Tractor Market Size to Reach USD 97,906.1 Million by 2030 at CAGR 4.0% - Valuates Reports
BANGALORE, India, Nov. 10, 2021 /PRNewswire/ -- The Tractor Market is Segmented by Power Output (Less Than 30 HP, 30-50 HP, 50-100 HP, and More Than 100 HP), Drive Type (2 Wheel Drive, and 4 Wheel Drive), and Application (Agriculture, Construction, and Mining & Logistics). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Heavy Machinery Category.
The global tractor market size was USD 64,800 Million in 2020 and is expected to reach USD 97,906.1 Million by 2030, registering a Compound Annual Growth Rate (CAGR) of 4.0% from 2021 to 2030.
Major Factors Driving The Growth Of Tractor Market are:
Rising labor costs, rising consumption of plant-based foods, government incentives, seasonal labor shortages, and other reasons are driving the global tractor market.
Rising demand for food continues to impose heavy burdens on the agricultural sector, the progress of which remains largely dependent on uncertain entities such as weather, quality of soil, and effectiveness of farming practices. The tractor market is expected to grow due to an increase in demand for high-efficiency tractors for various applications such as planting, sowing, and others.
The tractor market is growing due to an increase in mechanization in agricultural equipment in nations such as India, Brazil, China, and others. Furthermore, the tractor market is growing due to an increase in government spending on new infrastructure and construction facilities. Construction tractors provide operating efficiency and tractor technology progress. The worldwide tractor market is growing as a result of this.
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Trends Influencing The Growth Of Tractor Market
Farmer's inclination towards high-powered tractors in order to boost productivity, as well as the introduction of driverless tractors and other technological improvements are expected to drive the growth of the tractor market during the forecast period.
The tractor market is expected to grow due to rising agricultural investment and the government's push for farm mechanization. Additionally, government plans for rural development, increasing rural incomes, and a scarcity of farmworkers boosted tractor sales, over the forecast period.
A rise in demand for high-performance tractors for muddy, and heavy soil conditions, drive the growth of the global tractor market. Moreover, tractors are highly reliable, with lower service costs. It is majorly used in agricultural activities such as tilting, towing, hauling, and puddling.
A government initiative to assist and provide low-interest loans to farmers is expected to provide lucrative growth opportunities for tractor market growth.
However, a dearth of knowledge about tractors among farmers in developing countries is expected to limit tractor market expansion.
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Tractor Market Share Analysis
Based on power output, the 30-50 HP segment dominated the tractor market share in 2020.
Based on the drive type, the 2 wheel drive segment dominated the tractor market share in 2020.
Based on application, the agriculture segment dominated the tractor market share in 2020.
Based on region, the tractors market was dominated by Asia-Pacific, and the region is predicted to develop at the highest rate over the forecast period. This dominance of Asia Pacific is attributed to the rising agricultural investment and the government's push for farm mechanization This trend has also been aided by the increase in the number of large agricultural producers and new rural groups engaged in farming.
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Leading Players in the Tractor Market
- Mahindra & Mahindra Ltd.
- Escorts Limited
- CNH Industrial N.V.
- Tractors and Farm Equipment Ltd
- Sonalika International Tractors Limited
- Deere & Company
- HMT Limited
- Force Motors Limited
- Kubota Corporation
- V.S.T. Tillers & Tractors Ltd
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SIMILAR REPORTS
- The India tractor market size was valued at USD 7,540.8 Million in 2020, and is expected to reach USD 12,700.8 Million by 2030, with a CAGR of 7.9% from 2021 to 2030
- The global Autonomous Electric Tractor market size is projected to reach USD 4233.5 Million by 2027, from USD 584 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period 2021-2027.
- The growing participation from private players and increasing government initiatives is anticipated to drive the growth prospects for the global tractor rental market until the end of 2017.
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