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Global Agriculture Tractors Market Share, Size, Forecast: By Engine Power: Less Than 35 HP, 36 - 100 HP, 101 HP - 200 HP, 201 HP - 350 HP, Others; By Type: Orchard Tractors, Row-Crop Tractors, Others; By Wheel Type: Two-Wheel Type, Four-Wheel Type; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Agriculture Tractors Market Outlook
The global agriculture tractors market size reached a value of approximately USD 89.25 billion in 2023. The market is further expected to grow at a CAGR of 5.50% between 2024 and 2032, reaching a value of USD 144.69 billion by 2032.
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Key Trends in the Market
An agriculture tractor is a powerful farm-vehicle used to pull farm machinery and carry out a wide range of farming operations like ploughing, harvesting, hauling, and cultivating crops. It is also used to transport farm products and implements from one area to another. The prevailing use of tractors in agriculture has significantly replaced the use of draft animals to carry out a variety of farm operations.
- The increasing adoption of precision farming and the heightened demand for high-performance tractors for farming purposes, that can withstand muddy and heavy soil conditions are the key trends observed in the global agriculture tractors market. Furthermore, increased farm productivity due to rapid mechanisation is bolstering the growth of this market.
- The growing deployment of modern technologies like geo-mapping, GPS, and automated systems along with the integration of telematics into the agriculture tractors market is likely to boost the overall growth of this market. These sophisticated technologies help to ensure quality of work and the timeliness of operations.
- Agriculture tractor-owners are prone to serious accidents and injuries as a result of recklessness, overloading, and bumpy routes. Development of inbuilt systems like Roll Over Protection Structure (ROPS) and hydraulic brakes have significantly reduced the impact of these accidents and have provided protection against a number of serious injuries.
Market Analysis
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Based on engine power, the market is segmented into less than 35 HP, 36-100 HP, 101-200 HP and 201-350 HP, among others. On the basis of type, the market is classified into orchard tractors and row-crop tractors, among others. Based on wheel type, the market is bifurcated into two-wheel type and four-wheel type. The major regions in the agriculture tractors market are divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global agriculture tractors market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Deere & Company
- Escorts Limited
- Massey Ferguson
- AGCO Corporation
- Yanmar Holdings Co., Ltd
- Mahindra & Mahindra Ltd
- Tractors and Farm Equipment Limited
- Sonalika
- Alamo Group
- Kuhn Group
- Others
Market Share by Engine Power
The less than 35 HP segment by engine power is expected to register a high growth due to its affordability and convenience. This segment is expected to flourish in the forecast period owing to the introduction of electrification of these agricultural tractors and the increasing population of small and marginal farmers. Farmers holding land below 10 hectares prefer the less than 35 HP agriculture tractors due to their compact and lightweight nature.
The growth of the 36-100 HP engine power agricultural tractors is also likely to increase due to the rising needs of big farmers for bigger tractors that can be used to perform multiple tasks. The surging demand for high-powered tractors coupled with aggressive marketing strategies are driving this segment of the agriculture tractors market.
Market Share by Wheel Type
The four-wheel type of agriculture tractors is facing a considerable demand in developed and developing nations, thus augmenting the growth of the agriculture tractors market. In comparison to the two-wheel type, the four-wheel type provides greater power and ability to perform in undulating terrains and wetlands. Due to the even distribution of load between the rear and front axle, the chances of accidents due to overloading are minimised, thus making it a safer and more durable option. The four-wheel type is usually preferred by farmers with larger lands due to its ability to operate efficiently with various heavy-duty implements. On the other hand, the two-wheeler segment is likely to experience a steady growth owing to its low upfront cost and higher mobility in small farms.
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Competitive Landscape
Deere & Company, commonly known as John Deere, is an American tractor manufacturing company that also deals in the distribution of equipment used in forestry, agriculture, turf care and construction. Founded in 1837 and headquartered in Illinois, United States, the company also deals in rental sales, government and military sales, and landscaping and grounds care. Its extensive dealer network is spread across about 3700 locations globally, and it is known for producing high-quality, recognisable machines in the heavy machinery industry.
Escorts Limited is an Indian conglomerate, which deals in sectors of agri-machinery, construction, railway equipment, and material handling. Headquartered in Haryana, India and established in 1944, the company has manufactured over 5 million auto components and about 16,000 construction and material handling equipment. At present, the company has marketing operations in over 40 countries.
Massey Ferguson is a farm equipment and agricultural machinery manufacturing company founded in 1847 with headquarters in Georgia, United States. the company operates eight global manufacturing locations in countries like Italy, Brazil, China and France. It specialises in the production of equipment such as high-horsepower tractors, combine headers, improved combine harvesters, windrowers, square and round balers, loaders, planters, and grounds care mowers.
Other market players include AGCO Corporation, Yanmar Holdings Co., Ltd., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Limited, Sonalika, Alamo Group, and Kuhn Group, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Engine Power |
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| Breakup by Type |
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| Breakup by Wheel Type |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
|
| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Agriculture Tractors Market Analysis
8.1 Key Industry Highlights
8.2 Global Agriculture Tractors Historical Market (2018-2023)
8.3 Global Agriculture Tractors Market Forecast (2024-2032)
8.4 Global Agriculture Tractors Market by Engine Power
8.4.1 Less Than 35 HP
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 36 - 100 HP
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 101 HP - 200 HP
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 201 HP - 350 HP
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Agriculture Tractors Market by Type
8.5.1 Orchard Tractors
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Row-Crop Tractors
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Agriculture Tractors Market by Wheel Type
8.6.1 Two-Wheel Type
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Four-Wheel Type
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 Global Agriculture Tractors Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America Agriculture Tractors Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Agriculture Tractors Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Agriculture Tractors Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Agriculture Tractors Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Agriculture Tractors Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 Egypt
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Deere & Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Escorts Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Massey Ferguson
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 AGCO Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Yanmar Holdings Co., Ltd
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Mahindra & Mahindra Ltd
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Tractors and Farm Equipment Limited
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Sonalika
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Alamo Group
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Kuhn Group
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Agriculture Tractors Market: Key Industry Highlights, 2018 and 2032
2. Global Agriculture Tractors Historical Market: Breakup by Engine Power (USD Billion), 2018-2023
3. Global Agriculture Tractors Market Forecast: Breakup by Engine Power (USD Billion), 2024-2032
4. Global Agriculture Tractors Historical Market: Breakup by Type (USD Billion), 2018-2023
5. Global Agriculture Tractors Market Forecast: Breakup by Type (USD Billion), 2024-2032
6. Global Agriculture Tractors Historical Market: Breakup by Wheel Type (USD Billion), 2018-2023
7. Global Agriculture Tractors Market Forecast: Breakup by Wheel Type (USD Billion), 2024-2032
8. Global Agriculture Tractors Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Agriculture Tractors Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Agriculture Tractors Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Agriculture Tractors Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Agriculture Tractors Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Agriculture Tractors Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Agriculture Tractors Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Agriculture Tractors Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Agriculture Tractors Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Agriculture Tractors Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Agriculture Tractors Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Agriculture Tractors Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Agriculture Tractors Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 89.25 billion.
The market is expected to grow at a CAGR of 5.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 144.69 billion by 2032.
The major drivers of the market include the growing awareness regarding benefits of tractors in agriculture and the rising disposable incomes of people.
The key trends of the market include the increasing adoption of precision farming, demand for high-performance tractors, rapid mechanisation, growing deployment of modern technology, and development of inbuilt safety systems in agriculture tractors.
An agriculture tractor has versatile applications and can be used to move farm machinery and carry out a wide range of farming operations like ploughing, harvesting, hauling, and cultivating crops.
The primary types in the market are orchard tractors and row-crop tractors.
The various wheel types in the market are two-wheel type and four-wheel type.
The regional markets for agriculture tractors are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players in the global agriculture tractors market are Deere & Company, Escorts Limited, Massey Ferguson, AGCO Corporation, Yanmar Holdings Co., Ltd., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Limited, Sonalika, Alamo Group, and Kuhn Group, among others.
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