The agricultural tractor market is estimated to be valued at US$ 83.56 Bn in 2024 and is expected to reach US$ 122.66 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

Report Description:

The global agricultural tractor market has been witnessing steady growth in the past few decades owing to the increasing mechanization of agricultural activities worldwide. Tractors help in minimizing the dependence on manual labor for activities like plowing, seeding, harvesting, etc. and boost farm output. Additionally, rising population has augmented the demand for food, giving an impetus to agricultural productivity. Tractors offer efficient and timely operations in farms and help meet the escalating food demand. Various government initiatives promoting farm mechanization through subsidy programs have further augmented the adoption of tractors among small and marginal farmers. However, the market faces challenges from decreasing average farm sizes and rising cost of fuel.

Market Dynamics:

The key drivers fueling the global agricultural tractor market include the growing demand for food grains owing to surge in population, shortage of agricultural labor, and initiatives by various governments to promote farm mechanization. Rising agricultural incomes and financing schemes for farmers have positively impacted tractor sales. Additionally, increasing opportunities in non-agricultural activities have led to the migration of farm labor from rural to urban areas aggravating the shortage of labor. This has boosted the demand for tractors for field cultivation. However, decreasing average land holdings especially in Asian countries along with rising fuel costs pose challenges to market growth. Increased adoption of technologies like autonomous tractors and electric tractors present significant opportunities for market players.

Key features of the study:

• This report provides an in-depth analysis of the global agricultural tractor market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global agricultural tractor market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Agco Tractors (Fendt), Captain Tractors, Eicher Tractors, Escorts Tractors, Force Tractors, Gromax Agri Equipment Limited, John Deere Tractors, JCB, Kubota Tractor, Mahindra Tractors, Monarch Tractor Electric Tractor, New Holland Tractors, SDF, Sonalika Tractors, SOLECTRAC, Standard Tractors, and Swaraj Tractors.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global agricultural tractor market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.

Detailed Segmentation-

• By Operation
  • Manual
  • Autonomous
• By Engine Power
  • Below 40 HP
  • 40 HP–120 HP
  • 121 HP–180 HP
  • 181 HP–250 HP
  • More than 250 HP
•  By Type
  • ICE
  • Electric/Hybrid
• By Drive Type
  • 2-Wheel Drive
  • 4-Wheel Drive
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Key Players

• Agco Tractors (Fendt)
• Captain Tractors
• Eicher Tractors
• Escorts Tractors
• Force Tractors
• Gromax Agri Equipment Limited
• John Deere Tractors
• JCB
• Kubota Tractor
• Mahindra Tractors
• Monarch Tractor Electric Tractor
• New Holland Tractors
• SDF
• Sonalika Tractors
• SOLECTRAC
• Standard Tractors
• Swaraj Tractors