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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Agriculture Tractors Market Analysis by Region
North America leads the market, driven by thriving agriculture sector and adoption of autonomous trucks
The North American market is a significant contributor to the global market of tractors due to the large size of farms in United States. The demand for agriculture tractors in North America is expected to continue due to the increasing adoption of precision farming technologies and the need for more efficient farming operations. John Deere introduced a fully autonomous tractor for large-scale production in January 2022. This tractor combines the company's 8R tractor, TruSet-enabled chisel plow and GPS guidance system to enhance productivity in farming operations.
Meanwhile, the rise in population and urbanisation in Asia Pacific is creating a demand for food, which drives the adoption of advanced agriculture tractors and thus, expands agriculture tractors market share in the region. In APAC, India is expected to account for half of the total demand for tractors in the next few years. In 2023, Mahindra tractors achieved the highest domestic sales of tractors by selling 3,89,531 units in India, followed by Tafe, which includes Massey Ferguson tractors, with 1,69,750 units. This indicates a significant demand for tractors in Indian farming landscape.
Agriculture Tractors Market Report Snapshots
Agriculture Tractors Market Size
Agriculture Tractors Market Growth
Agriculture Tractors Market Trends
Agriculture Tractors Market Share
Agriculture Tractors Companies
Agriculture Tractors Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 89.25 billion.
The market is expected to grow at a CAGR of 5.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 144.69 billion by 2032.
The major drivers of the market include the growing awareness regarding benefits of tractors in agriculture, expansion of farming activities, thriving agriculture industry in developing economies, and the rising disposable incomes of people.
Key trends aiding market expansion include the increasing adoption of precision farming, demand for high-performance tractors, rapid mechanisation, growing deployment of modern technology, and development of inbuilt safety systems in agriculture tractors.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
An agriculture tractor has versatile applications and can be used to move farm machinery and carry out a wide range of farming operations like ploughing, harvesting, hauling, and cultivating crops.
The various wheel types in the market are two-wheel type and four-wheel type.
The primary types of tractors included in the market are orchard tractors and row-crop tractors.
Key players in the market are Deere & Company, Escorts Limited, Massey Ferguson, AGCO Corporation, Yanmar Holdings Co., Ltd., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Limited, Sonalika, Alamo Group, and Kuhn Group, among others.
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