U.S. Tractor Market - Industry Analysis & Forecast 2024-2029

List of Tables

The U.S. tractor market by shipment is expected to grow at a CAGR of 4.12% from 2023 to 2029.

SEGMENTATION INSIGHTS

INSIGHTS BY HORSEPOWER

The U.S. tractor market is categorized into the following segments based on the horsepower types: less than 46 HP, 46-100 HP, 101-250 HP, and above 250 HP. With less than 46, the HP segment has generated the highest sales in most regions. Tractors in this HP range can easily handle small and medium-sized fields and heavy-duty mowing tasks. Market trends driving less than 46 HP range tractor sales include:

Crop Adaptability: Farmers favor this HP range of tractors due to their versatility across various crops, accommodating the diverse worldwide agriculture.
Sustainability Focus: Sustainable farming practices are a priority, and small & medium-sized tractors, with their efficient power-to-efficiency ratio, align well with eco-friendly approaches.
Cost-Effective Solutions: In a globally competitive agricultural landscape, a small HP range of tractors offers cost-effective alternatives to larger models, attracting budget-conscious farmers while delivering substantial performance.

Segmentation by Horsepower

Less Than 46 HP
46-100 HP
101-250 HP
Above 250 HP

INSIGHTS BY DRIVE TYPE

In the U.S. tractor market, 2-wheel-drive tractors have higher sales than 4-wheel-drive tractors. Ease of driving and flexibility with light loads and in plain fields are significant factors that boost the demand for two-wheel-drive tractors. John Deere, New Holland, and Massey Ferguson hold most of the 2-wheel-drive tractors segment share.

Segmentation by Drive Type

2-Wheel-Drive
4-Wheel-Drive

REGIONAL ANALYSIS

The Midwest region has the largest market share in the U.S. tractor market. It represents one of the most intense areas of agricultural production in the world and constantly improves the global economy. The Midwest is the leading region with a high penetration of compact tractors. The area's hilly and plateau terrain has driven the adoption of small HP tractors. Also, the region offers a variety of agricultural production beyond soybeans and corn.

Northeast's geography is dominated mainly by forest area, although it contains grasslands, coastal zones, beaches and dunes, wetlands, and abundant marine and freshwater fisheries. Concerning the farmland holding structure, small and medium farmers of the Northeast region have total land holdings of 18,820 hectares, so farmers invest in low HP (less than 46 HP) tractors. The U.S. tractor market is currently in the growth stage, and manufacturers are seeking capacity augmentation. The country's Northeast region still has negligible farm mechanization, and vendors can explore these regions with a portfolio of small tractors suitable for the region's rolling hills and low mountains.

The major crops of the South region are soybean and wheat. The region is growing due to fertile soil and a warm Mediterranean climate. The region's small and medium land holdings mostly use 46-100 HP tractors. Furthermore, a sub-tropical and humid climate characterizes the West region. The region experiences hot summers, heavy rainfall during monsoons, and moderate winters. The high prevalence of small and marginal farmers and the focus of both private and public bodies on improving agriculture aspects in the region are driving the potential for the sales of tractors in the below 46 HP and 46-100 HP segments.

Segmentation by Geography

The U.S.
Northeast
Midwest
South
West

COMPETITIVE ANALYSIS

The U.S. tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the market. Global brands not previously present in the U.S. are planning to enter the market. For instance, VST Tillers Tractors Ltd, an India-based company, has announced that it will enter the U.S. market in the next two years. Further, the industry has established players in various segments. Vendors have improved their aftersales services, making customers loyal to the existing brands.

Established global players are moving toward increasing the introduction of technology in their offerings to attract more customers. For instance, CNH Industrial has introduced autonomous technology in agriculture tractors with Case IH, New Holland, and Steyr tractor brands. The company has already incorporated technology in its agriculture tractors, such as auto-steering and telematics. John Deere and AGCO worked to introduce the autonomous concept in their tractors. Furthermore, regarding advanced tractor technology, John Deere has equipped many models with GPS, location tracking, image sensors, and telematics to assist in field navigation. The company has also equipped its S700 model with features to autonomously adjust the harvesting equipment according to the state of crops. Vendors, such as ARGO and John Deere, provide direct financing to farmers to encourage them to buy tractors and other related agricultural machinery.

Recent Developments by Top Brands in the U.S. Tractor Market

In 2023, AGCO launched an electric tractor, Fendt 600 Vario, providing 150-200 Horsepower.
In 2023, Kubota launched a fourth-generation M7 series of tractors.
In 2023, Kubota introduced M5002 Narrow series tractors. The tractors are used in orchids and wine wards.
In December 2022, CNH Industrial presented the prototype of the T7 Methane Power LNG & natural gas-powered N67 NG engine.
In February 2022, Massey Ferguson launched the MF 6S series tractors. This machine provides up to 180 HP with advanced technology.
In February 2022, AGCO and AgRevolution showcased new solutions from Fendt, Massey Ferguson, and Hesston Massey Ferguson at the National Farm Machinery Show in Louisville, Kentucky.

Key Company Profiles

Deere & Company
TAFE
CNH Industrial
AGCO
Kubota

Other Prominent Vendors

CLAAS
Same Deutz-Fahr
Mahindra & Mahindra
Yanmar
Mitsubishi Agricultural Machinery (MAM)
SOLIS
KIOTI
Arbos Group
Iseki
Escorts Kubota
Lovol
ARGO Tractors
ACE
JCB

WHY SHOULD YOU BUY THIS REPORT?

This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:

Market Size & Forecast Volume (units) 2020-2029
Segmentation by Horsepower
Segmentation by Drive Type
Segmentation by Geography
Production and trade values
Major current and upcoming projects and investments
Competitive intelligence about the economic scenario, advantages, industry dynamics, and market shares
Innovative technologies
Market share by each HP segment
Market share by each country
Company profiles of major and other prominent vendors
Market shares of major vendors

KEY QUESTIONS ANSWERED:

1. How big is the U.S. tractor market?

2. What are the expected units sold in the U.S. tractor market by 2029?

3. What is the growth rate of the U.S. tractor market?

4. Which region holds the largest U.S. tractor industry share?

5. Who are the key companies in the U.S. tractor market?

Product Code: ARZ240408

1 SCOPE & COVERAGE

1.1 MARKET DEFINITION
- 1.1.1 INCLUSIONS
- 1.1.2 EXCLUSIONS
- 1.1.3 MARKET ESTIMATION CAVEATS
1.2 SEGMENTS COVERED & DEFINITION
- 1.2.1 MARKET SEGMENTATION BY HORSEPOWER
- 1.2.2 MARKET SEGMENTATION BY WHEEL DRIVE
- 1.2.3 REGIONS COVERED
1.3 MARKET DERIVATION
- 1.3.1 HISTORIC, BASE, & FORECAST YEARS

2 PREMIUM INSIGHTS

2.1 OPPORTUNITY POCKETS
- 2.1.1 MARKET MATURITY INDICATOR & VENDOR SPECTRUM
2.2 REPORT OVERVIEW
2.3 SEGMENTAL ANALYSIS
- 2.3.1 MARKET SHARE ANALYSIS
2.4 REGIONAL ANALYSIS
2.5 COMPETITIVE ANALYSIS
- 2.5.1 RECENT DEVELOPMENTS BY TOP BRANDS

3 MARKET AT A GLANCE

4 INTRODUCTION

4.1 OVERVIEW
4.2 INCREASE IN ADOPTION OF PRECISION FARMING
4.3 ROLE OF MECHANIZATION IN AGRICULTURE SECTOR
4.4 INNOVATIONS
4.5 TECHNOLOGICAL ADVANCES

5 MARKET OPPORTUNITIES & TRENDS

5.1 DEVELOPMENT OF SMART & AUTONOMOUS TRACTORS
5.2 GROWTH IN USE OF ELECTRIC TRACTORS
5.3 CHANGE IN SOCIO-ECONOMIC BEHAVIOR OF YOUTH
- 5.3.1 FALL IN FARMING INTEREST
- 5.3.2 YOUTH ENGAGEMENT

6 MARKET GROWTH ENABLERS

6.1 GROWTH IN AGRICULTURE PRODUCTIVITY & EXPORTS
6.2 GOVERNMENT SCHEMES & FINANCIAL AID TO FARMERS
6.3 GROWTH IN FARM MECHANIZATION & LABOR SHORTAGE
- 6.3.1 BENEFITS OF FARM MECHANIZATION
- 6.3.2 CHALLENGES OF FARM MECHANIZATION

7 MARKET RESTRAINTS

7.1 IMPACT OF CLIMATE CHANGE ON AGRICULTURE
7.2 GROWTH IN DEMAND FOR USED & RENTAL TRACTORS
7.3 VOLATILITY IN PRICES OF RAW MATERIALS

8 MARKET LANDSCAPE

8.1 MARKET OVERVIEW
8.2 MARKET SIZE & FORECAST
8.3 FIVE FORCES ANALYSIS
- 8.3.1 THREAT OF NEW ENTRANTS
- 8.3.2 BARGAINING POWER OF SUPPLIERS
- 8.3.3 BARGAINING POWER OF BUYERS
- 8.3.4 THREAT OF SUBSTITUTES
- 8.3.5 COMPETITIVE RIVALRY

9 HORSEPOWER

9.1 MARKET SNAPSHOT & GROWTH ENGINE
9.2 MARKET OVERVIEW
9.3 LESS THAN 46 HP
- 9.3.1 MARKET OVERVIEW
- 9.3.2 MARKET SIZE & FORECAST
- 9.3.3 MARKET BY GEOGRAPHY
- 9.3.4 MARKET SHARE ANALYSIS
9.4 46-100 HP
- 9.4.1 MARKET OVERVIEW
- 9.4.2 MARKET SIZE & FORECAST
- 9.4.3 MARKET BY GEOGRAPHY
- 9.4.4 MARKET SHARE ANALYSIS
9.5 101-250 HP
- 9.5.1 MARKET OVERVIEW
- 9.5.2 MARKET SIZE & FORECAST
- 9.5.3 MARKET BY GEOGRAPHY
- 9.5.4 MARKET SHARE ANALYSIS
9.6 ABOVE 250 HP
- 9.6.1 MARKET OVERVIEW
- 9.6.2 MARKET SIZE & FORECAST
- 9.6.3 MARKET BY GEOGRAPHY
- 9.6.4 MARKET SHARE ANALYSIS

10 DRIVE TYPE

10.1 MARKET SNAPSHOT & GROWTH ENGINE
10.2 MARKET OVERVIEW
10.3 2-WHEEL DRIVE
- 10.3.1 MARKET OVERVIEW
- 10.3.2 MARKET SIZE & FORECAST
- 10.3.3 MARKET BY GEOGRAPHY
10.4 4-WHEEL DRIVE
- 10.4.1 MARKET OVERVIEW
- 10.4.2 MARKET SIZE & FORECAST
- 10.4.3 MARKET BY GEOGRAPHY

11 GEOGRAPHY

11.1 MARKET SNAPSHOT & GROWTH ENGINE
11.2 GEOGRAPHIC OVERVIEW

12 NORTHEAST

12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 HORSEPOWER
- 12.3.1 MARKET SIZE & FORECAST
12.4 DRIVE TYPE
- 12.4.1 MARKET SIZE & FORECAST

13 MIDWEST

13.1 MARKET OVERVIEW
13.2 MARKET SIZE & FORECAST
13.3 HORSEPOWER
- 13.3.1 MARKET SIZE & FORECAST
13.4 DRIVE TYPE
- 13.4.1 MARKET SIZE & FORECAST

14 SOUTH

14.1 MARKET OVERVIEW
14.2 MARKET SIZE & FORECAST
14.3 HORSEPOWER
- 14.3.1 MARKET SIZE & FORECAST
14.4 DRIVE TYPE
- 14.4.1 MARKET SIZE & FORECAST

15 WEST

15.1 MARKET OVERVIEW
15.2 MARKET SIZE & FORECAST
15.3 HORSEPOWER
- 15.3.1 MARKET SIZE & FORECAST
15.4 DRIVE TYPE
- 15.4.1 MARKET SIZE & FORECAST

16 COMPETITIVE LANDSCAPE

16.1 COMPETITION OVERVIEW
16.2 MARKET SHARE ANALYSIS
16.3 RECENT DEVELOPMENTS

17 KEY COMPANY PROFILES

17.1 DEERE & COMPANY
- 17.1.1 BUSINESS OVERVIEW
- 17.1.2 PRODUCT OFFERINGS
- 17.1.3 KEY STRATEGIES
- 17.1.4 KEY STRENGTHS
- 17.1.5 KEY OPPORTUNITIES
17.2 TAFE
- 17.2.1 BUSINESS OVERVIEW
- 17.2.2 PRODUCT OFFERINGS
- 17.2.3 KEY STRATEGIES
- 17.2.4 KEY STRENGTHS
- 17.2.5 KEY OPPORTUNITIES
17.3 CNH INDUSTRIAL
- 17.3.1 BUSINESS OVERVIEW
- 17.3.2 PRODUCT OFFERINGS
- 17.3.3 KEY STRATEGIES
- 17.3.4 KEY STRENGTHS
- 17.3.5 KEY OPPORTUNITIES
17.4 AGCO
- 17.4.1 BUSINESS OVERVIEW
- 17.4.2 PRODUCT OFFERINGS
- 17.4.3 KEY STRATEGIES
- 17.4.4 KEY STRENGTHS
- 17.4.5 KEY OPPORTUNITIES
17.5 KUBOTA
- 17.5.1 BUSINESS OVERVIEW
- 17.5.2 PRODUCT OFFERINGS
- 17.5.3 KEY STRATEGIES
- 17.5.4 KEY STRENGTHS
- 17.5.5 KEY OPPORTUNITIES

18 OTHER PROMINENT VENDORS

18.1 CLAAS
- 18.1.1 BUSINESS OVERVIEW
- 18.1.2 PRODUCT OFFERINGS
18.2 SAME DEUTZ-FAHR
- 18.2.1 BUSINESS OVERVIEW
- 18.2.2 PRODUCT OFFERINGS
18.3 MAHINDRA & MAHINDRA
- 18.3.1 BUSINESS OVERVIEW
- 18.3.2 PRODUCT OFFERINGS
18.4 YANMAR
- 18.4.1 BUSINESS OVERVIEW
- 18.4.2 PRODUCT OFFERINGS
18.5 MITSUBISHI AGRICULTURAL MACHINERY (MAM)
- 18.5.1 BUSINESS OVERVIEW
- 18.5.2 PRODUCT OFFERINGS
18.6 SOLIS
- 18.6.1 BUSINESS OVERVIEW
- 18.6.2 PRODUCT OFFERINGS
18.7 KIOTI
- 18.7.1 BUSINESS OVERVIEW
- 18.7.2 PRODUCT OFFERINGS
18.8 ARBOS GROUP
- 18.8.1 BUSINESS OVERVIEW
- 18.8.2 PRODUCT OFFERINGS
18.9 ISEKI
- 18.9.1 BUSINESS OVERVIEW
- 18.9.2 PRODUCT OFFERINGS
18.10 ESCORTS KUBOTA
- 18.10.1 BUSINESS OVERVIEW
- 18.10.2 PRODUCT OFFERINGS
18.11 LOVOL
- 18.11.1 BUSINESS OVERVIEW
- 18.11.2 PRODUCT OFFERINGS
18.12 ARGO TRACTORS
- 18.12.1 BUSINESS OVERVIEW
- 18.12.2 PRODUCT OFFERINGS
18.13 ACE
- 18.13.1 BUSINESS OVERVIEW
- 18.13.2 PRODUCT OFFERINGS
18.14 JCB
- 18.14.1 BUSINESS OVERVIEW
- 18.14.2 PRODUCT OFFERINGS

19 REPORT SUMMARY

19.1 KEY TAKEAWAYS
19.2 STRATEGIC RECOMMENDATIONS

20 QUANTITATIVE SUMMARY

20.1 MARKET BY GEOGRAPHY
20.2 MARKET BY HORSEPOWER
20.3 MARKET BY DRIVE TYPE

21 APPENDIX

21.1 RESEARCH METHODOLOGY
21.2 RESEARCH PROCESS
21.3 REPORT ASSUMPTIONS & CAVEATS
- 21.3.1 KEY CAVEATS
- 21.3.2 CURRENCY CONVERSION
21.4 ABBREVIATIONS