Tractor Market Report, Industry Trends, Growth Drivers and Forecast to 2024-2032
IMARC Group has recently released a new research study titled “Tractor Market Report by Power Output, Drive Type, Application and Region 2024-2032”, offers a detailed analysis of the global tractor market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market is expected to exhibit a growth rate (CAGR) of 3.99% during 2024-2032.
A tractor refers to an especially engineered automobile designed to offer high torque at a slow speed. It is mainly used in the agriculture sector for harrowing, plowing, tilling, disking, and planting. Tractors can be categorized into 2-wheel or 4-wheel drive. In addition to this, these cars are also used for earthmoving, load carriage, and building activities in the construction industry. As a result, tractors find widespread applications across various sectors, such as mining, forestry, agriculture, and building across the globe.
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Tractor Market Trends and Drivers:
The high consumption of plant-based food products, increasing labor costs, advancing rural incomes and incentives, and the seasonal work shortages are among the primary factors fueling the tractor market. Besides this, the escalating demand for farm mechanization to increase productivity and the introduction of precision farming are further augmenting the market growth. The continuous technological advancements, such as the development of innovative and advanced tractors with pre-installed telematics devices and GPS, are also catalyzing the global market. Apart from this, the rising number of farm training programs to encourage the usage of agrarian machinery on an extensive scale is acting as another significant growth-inducing factor. The launch of favorable policies by the government bodies to provide subsidies and financial assistance to enable the automation of agricultural processes and the expanding construction and building projects across the globe are also propelling the market growth. Furthermore, the high penetration of wireless connectivity to remotely monitor operations and the growing popularity of automated commercial vehicles are expected to bolster the tractor market in the coming years.
Competitive Landscape With Key Players:
The competitive landscape of the tractor market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Agco Corporation
- Argo Tractors S.p.A
- Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
- CLAAS KGaA mbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- Kubota Corporation
- Mahindra & Mahindra Ltd. (Mahindra Group)
- Sonalika Group
- Tractors And Farm Equipment Limited (Amalgamations Group)
- Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.)
Key Market Segmentation:
The report has segmented the global tractor market based on power output, drive type, application and region.
Breakup by Power Output:
- Below 40 HP
- 40 HP – 100 HP
- Above 100 HP
Breakup by Drive Type:
- 2-Wheel Drive
- 4-Wheel Drive
Breakup by Application:
- Agriculture
- Construction
- Mining
- Forestry
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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