Agricultural Tractors Market to reach US$ 113 Mn by 2032 - Latest Fact.MR Study

NEW YORK, Feb. 21, 2022 /PRNewswire/ -- The global agricultural tractors market to grow at a CAGR of 6% during the forecast period 2022-2032 and is estimated to reach a market valuation of US$ 63 Mn by the end of 2022. 

Global agricultural tractors sales went up by 4% CAGR during 2015- 2021.  Growing food demand has placed a burden on the agriculture industry worldwide. To increase production, farmers use agricultural tractors to sow, plough, and spray crops. Likewise, the adoption of tractors is rapidly growing due to improved mechanization.

The demand of agricultural tractors is largely influenced by various technological advancements. To make tractors more efficient and easy to operate, companies are integrating electric power. For instance, in August 2021, Solectrac announced that its e70N electric tractor was available for sale. The tractor consists of an electric engine equivalent to 70 horsepower. The launch is part of the Bay Area Quality Management District's Funding Agriculture Replacement Measures for Emissions Reductions Demonstration Program (FARMER), in the United States.

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As the world's population continues to grow, so does the need for food, driving an increase in food crops cultivation and resulting in a demand for agricultural tractors.

As a result of strict lockdowns imposed during the COVID-19 pandemic, prospects declined, especially in the first half of 2020. These lockdowns hindered all agricultural activity, so agricultural tractors were not used. Nevertheless, as the curbs have loosened, a gradual resurgence has been noted.

Agricultural tractor manufacturers are focusing on improving the efficiency of their machines by making them automatic and electric. Furthermore, the cost efficiency and convenience of 2WD tractors is increasing the demand for agricultural tractors.  Thus, agricultural tractor sales are expected to exceed US$ 113 Mn by registering a CAGR of 6% over the forecast period 2022-2032.

Key Takeaways: 

• It is estimated that agricultural tractors will generate US$ 63 Mn in revenue in 2022.
• In the agricultural tractor market, Asia Pacific is expected to hold a market share of more than 70%.
• A market share of more than 40% is expected for agricultural tractors in Europe during the forecast period.
• Agricultural tractors with engine power of less than 40 HP are expected to hold more than 45% of the market.
• The 2WD tractor segment is expected to hold more than 75% of the market for agricultural tractors.

Growth Drivers: 

• Farmers are focusing on improving existing models by mechanizing tractors, which is expected to improve sales of agricultural tractors.
• Tractor companies are increasingly focusing on integrating electric power to make them easier to operate. Moreover, automatic tractors are increasingly being used by farmers to reduce their workload and to optimize crop cultivation.

Key Restraints: 

• The different forms of high costs associated with the tractors along with the government imposed import taxes on tractors can turn out to be a prominent restraint for the growth of this market.

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Competitive Landscape

Market players are currently challenged by a shortage of skilled workers, high raw material prices, and high prices for semiconductor components. In addition, market players and dealers are not able to meet consumer demand due to low inventory levels.

• In January 2022, Deere & Company announced the large scale production of a series of completely autonomous tractor. A Tru-Set-compatible chisel plow and GPS system are among the tractor's advanced features.
• In January 2022, ASABE presented eight AE50 awards to Deere & Company for innovative product engineering. Currently, the company is focused on increasing the efficiency of its wide range of products so they can provide instant results.

Key Companies Profiled by Fact.MR 

• CNH Industrial N.V.
• Deere & Company
• Kubota Corp.
• International Tractors Ltd.
• CLAAS KGaA
• Escorts Ltd.
• Mahindra & Mahindra Ltd.
• AGCO Corp.
• Yanmar Co., Ltd.
• Tractors and Farm Equipment Ltd.

More valuable Insights on Agricultural Tractors Market 

Fact.MR, in its report, offers a market analysis of the global Agricultural Tractors Market analyzing forecast period through 2022 and beyond. This survey reveals the growth of technology in the Agricultural Tractors Market with detailed segmentation as follows: -

●  By Engine Power
-  Agricultural Tractors Less than 40 HP
-  Agricultural Tractors  between 41 to 100 HP
-  Agricultural Tractors  More than 100 HP

●  By Driveline Type
-  2WD Agricultural Tractors
-  4WD Agricultural Tractors

●  By Region
-  North America
-  Latin America
-  Europe
-  Asia Pacific
-  Middle East & Africa

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Key Questions covered in the Agricultural Tractors Market Report 

• What is the global Agricultural Tractors Market scenario?
• How far is the global demand expected to reach over the forecasted period?
• What was the last 5-year CAGR for the demand in the Agricultural Tractors Market?
• Who are the prominent players in the global Agricultural Tractors Market?
• Which is the most leading region in the Agricultural Tractors Market?

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