Agricultural Tractor Market in North America to grow by 25.98 thousand units from 2021 to 2026 | The introduction of driverless agricultural tractors drives the market - Technavio

NEW YORK, Aug. 24, 2023 /PRNewswire/ -- The agricultural tractor market in North America is estimated to grow by 25.98 thousand units from 2021 to 2026, growing at a CAGR of 2.43%. For Comprehensive details on the market size - View the Sample report

Key Developments:

• Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors.
• With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for companies in the market.

Market Dynamics

Major Drivers & Challenges

The introduction of driverless agricultural tractors is notably driving market growth. 

The availability of agricultural tractors on a rental basis is impeding the agricultural tractor market growth in North America. The global trend of agricultural equipment rental is driven by farmers' requirements. Small-scale farmers, who utilize tractors for three to six months and typically operate them for around 120 days annually, find purchasing expensive machinery impractical. Renting the equipment becomes a more viable option for these farmers. As an increasing number of farmers choose to rent agricultural tractors, the potential for growth in new tractor unit sales is constrained.

Key Trends

The use of telematics in tractors is an emerging trend shaping market growth. 

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Landscape

The agricultural tractor market in North America is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now
Company Profiles

The agricultural tractor market in North America report includes information on the product launches, sustainability, and prospects of leading companies, including AGCO Corp., CLAAS KGaA mbH, CNH Industrial NV, Deere and Co., Escorts Ltd., Kubota Corp., Kverneland AS, Mahindra & Mahindra Ltd., SDF SpA, and Tractors and Farm Equipment Ltd.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

This report extensively covers the agricultural tractor market in North America segmentation by engine capacity(low power, mid-power, and high power) and geography (US, Canada, and Mexico)

• The agricultural tractor market share growth in North America by the low power segment will be significant during the forecast period. Typically, a low-power agricultural tractor of 24 hp consumes approximately one liter of fuel per hour, in contrast to the 14 liters consumed by 150 hp tractors. This heightened efficiency acts as a magnet for numerous small and medium-sized farmers who are inclined to invest in low-power agricultural tractors. As a result, the prominence of these lower horsepower tractors has grown steadily over time and is projected to be a driving force behind market expansion during the forecast period.

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Related Reports:

The agricultural tractor market is estimated to grow at a CAGR of 3.73% between 2022 and 2027. The size of the market is forecast to increase by 311.23 thousand units. This report extensively covers market segmentation by product (two-wheel drive and all-wheel drive), engine capacity (low power, mid power, and high power), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The investments in research and development activities are notably driving the market growth.

The autonomous tractors market in Europe is projected to grow by USD 862.86 million with a CAGR of 18.56% during the forecast period 2021 to 2026. This report extensively covers the autonomous tractors market in Europe segmentation by component (sensors, GPS, vision system, and others) and application (harvesting, seed sowing, and irrigation). The increase in the profits generated from farming is one of the key drivers supporting the Europe autonomous tractors market growth.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by engine capacity

7 Market Segmentation by Geography

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio