Agricultural Tractors Market to Reach $97.8 Billion, Globally, by 2031: Allied Market Research

Increase in the adoption of precision farming, rapid development in agricultural activities, surge in demand for fuel-efficient tractors, rise in government support for agriculture, and growth in mechanization in agriculture activities are expected to drive the growth of the global agricultural tractors market.

PORTLAND, Ore., Oct. 25, 2022 /PRNewswire/ -- Allied Market Research published a report titled, "Agricultural Tractors Market by Power Output (Less than 30 HP, 30 to 50 HP, 51 to 100 HP, more than 100HP), by Drive Type (2 Wheel Drive, 4 Wheel Drive), by Propulsion (ICE, Electric, and Hybrid), by Operation (Manual, Autonomous): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global agricultural tractors market generated $59.1 billion in 2021, and is projected to reach $97.8 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

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Drivers, Restraints and Opportunities

Increase in the adoption of precision farming, rapid development in agricultural activities, surge in demand for fuel-efficient tractors, rise in government support for agriculture, and growth in mechanization in agriculture activities are expected to drive the growth of the global agricultural tractors market. In addition, persistent technological advancements in tractor technology are expected to create ample opportunities for the industry.

COVID-19 Pandemic:

The outbreak of the COVID-19 has had a negative impact on the growth of the global agricultural tractors market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of numerous manufacturing facilities, including those of agricultural tractors, which adversely impacted the growth of the market. The automotive industry suffered immense losses during the pandemic due to the reduction in tractor sales and other supply chain challenges. Furthermore, reduction in workforce and shortage of raw materials due to strict ban on import and export of items additionally impacted the growth of the market. These restrictions were imposed by the government of various countries so as to significantly curb the spread of the virus during the pandemic.

The 30 to 50 HP segment to lead the trail

Based on power output, the 30 to 50 HP segment held the largest market share in 2021, holding more than one-third of the global market. This is mainly due to increase in use of agricultural tractors in various countries such as India, China, U.S., Italy, and others. The more than 100 HP, on the other hand, is expected to cite the fastest CAGR of 6.6% during the forecast period. The growth of this segment is mainly owing to rise in agricultural related activities such as sowing, planting, and crop cultivation in various countries.

The 2 Wheel Drive segment to occupy a dominant status

Based on drive type, the 2-wheel drive segment held the dominating market share in 2021, holding nearly 90% of the global market. The surge of this segment is majorly due to increase in use of 2-wheel drive due to benefits associated with 2-wheel drive tractors such as cost effectiveness, small turning cycles, and convenient application. The 4-wheel segment, on the other hand, is expected to cite the fastest CAGR of 7.4% during the forecast period. This is due to rise in demand for 4-wheel drive due to its ability to provide better traction, pull rough terrains in muddy, harsh, and wet solid conditions, versatility, high productivity, and durability.

The manual segment to lead the trail

Based on operation, the manual segment held the dominating market share in 2021, holding more than 90% of the global market, and is expected to occupy a dominant status during the forecast period. This is majorly due to increase in application of manual transmission tractors for PTO-intensive work and in large open areas suitable for in-line mowing, tilling, spreading, sowing, spraying and other tasks. The autonomous segment, on the other hand, is expected to cite the fastest CAGR of 26.2% during the forecast period. The growth of this segment is primarily due to increase in automation in agriculture to provide higher efficiency and accuracy.

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The Asia-Pacific region to dominate

Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly half of the global agricultural tractors market share. In addition, the same region is expected to cite the fastest CAGR of 6.3% during the forecast period. The growth in this region is mainly due to economic development and increase in awareness regarding use of advanced tractor products. The report also analyses other regions such as Europe, LAMEA, and North America.

Prominent Players of the Market:

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

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The report analyses these key players in the global agricultural tractors market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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SOURCE Allied Market Research