(MENAFN- GlobeNewsWire - Nasdaq) The Global Tractor market Size was Valued at USD 76.23 Billion in 2023 and the Worldwide Tractor Market Size is Expected to Reach USD 129.25 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: New Holland Agriculture N.V., Mitsubishi Heavy Industries Ltd., Volvo construction Equipment AB, SDF Group, John Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Limited, SAME Deutz-Fahr S.p.A., ARGO SpA, Yanmar Co., Ltd., TracFone Wireless, Inc., Escorts Limited, Tafe Motors Limited, PT Astra International Tbk, LS Mtron Ltd., Sampo Rosenlew Ltd. And other key vendors.
New York, United States, July 22, 2024 (GLOBE NEWSWIRE) -- The Global Tractor Market Size is to Grow from USD 76.23 Billion in 2023 to USD 129.25 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.42% during the projected period.
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A vehicle particularly constructed to deliver great torque at a moderate pace is called a tractor. Plowing, tilling, harrowing, disking, and planting are the primary tasks performed by tractors in the agricultural industry. Also, they are used in the construction sector for construction, earthmoving, and weight carrying. The need for tractors is being driven by several causes worldwide, including growing labor costs, a rise in the consumption of plant-based food items, rising rural incomes, government incentives, and seasonal labor shortages. Agriculture's continuous modernization, with farmers using mechanical solutions more often to increase production and efficiency. The necessity for precision farming and rising worldwide food consumption have increased the demand for high-tech tractors. Farm mechanization projects and incentives from the government also play a major role. However, one of the primary market barriers is the high initial expense of tractor ownership, which puts small and marginal farmers, especially those in developing nations, in a difficult financial position.
Browse key industry insights spread across 195 pages with 110 Market data tables and figures & charts from the " Global Tractor Market Size, Share, and COVID-19 Impact Analysis, By HP (Below 30 HP, 31 - 100 HP, 101 - 200 HP, and Above 200 HP), By Type (Farm Tractor, Construction Tractor, and Garden Tractor), By Application (Agriculture, Construction, Mining, and Logistics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The 31 - 100 HP segment is anticipated to hold the greatest share of the global tractor market during the projected timeframe.
Based on the HP, the global tractor market is divided into below 30 HP, 31 - 100 HP, 101 - 200 HP, and Above 200 HP. Among these, the 31 - 100 HP segment is anticipated to hold the greatest share of the global tractor market during the projected timeframe. Their versatility boosts operational flexibility by enabling farmers to effectively complete agricultural operations including planting, harvesting, and plowing. These tractors combine affordability and power in a way that makes them ideal for medium-sized farms.
The farm tractor segment is anticipated to hold the largest share of the global tractor market during the projected timeframe.
Based on the type, the global tractor market is divided into farm tractors, construction tractors, and garden tractors. Among these, the farm tractor segment is anticipated to hold the largest share of the global tractor market during the projected timeframe. The development of various tractor platforms that meet certain agricultural requirements is propelling the market's farm tractor sector upward.
The agriculture segment is predicted to hold the greatest share of the tractor market during the estimated period.
Based on the application, the global tractor market is divided into agriculture, construction, mining, and logistics. Among these, the agriculture segment is predicted to hold the greatest share of the tractor market during the estimated period. The increased use of agricultural equipment to boost productivity and precision farming are driving the need for tractors.
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Asia Pacific is expected to hold the largest share of the global tractor market over the forecast period.
Asia Pacific is expected to hold the largest share of the global tractor market over the forecast period. The need for tractors is being driven by precision farming and an increase in the usage of agricultural equipment to increase productivity. The tractor sector is also being driven by an increase in farm training programs that encourage the greater use of agricultural machinery. Also, the Asia-Pacific region's tractor market was increasing at the highest rate in India, while China had the greatest market share.
North America is predicted to grow at the fastest pace in the global tractor market during the projected timeframe. A significant amount of farm mechanization may be seen in the North American tractor market. Wealthy farmers in the region, who come from both the US and Canada, have plenty of money to spend on equipment like tractors. Easy credit loans are another advantage that the farmers in the region enjoy when buying agricultural equipment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Tractor Market are New Holland Agriculture N.V., Mitsubishi Heavy Industries Ltd., Volvo Construction Equipment AB, SDF Group, John Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Limited, SAME Deutz-Fahr S.p.A., ARGO SpA, Yanmar Co., Ltd., TracFone Wireless, Inc., Escorts Limited, Tafe Motors Limited, PT Astra International Tbk, LS Mtron Ltd., Sampo Rosenlew Ltd. Other Key Vendors.
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Recent Developments
In March 2023, John Deere announced MY24 enhancements for its 7, 8, and 9 Series Tractor portfolio to better position the company for the future of precision agriculture.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global tractor market based on the below-mentioned segments:
Global Tractor Market, By HP
Below 30 HP 31 - 100 HP 101 - 200 HP Above 200 HP
Global Tractor Market, By Type
Farm Tractor Construction Tractor Garden Tractor
Global Tractor Market, By Application
Agriculture Construction Mining Logistics Institutes
Global Tractor Market, Regional Analysis
Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of Middle East & Africa
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