Global Tractor Market Size To Worth USD 129.25 Billion By 2033 | CAGR OF 5.42%
Category: Automotive & TransportationGlobal Tractor Market Size To Worth USD 129.25 Billion By 2033
According to a research report published by Spherical Insights & Consulting, 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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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."Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/tractor-market
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.
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.
Asia Pacific is expected to hold the largest share of the global tractor market over the forecast period.
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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.
Major vendors in the global tractor market include 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., Others.
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.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
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
Global Tractor Market, Regional Analysis
- 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
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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