Tractor Industry size is expected to register 6% CAGR between 2023 and 2032, driven by increasing demand for high-capacity tractor machinery globally.
Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — The tractor market is estimated to be worth $191.8 billion by 2032, according to a recent study by Global Market Insights Inc.
Increasing mechanization of agriculture, especially in developing regions, where traditional farming methods are being replaced by modern and efficient machinery, is driving market growth. As the world’s population grows and the demand for food production increases, farmers are under pressure to increase productivity and efficiency. Tractors, which are versatile and efficient agricultural tools, help in this transformation as they enable farmers to perform various tasks such as ploughing, cultivation, planting and harvesting more efficiently and in less time.
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Modern tractors are also equipped with advanced features such as GPS technology, telematics and automation to improve their functionality and ease of use. To illustrate, in March 2023, the Krish-e Smart Kit from Mahindra’s agro-tech division provided data on tractors and other machinery through a smartphone and GPS, allowing remote monitoring of key parameters. These innovations not only improve work efficiency, but also reduce labor costs. The growing trend of smart farming and precision farming, where data-driven decisions optimize farming practices is further increasing the demand for technologically advanced tractors.
101-200 HP tractors to gain prominence
The market share of tractors from the 101-200 HP segment is slated to register high demand between 2023 and 2032 due to their ideal balance of power and versatility, emerging suitable for a wide range of agricultural tasks on medium farms and big. Tractors in this horsepower range are durable enough to handle tough tasks like plowing, harvesting and hauling, but are maneuverable and efficient for more precise operations, including planting and soil preparation.
Growing adoption of construction tractors
The construction tractor type segment of the tractor market is expected to grow at a significant rate during 2023-2032, favored by increasing infrastructure development and urbanization projects worldwide. Known for their durability and versatility, construction tractors are indispensable for a variety of tasks such as grading, digging and material handling on construction sites. As governments and the private sector invest heavily in the construction of roads, bridges, commercial buildings and residential buildings, the demand for reliable and efficient construction equipment has increased. High demand for construction tractors that can perform multiple functions and withstand tough conditions will add to the growth of the segment.
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North America emerges as a profitable market
The tractor market size in North America will register a strong CAGR till 2032. The US and Canada have a highly developed agricultural sector where large-scale farming is the norm. This has led to a strong demand for high performance and technologically advanced tractors that can efficiently handle large areas of agricultural land. Government support and subsidies are also essential for farmers to adopt modern equipment. The increasing adoption of durable tractors in the construction sector will also drive the growth of the regional market.
Tractor Market Participants
Some of the famous tractor companies are Zetor, AGCO Corporation, Belarus Tractor, YANMAR, Claas, TAFE (Tractors and Farm Equipment Limited), CNH Industrial, SAME Deutz-Fahr Group, Deutz-Fahr, Mahindra & Mahindra, Escorts Group, LS Tractor, John Deere, Kubota and Kyoto. These firms are focusing on several growth-based strategies to expand their customer base. To cite an example, in January 2024, LS Mtron Co. unveiled the new MT2·MT2E series of compact tractors in North America.
About Global Market Insights
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