalika Group, Tractors And Farm Equipment Limited (Amalgamations Group), and Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.).

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Power Output, Drive Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Agco Corporation, Argo Tractors S.p.A, Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, Kubota Corporation, Mahindra & Mahindra Ltd. (Mahindra Group), Sonalika Group, Tractors And Farm Equipment Limited (Amalgamations Group), and Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.)
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Tractor Market to Grow at 3.99% During 2024-2032, Impelled by Significant Growth in Agriculture Industry

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