Global Agricultural Tractors Market Size to Exceed USD 137.1 Billion by 2033: Market Insight Report

Global Agricultural Tractors Market Size to Exceed USD 137.1 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Agricultural Tractors Market is Expected to Grow from USD 70.06 Billion in 2023 to USD 137.1 Billion by 2033, at a CAGR of 6.94% during the forecast period 2023-2033.

Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On Global Agricultural Tractors Market Size, Share, and COVID-19 Impact Analysis, By Engine Power (Less Than 40 HP, 41 to 100 HP, & More Than 100 HP), By Driveline (2WD and 4WD) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

The agricultural tractor market is the market for equipment that supplies mechanical power to carry out farming operations. Tractors used for planting, reaping, harvesting, plowing, and tilling are included in this.  This is because of worries about the harm that ICE tractor engines cause to the environment, the market for agricultural tractors is also under more regulatory scrutiny. To promote modern farming, governments everywhere are investing in the construction of electric infrastructure, and emerging nations offer sizeable financial aid to purchase agricultural tractors. Furthermore, the market's growth over the next eight years is anticipated to benefit from the rapid adoption of mechanization. Furthermore, it is projected that the market will expand as a result of farm workers moving to cities, creating a labor shortage. The market for agricultural tractors is in a high stage of growth, and it is expanding at an accelerating rate. However, one of the biggest obstacles is the high initial cost of tractors, particularly for small-scale farmers. The cost of producing tractors is rising due to strict emission rules and sustainability considerations. 

The less than 40 HP segment accounted for the largest share in 2023 and is anticipated to grow at 6.7% CAGR during the forecast period. 

Based on the engine power, the global agricultural tractors market is divided into less than 40 HP, 41 to 100 HP, & more than 100 HP. Among these, the less than 40 HP segment accounted for the largest share in 2023 and is anticipated to grow at 6.7% CAGR during the forecast period. The low cost, small size, and increased convenience provided by tractors with less than 40 HP to carry out all fundamental farming tasks are the reasons for the rapid expansion. The majority of farmers in the Asia Pacific region choose these pieces of equipment, with about 85% of farmlands being smaller than 10 hectares. 

The 2WD segment accounted for the largest share in 2023 and is anticipated to grow at 6.4% CAGR during the forecast period. 

Based on the driveline, the global agricultural tractors market is divided into 2WD and 4WD. Among these, the 2WD segment accounted for the largest share in 2023 and is anticipated to grow at 6.4% CAGR during the forecast period. Long-term drivers that are anticipated to fuel demand in the 2WD sector, particularly in the Asia Pacific market, include lower upfront costs and improved maneuverability. In India, middle-class farmers prefer 2WD tractors above all others. 

Asia Pacific holds the largest share of the global agricultural tractors market during the forecast period.

Asia Pacific holds the largest share of the global agricultural tractors market during the forecast period. This is because developing nations in the region, including China and India, have robust agricultural sectors. Product sales in India are anticipated to surpass 900,000 units. The regional market is anticipated to benefit from easy financing availability, a favorable Minimum Support Price (MSP), and a better monsoon.

Europe is estimated to grow at the fastest pace in the global agricultural tractors market during the forecast period. The rise in demand, especially from Italy, Greece, and Lithuania, for large agricultural tractors is the reason for the surge. Furthermore, during the forecast period, the strong demand for autonomous tractors is anticipated to propel regional market expansion. However, a lengthy wait time for new tractor sales brought on by production delays is anticipated to impede market expansion during the projection period. 

Competitive Analysis

Major vendors in the global agricultural tractors market are CNH Industrial N.V., AGCO Corp., Deere & Company, Escorts Ltd., Tractors and Farm Equipment Ltd, International Tractors Ltd., CLAAS KGaAmbH, YanmarCo., Ltd., KubotaCorp., Mahindra & Mahindra Ltd., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In November 2022, an AgTech firm called Monarch Tractor and CNH Industrial N.V. inked a long-term contract to produce completely electric autonomous tractors. The previous corporation would be able to expand its product line due to the initiative.

Market Segment 

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global agricultural tractors market based on the below-mentioned segments: 

Global Agricultural Tractors Market, By Engine Power 

• Less Than 40 HP
• 41 to 100 HP
• More Than 100 HP

Global Agricultural Tractors Market, By Driveline 

• 2WD
• 4WD

Global Agricultural Tractors Market, By Regional

• North America 
  • US
  • Canada
  • Mexico
• 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 the Middle East & Africa