The Agricultural Tractors Global Market Report 2023 by The Business Research Company, provides agricultural tractors market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Agricultural Tractors Global Market Report 2023, the market size is expected to grow from $70.97 billion in 2022 to $74.71 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global agricultural tractors market size is expected to grow to $90.15 billion in 2027 at a CAGR of 4.8%.
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.
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The Agricultural Tractors Market Is Segmented:
Agricultural Tractors By Type:
Orchard Tractors
Row-Crop Tractors
Other Tractors
Agricultural Tractors By Propulsion:
ICE
Electric and Hybrid
Agricultural Tractors By Operation Type:
Manual
Autonomous
Agricultural Tractors By Engine Power Type:
Less than 40 HP
41 to 100 HP
More than 100 HP
Top Key Players:
AGCO Corporation
CNH Industrial N.V.
Deere & Company
CLAAS KGaA mbH
Escorts Ltd.
Technological advancements are a key trend gaining popularity in the agricultural tractors market. Major companies operating in the agricultural tractors market are developing innovative technologies to strengthen their position in the market. For instance, in December 2020, Monarch Tractors, a US-based developer of electric, automated, and smart tractors, launched the 634 Monarch Tractor, an innovative electric and smart tractor that offers enhanced data collection and autonomous operation. This tractor is a hydraulically equipped, and a fully functional compact tractor that can use any implement that is made for a compact tractor. The technology involved consists of a variety of safety sensors and cameras that function both with and without the driver in ‘driver optional’ mode. This increases the machine’s safety under various circumstances.
The agricultural tractors market report table of contents includes:
1. Executive Summary
2. Agricultural Tractors Market Characteristics
3. Agricultural Tractors Market Trends And Strategies
4. Agricultural Tractors Market – Macro Economic Scenario
5. Agricultural Tractors Market Size And Growth
……
26. Africa Agricultural Tractors Market
27. Agricultural Tractors Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Agricultural Tractors Market
29. Agricultural Tractors Market Future Outlook and Potential Analysis
30. Appendix
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