Categories: Aerospace & Defence

Agricultural Tractors Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Agricultural Tractors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Agricultural Tractors Global Market Report 2024, The agricultural tractors market size has grown strongly in recent years. It will grow from $74.61 billion in 2023 to $78.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to mechanization in agriculture, farm size expansion, increasing productivity demands, replacement of traditional farming methods, government agricultural policies.

The agricultural tractors market size is expected to see strong growth in the next few years. It will grow to $97.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to precision agriculture practices, global population growth, environmental sustainability focus, emerging markets agriculture development, integration of farming technologies. Major trends in the forecast period include implementation of artificial intelligence (AI) for crop management, shift towards electric and hybrid tractors, enhancement of comfort and ergonomics for operators, adoption of predictive maintenance solutions, introduction of smart farming applications.

The growing demand for compact tractors is expected to propel the growth of the agricultural tractors market going forward. Compact tractors refer to the tiny farm-specific tractors that are designed for homeowners or hobby farmers with modest acreage. A compact tractor is an agricultural tractor equipped with a 540-rpm PTO and a three-point hitch suited for Category 1 equipment only. Compact tractors assist in various agricultural activities. For instance, in July 2021, according to a report shared by Compact Equipment Magazine, a US-based online publication for tractors and construction equipment, unit sales for farm tractors, and self-propelled combine vehicles in 2021, the trend of double-digit growth has persisted. In April 2021, the total number of farm tractors sold in the USA increased by 22.7%. Particularly compact tractors play a significant role in that expansion. In April 2021, compared to the previous year, mid-size 40 to 100-horsepower engines saw a 28.8% increase, and the sub-40 horsepower class saw a 20.88% increase. Therefore, the growing demand for compact tractors is driving the growth of the agricultural tractors market.

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The agricultural tractors market covered in this report is segmented –

1) By Type: Orchard Tractors, Row-Crop Tractors, Other Tractors

2) By Propulsion: ICE, Electric and Hybrid

3) By Operation Type: Manual, Autonomous

4) By Engine Power Type: Less than 40 HP, 41 to 100 HP, More than 100 HP

Major companies operating in the agricultural tractors market are developing new products such as electric utility tractor to gain a competitive edge in the market. An electric utility tractor is a type of agricultural vehicle designed for various utility tasks that is powered by electricity rather than traditional internal combustion engines. For instance, in August 2023, New Holland Agriculture S.p.A., an Italy-based agricultural machinery company launched T4 electric power tractor. The T4 Electric Power Tractor offers excellent in-cab ergonomics, reliable driveline components, and a sturdy factory-installed loader with cutting-edge autonomous capabilities offered by the Cognitive Pilot. It combines strong, emission-free clean energy with cutting-edge autonomous technology. The tractor is appropriate for a variety of uses, including specialty crops, dairy, livestock, municipalities, hay and fodder, mixed farms, and greenhouses. The T4 Electric Power Tractor is a component that promises to assist clients develop more sustainable farming methods while providing solutions for more effective field operations.

The agricultural tractors market report table of contents includes: