According to the report by Expert Market Research (EMR), the agriculture tractors market size reached a value of USD 89.25 billion in 2023. Aided by technological advancements, increasing farm mechanisation, and active government initiatives in the field of agriculture, the market is projected to grow at a CAGR of 5.50% between 2024 and 2032 to reach a value of USD 144.69 billion by 2032.
Agriculture tractors are vital farm vehicles that provide the power and traction to mechanize agricultural tasks, including plowing, tilling, planting, and other farm-related tasks. Modern tractors are equipped with advanced technologies such as GPS and autosteer systems, contributing to precision agriculture that enables farmers to increase crop yields and reduce input costs. Furthermore, to mitigate the risks of serious accidents and injuries caused by recklessness, the development of inbuilt systems like Roll Over Protection Structure (ROPS) and hydraulic brakes has significantly reduced the impact of such accidents and protected various severe injuries.
As per the agriculture tractors market analysis, the integration of GPS, IoT, and data analytics has transformed traditional farming equipment into smart farming tools that enhance the precision and efficiency of farming operations. Moreover, in developing regions, a shift from manual labor to mechanisation is increasing the demand for agricultural tractors. This shift is driven by the need for higher productivity and the growing scarcity of farm labor.
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Subsidies and favorable policies by governments worldwide to modernise agricultural equipment further stimulate the agriculture tractors market growth. Such policies make it more affordable for farmers to adopt modern technologies.
An agriculture tractor serves as a robust farm vehicle that is utilised for pulling farm machinery and performing various farming tasks such as ploughing, harvesting, hauling, and cultivating crops. Additionally, it is employed for transporting farm products and implements from one location to another. The prevalent use of tractors in agriculture has greatly replaced the need for draft animals to carry out diverse farm operations, consequently driving up the agriculture tractors market share.
The market is witnessing notable trends, including the increasing adoption of precision farming and the heightened demand for high-performance tractors capable of withstanding challenging soil conditions, particularly muddy and heavy soils. Moreover, the rapid mechanisation of farms has led to enhanced farm productivity, thereby leading to the agriculture tractors market expansion.
Furthermore, the integration of modern technologies such as geo-mapping, GPS, and automated systems, along with the incorporation of telematics into the market, is expected to further boost its overall growth. These advanced technologies play a crucial role in ensuring the quality and timeliness of farming operations.
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Market Segmentation
The market can be divided based on the engine power, type, wheel type, and region.
Market Breakup by Engine Power
- Less Than 35 HP
- 36 – 100 HP
- 101 HP – 200 HP
- 201 HP – 350 HP
- Others
Market Breakup by Type
- Orchard Tractors
- Row-Crop Tractors
- Others
Market Breakup by Wheel Type
- Two-Wheel Type
- Four-Wheel Type
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global agriculture tractors market. Some of the major players explored in the report by Expert Market Research are as follows:
- Deere & Company
- Escorts Limited
- Massey Ferguson
- AGCO Corporation
- Yanmar Holdings Co., Ltd
- Mahindra & Mahindra Ltd
- Tractors and Farm Equipment Limited
- Sonalika
- Alamo Group
- Kuhn Group
- Others
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