Agricultural Tractors Market Forecast Overview:
Agricultural Tractors Market Forecast size was valued at USD 92.91 billion in 2023. The agricultural tractors industry is projected to grow from USD 96.86 Billion in 2024 to USD 144.45 billion by 2032, at a CAGR of 4.9%
The global Agricultural Tractors Market Forecast is witnessing a considerable rise in its size. The market growth attributes to the improving automotive and agricultural infrastructure in developed and developing regions. Besides, the increasing production and sales of off-road vehicles globally drive the growth of the market. Moreover, the introduction of mechanical power and advanced technologies into the agricultural production system further escalates the market growth.
According to an eminent research firm, Market Research Future (MRFR), the global Agricultural Tractors Market Forecast is poised to garner exponential traction by 2023, registering an impressive CAGR throughout the anticipated period (2023 – 2032). The increasing demand for tractors equipped with cutting edge technology and growing investments in agriculture boost the growth of the market. Also, the governmental support towards farm mechanization and R&D investments foster market growth.
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Major Players:
Players leading the global Agricultural Tractors Market Forecast include Deere & Company (USA), CNH Industrial America LLC. (USA), Deutz AG (Germany), Mahindra & Mahindra Limited (India), Hattat Traktör (Turkey), Massey Ferguson Limited (US), CLAAS KGaA mbH (Germany), New Holland Agriculture (US), Escorts Limited (India), and KUBOTA Corporation (Japan), among others.
Additionally, the increasing implementation of data analytics, GPS, and remote sensing in tractors push the growth of the market. The emergence of electric and hybrid power tractors propels the growth of the market. Advances in technology and features such as the unique 'Protect-U' cab/engine, radical 'neo-retro' design, and max power of plus-20hp from engine power management (EPM) are expected to storm the market.
Besides, developments like 'built from the ground up' with connectivity and smart farming technologies, and connect telemetry allows owners to manage their fleets using cloud-based solutions. Conversely, the lack of skilled workers and prohibitive prices of agricultural tractors are the significant factors projected to impede the market growth. Also, changing weather conditions pose challenges to the growth of the market, lowering the purchasing power of farmers.
Agricultural Tractors Market Forecast - Regional Analysis
Asia Pacific dominates the global Agricultural Tractors Market Forecast. The market growth attributes to the massive increase in the production and sales of tractors in the region. Besides, growing automotive infrastructure and increasing government efforts and incentives for farm mechanization across the region drive the regional market growth.
North America holds the second-significant share in the global Agricultural Tractors Market Forecast. The market is driven by the augmenting demand for tractors with a low operating cost. Moreover, the increased government backing and support for the development of the agricultural industry push the regional market growth. Also, investments in research and development increase agricultural tractors sales. Large consumer potential in the US, and Canada create a considerable demand for environment-friendly heavy vehicles.
Europe too, holds a considerable share in the global Agricultural Tractors Market Forecast. The market is driven by regulatory laws such as the European Union (EU) implemented to minimize vehicle emissions. Besides, and timelines for creating zero-emission zones in countries like the UK and France increase the demand for electric vehicles to foster the growth of the regional market. Furthermore, favorable incentives policies to buy electric tractors propel the growth of the market in the region.
Agricultural Tractors Market Forecast - Competitive Analysis
Highly competitive, the Agricultural Tractors Market Forecast appears fragmented due to the presence of several well-established players. These players incorporate strategies like mergers & acquisition, collaboration, technology/product launch, and expansion, to gain a larger competitive share. With the industry, technologies, and agricultural tractors changing faster than ever before, research projects to optimize the performance of components and simulation toolkits have become crucial.
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