According to a research report published by Spherical Insights & Consulting, the Global Tractor Market Size Expected to Grow from USD 76.23 Billion in 2023 to USD 129.25 Billion by 2033, at a CAGR of 5.42% during the forecast period 2023-2033.

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A vehicle developed particularly to deliver high torque at low speeds is called a tractor. Mostly tractors are used in the agricultural industry in terms of planting, harrowing, plowing, disking, and tiling. Also, they have jobs on the construction site like carrying weight, heavy loads, etc. The tractors minimize labor costs and reduce working hours in agriculture, and other sectors. The implementation of smart technology in the automobile industry is applicable also in the tractor segment which is helpful for advanced farming along with precision and GPS which makes it easy to track position during working hours. The tractor market is expanding due to an increase in the need for high-performance tractors for muddy and heavy soil situations. However, financial hardship for small marginal farmers could limit tractor market expansion along with its regular maintenance, and uncertainty in agriculture revenue.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Tractor Market Size, Share, and COVID-19 Impact Analysis, By HP (Below 30 HP, 31 – 100 HP, 101 – 200 HP, and Above 200 HP), By Type (Farm Tractor, Construction Tractor, and Garden Tractor), By Application (Agriculture, Construction, Mining, and Logistics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

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The 31 – 100 HP segment is anticipated to hold the largest share of the global tractor market during the forecast period.

On the basis of HP, the global tractor market is classified into below 30 HP, 31-100 HP, 101-200 HP, and above 200 HP. Among these, the 31 – 100 HP segment is anticipated to hold the largest share of the global tractor market during the forecast period. Tractors offer more flexibility in operational functions such as harvesting, planting, and carrying heavy loads on construction sites, etc. So, it needs power or energy to work for a longer duration. Also in agriculture, some farm fields are medium and large size.

The farm tractor segment is expected to hold the largest share of the global tractor market during the forecast period.

On the basis of type, the global tractor market is categorized into farm tractors, construction tractors, and garden tractors. Among these, the farm tractor segment is expected to hold the largest share of the global tractor market during the forecast period. The agriculture field is known as a conventional revenue source, so it will impact on tractor market. Currently, the global agricultural industry is expanding so, there are need for a vast amount tractors to engage in the work for a longer duration.

The agriculture segment is expected to hold the largest share of the global tractor market during the forecast period.

Based on the application, the global tractor market is segmented into agriculture, construction, mining, and logistics. Among these, the agriculture segment is expected to hold the largest share of the global tractor market during the forecast period. Farm training programs need wider use of agricultural machines also, need precision farming that cannot completed without strong agricultural machinery.

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Asia Pacific is anticipated to hold the largest share of the global tractor market during the forecast period.

The agricultural field has offered conventional revenue resources over the years in the Asia-Pacific region. Another factor driving the tractor industry is the rise of farm training programs that encourage increased use of agricultural machinery. Furthermore, in the Asia-Pacific area, the Indian tractor market was growing the fastest, while China’s tractor market held the largest market share. Government backing and favorable legislation for the market to create a positive atmosphere for the business.

North America is expected to grow at the fastest pace in the global tractor market during the forecast period. A significant amount of farm mechanization is represented by the tractor market in North America. The rich farmers in the region, who come from both the US and Canada, have enough cash to buy tractors and other farm equipment. The large companies’ presence in the region stabilizes the market and will lead to a rise in demand for autonomous agricultural tractors in the upcoming years.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global tractor market are New Holland Agriculture N.V., Mitsubishi Heavy Industries Ltd., Volvo Construction Equipment AB, SDF Group, John Deere & Company, CNH Industrial N.V., AGCO Corporation, Kubota Corporation, Mahindra & Mahindra Limited, SAME Deutz-Fahr S.p.A., ARGO SpA, Yanmar Co., Ltd., TracFone Wireless, Inc., Escorts Limited, Tafe Motors Limited, PT Astra International Tbk, LS Mtron Ltd., Sampo Rosenlew Ltd., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In July 2024, TAFE Motors and Tractors announced a “cooperation” with German company DEUTZ. It was helpful for the upgradation of engines in terms of 2.2 liter (50-75 HP) and 2.9 liter (75-100 HP). A collaboration meeting was held in Chennai.
• In June 2024, the CNH teams decided to work with AI technology for the autonomous tractors. The collaborative partnership was completed between BlueWhite and New Holland companies.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global tractor market based on the below-mentioned segments:

Global Tractor Market, By HP

• Below 30 HP
• 31 – 100 HP
• 101 – 200 HP
• Above 200 HP

Global Tractor Market, By Type

• Farm Tractor
• Construction Tractor
• Garden Tractor

Global Tractor Market, By Application

• Agriculture
• Construction
• Mining
• Logistics

Global Tractor Market, Regional

• North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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