Agricultural tractors are self-propelled vehicles that provide power and traction to agricultural implements and machinery for farming activities like tilling, planting, fertilizing, spraying and harvesting of crops. They are versatile machines that allow farming operations to be performed quickly and efficiently, reducing labor costs.
The global Agricultural Tractor Market is estimated to be valued at US$ 76015.76 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing mechanization in agriculture has been a major trend fueling the growth of the agricultural tractor market. As labor costs continue to rise and labor availability decreases, farmers are increasingly adopting agricultural mechanization to carry out farming activities in a time-bound manner. Tractors help improve farm productivity and efficiency by enabling timelier farm operations. Their use allows multiple tasks to be performed simultaneously, reducing dependence on manual labor. This has significantly contributed to the increasing demand for tractors globally. The market is expected to witness further growth over the forecast period due to ongoing mechanization efforts across developing regions to boost agricultural output.
Segment Analysis
The agricultural tractor market is segmented by drive type into four-wheel drive and two-wheel drive. The four-wheel drive segment dominates the market and accounts for nearly 65% share due to its higher traction and stability capabilities make it suitable for carrying heavy farm implements on uneven fields and slopes especially for hilly regions.
Key Takeaways
The Global Agricultural Tractor Market Size is expected to witness high growth during the forecast period between 2023 to 2030. The global Agricultural Tractor Market is estimated to be valued at US$ 76015.76 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 203.
Regions like Asia Pacific and North America are expected to be the fastest growing markets due to increasing mechanization in the agriculture sector and growing demand for higher farm productivity. Asia Pacific currently dominates the global market with nearly 45% share due to large farmlands and rising purchasing power of farmers in major countries like India and China. Asia Pacific is projected to grow at the highest CAGR during the forecast period. Countries such as China, India, and Indonesia are the major contributors to the regional market. The growth is attributed to initiatives by governments to promote farm mechanization and availability of cheap labor. North America is also anticipated to register a significant growth rate owing to rising focus on sustainable farm management practices and adoption of precision farming techniques in the United States and Canada.
Key players
Key players operating in the agricultural tractor market are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Ingredion Incorporated Koninklijke DSM N.V., Tate & Lyle plc, FMC Corporation, and Omega Protein Corporation. Archer Daniels Midland Company and Cargill, Incorporated collectively account for over 30% of the global market share.
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