Agricultural Tractors Global Market Report 2024

Agricultural tractors are vehicles designed specifically for moving machinery or trailers at low speeds while exerting a high tractive force. They serve a multitude of purposes in farming, including pulling various farm implements for tasks such as ploughing, planting, cultivating, fertilizing, and harvesting crops. Additionally, these tractors are utilized for hauling materials and can even serve as a mode of personal transportation within farming operations.

Agricultural tractors come in various types, with orchard tractors and row-crop tractors being prominent among them. Orchard tractors specifically cater to vineyards and orchards, boasting engine capacities typically ranging from 8 HP to 40 HP. These tractors utilize different types of propulsion, including internal combustion engines (ICE), electric systems, and hybrids, and can be operated either manually or autonomously. Engine power classifications commonly include less than 40 HP, 41 to 100 HP, and more than 100 HP, catering to a wide range of farming needs and applications.

The agricultural tractors market research report is one of a series of new reports from The Business Research Company that provides agricultural tractors market statistics, including agricultural tractors industry global market size, regional shares, competitors with an agricultural tractors market share, detailed agricultural tractors market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural tractors industry. This agricultural tractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The agricultural tractors market size has grown strongly in recent years. It will grow from $74.61 billion in 2023 to $78.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period can be attributed to mechanization in agriculture, the expansion of farm sizes, increasing demands for productivity, the replacement of traditional farming methods with modern technologies, and the influence of government agricultural policies.

The agricultural tractors market size is expected to see strong growth in the next few years. It will grow to $97.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to precision agriculture practices, the ongoing growth of the global population, a focus on environmental sustainability, development in agriculture in emerging markets, and the continued integration of farming technologies. Key trends expected in the forecast period include the implementation of artificial intelligence (AI) for crop management, a shift towards electric and hybrid tractors, the enhancement of comfort and ergonomics for operators, the adoption of predictive maintenance solutions, and the introduction of smart farming applications.

The agricultural tractors market is poised for growth, primarily fueled by the increasing demand for compact tractors. These smaller, farm-specific tractors cater to homeowners or hobby farmers managing smaller acreages. Compact tractors are equipped with a 540-rpm PTO and a three-point hitch suitable for Category 1 equipment, aiding in various agricultural tasks. As per a report from Compact Equipment Magazine in July 2021, which focuses on tractors and construction equipment, there has been a sustained trend of double-digit growth in unit sales for farm tractors and self-propelled combine vehicles in 2021. Notably, in April 2021, the USA witnessed a significant surge in total farm tractor sales, marking a 22.7% increase compared to the previous year, where compact tractors played a pivotal role in driving this expansion. Specifically, the mid-size 40 to 100-horsepower engine category saw a substantial 28.8% increase, while the sub-40 horsepower class witnessed a notable 20.88% rise compared to the previous year. This surge in demand for compact tractors serves as a key driver propelling the growth of the agricultural tractors market.

The agricultural tractors market is anticipated to experience growth driven by the escalating costs associated with labor. Labor prices encompass the expenses or compensation linked to hiring and engaging workers. The integration of compact tractors presents a strategic solution for farmers and agricultural enterprises seeking to enhance efficiency, reduce reliance on manual labor, ensure versatility, implement precision farming techniques, alleviate physical strain, and optimize resource utilization. As reported by the United States Department of Agriculture in August 2023, the average hourly wage for agricultural managers surged to $27.57 in 2022, marking a notable 7.9 percent increase from 2021. This substantial rise in labor costs serves as a driving force behind the burgeoning growth of the agricultural tractors market.

Major players in the agricultural tractors market are forging partnerships aimed at driving product innovation and solidifying their market positions. These collaborations serve as catalysts for innovation, drawing on complementary expertise to expedite the development and introduction of advanced solutions by pooling resources and capabilities. One such example occurred in August 2023 when Mahindra & Mahindra Ltd., an India-based automobile manufacturing company, partnered with SARGA MotoCorp Ltd., an automotive manufacturer based in Tanzania. This strategic collaboration aims to offer Tanzanian farmers an extensive range of tractors and farm equipment, coupled with exceptional productivity, earnings, and post-sale support. This initiative aligns with efforts geared towards enhancing youth engagement in Tanzania's agricultural sector for sustainable growth. Additionally, it reflects Mahindra's commitment to revolutionize farming practices and uplift the livelihoods of farmers worldwide. Ensuring a premium customer experience, the partnership entails establishing a showroom in Dar es Salaam and over 25 authorized servicing locations.

Major players in the agricultural tractors market are innovating by introducing new products, such as the electric utility tractor, to gain a competitive advantage. An electric utility tractor is an agricultural vehicle designed for various utility tasks, powered by electricity instead of traditional internal combustion engines. In a recent development, New Holland Agriculture S.p.A., an Italy-based agricultural machinery company, launched the T4 Electric Power Tractor in August 2023. This innovative tractor model offers superior in-cab ergonomics, reliable driveline components, and a robust factory-installed loader with advanced autonomous capabilities provided by Cognitive Pilot. By merging robust, emission-free clean energy with state-of-the-art autonomous technology, this tractor caters to diverse applications such as specialty crops, dairy, livestock, municipalities, hay and fodder production, mixed farms, and greenhouses. The T4 Electric Power Tractor represents a pivotal component in fostering more sustainable farming practices while delivering solutions for enhanced field operations efficiency.

In February 2023, International Tractors Limited (ITL), an India-based agricultural tractor manufacturer, completed the acquisition of Thaler GmbH & CO. KG for an undisclosed sum. This strategic acquisition is poised to significantly augment ITL's product portfolio and market presence by integrating high-end synergies into its existing range of agricultural equipment. Leveraging Thaler's expertise in wheel loader manufacturing, ITL aims to diversify its product offerings for clients beyond its existing line of tractors. Thaler GmbH & CO. KG, based in Germany, specializes in manufacturing agricultural machinery.

Major companies operating in the agricultural tractors market report are Tractors and Farm Equipment Ltd., ARGO Tractors S.p.A., Deere & Company, CNH Industrial N.V., Kubota Corporation, LS Mtron Co. Ltd., Mahindra & Mahindra Ltd., Dongfeng Motor Corporation Ltd., AGCO Corporation, Yanmar Co. Ltd., Escorts Ltd., YTO Group Corporation, Jinma Agricultural Machinery Co. Ltd., CLAAS KGaA mbH, J C Bamford Excavators Ltd., Lovol Heavy Industry Co. Ltd., SAME Deutz-Fahr Group, Iseki & Co. Ltd., Daedong Corporation, The Sonalika Group, Carraro Agritalia S.p.A., Buhler Industries Inc., Gromax Agri Equipment Limited, AgriArgo UK Ltd., McCormick Tractors International Ltd., Massey Ferguson Limited, Weifang Huaxia Tractor Manufacturing Co. Ltd., Landini S.p.A., Zetor Tractors a.s., Kukje Machinery Co. Ltd., Shandong Wuzheng Group Co. Ltd., Landtrac Tractors Private Limited, V.S.T. Tillers Tractors Ltd.

Asia-Pacific was the largest region in the agricultural tractors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global agricultural tractors market report during the forecast period. The regions covered in the agricultural tractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the agricultural tractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The agricultural tractors market consists of sales of utility tractors, garden tractors, implement carrier tractors, and earth moving tractors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Agricultural Tractors Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on agricultural tractors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for agricultural tractors ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agricultural tractors market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Orchard Tractors; Row-Crop Tractors; Other Tractors
• 2) By Propulsion: ICE; Electric and Hybrid
• 3) By Operation Type: Manual; Autonomous
• 4) By Engine Power Type: Less than 40 HP; 41 to 100 HP; More than 100 HP
• Companies Mentioned: Tractors and Farm Equipment Ltd.; ARGO Tractors S.p.A.; Deere & Company; CNH Industrial N.V.; Kubota Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.