The global Agricultural Tractor Market size was USD 55.07 Billion in 2022 and is expected to register a revenue CAGR of 5% over the forecast period, according to the latest report by Reports and Data.
A growing population's strong demand for food products has increased demand for Agricultural Tractor globally. With 9.7 billion people expected to inhabit the earth by 2050, there will be a significant increase in demand for food products. The urbanization trend also results in the conversion of agricultural land into urban and suburban areas, which reduces the quantity of farmland that is readily available. Thus, it has become more important to adopt efficient farming techniques, which has boosted the usage of Agricultural Tractor.
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Top Leading Players: John Deere, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Ltd., Yanmar Co., Ltd., Deutz-Fahr, JCB, LS Mtron Ltd., and CLAAS KGaA mbH.
Key Companies in the market include:
- The utility tractor segment is projected to hold the largest revenue share during the forecast period. This is due to the increasing demand for high horsepower tractors that can be used in various activities, such as plowing, tilling, and hauling heavy loads. The versatility and adaptability of utility tractors are the key drivers of revenue growth in this segment.
- The 40 HP to 99 HP segment is estimated to account for the majority of revenue throughout the projected period. Because of their versatility, these tractors may be used for a variety of farming operations such as planting, tilling, harvesting, and hauling. These tractors are ideal for medium-sized farms that raise grains, fruits, vegetables, and other crops. Rising global food demand and growing mechanization of farming operations are predicted to generate demand for 40 HP to 99 HP tractors.
- The North American market is anticipated to generate the largest revenue share over the projection period. The largest market in the area, the United States, is boosting demand for Agricultural Tractor due to the advent of precision farming techniques that need high-tech equipment like tractors. The region's continued trend of extensive farming is leading to an increase in the need for Agricultural Tractor.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Key questions covered in the global Agricultural Tractor market report:
- What is the expected market size of the global Agricultural Tractor market during the forecast period?
- What factors are expected to hamper global Agricultural Tractor market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Agricultural Tractor market?
Segments covered in the report:
Product Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Utility Tractors
- Raw Crop Tractors
- Garden Tractors
- Rotary Tillers
- Others
Horsepower Outlook (Revenue, USD Billion; 2022 - 2032)
- Less than 40 HP
- 40 HP to 99 HP
- 100 HP and Above
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