Farm Tractor Market to Surpass $118.37 Billion in Value by 2031, TMR Study
- Agricultural Tractor Market Expected to Grow at a CAGR of 4% in 2021-2031
- Rising number of medium-sized farmers across the world is creating business opportunities in the agricultural tractors market
- Rising government initiatives to promote the adoption of machinery in agricultural activities is fueling the growth of the Asia Pacific market
WILMINGTON, Del., October 5, 2022 /PRNewswire/ — The global agricultural tractor market is expected to surpass a value of US$118.37 billion end of 2031, notes an analysis by Transparency Market Research (TMR). Further, the TMR study notes that the agricultural tractor market is expected to grow at a CAGR of 4% during the forecast period, 2021 to 2031.
The popularity of self-driving tractors has been on the rise in recent years due to the ability of these advanced tractors to help increase overall farm yields. Hence, the technological advancements in the agricultural industry are expected to drive the global agricultural tractors market to expand rapidly over the forecast period.
Leading agricultural tractor manufacturers are increasing their R&D investments to develop next-generation autonomous tractors that deliver 500 kW of power and produce zero emissions. Such initiatives propel the global market. Apart from that, several market players are boosting their production capabilities in next-generation tractors that come with varied features including dynamic performance, versatility, unparalleled utility, and sophisticated technology. These advancements are expected to contribute to the rapid expansion of the agricultural tractor market in the coming years.
Due to the presence of numerous well-established companies, the levels of competition in the global agricultural tractors market appear to be very intense. Hence, large companies use different strategies such as mergers, acquisitions, and new product launches in order to stay ahead of the competition. These factors are expected to play a significant role in the overall market growth in the near future.
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Agricultural Tractor Market: Key Findings
- Government authorities in many developed and developing countries around the world are taking initiatives to promote the use of machinery in various agricultural activities. This factor creates a high demand for different agriculture related machinery including tractors, notes a TMR study which provides in-depth insights into the agricultural equipment market trends.
- Regulators in several emerging economies such as India provide subsidies for the purchase of agricultural tractors in order to increase the level of mechanization of the national agricultural industry. These factors are expected to boost the growth prospects of the global agricultural equipment market, according to the TMR study which offers in-depth insights into various market data including tractor sales statistics.
- The farming population of many developed and developing countries across the globe are focusing on the adoption of various advanced technologies such as telematics integration with agricultural tractors. These factors are expected to open up lucrative avenues for players in the agricultural equipment market, says a study by TMR.
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Agricultural Tractors Market: Growth Boosters
- Increase in initiatives by several government authorities to promote the use of machinery in agricultural activities opens up profitable prospects in the market
- Increasing usage of compact tractors in small farms globally is expected to help expand the size of the agricultural equipment market
- Rising population of medium-sized farmers across the world is expected to contribute to the growing market share of agricultural tractors in the near future
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Agricultural Tractor Market: Key Players
Some of the key players profiled in the report are:
- Mahindra Group
- Deere & Company
- Kubota Company
- Farm Tac
- Massey Ferguson
- Kioti Tractor
- homeless group
- New Holland
- Argo Tractors SpA
- Valtra Tractor
- CLAAS Agricultural Machinery Private Limited.
- CNH Industrial AG
- Limited escorts.
- Eicher Motors Limited.
- Mahindra & Mahindra Limited.
- Force Motors Limited
- TAFE Limited
- International Tractors Limited. (Sonalika)
Segmentation of the agricultural tractor market
- Engine power
- Below 30 HP
- 30 HP – 100 HP
- 100 HP – 200 HP
- Above 200 HP
- Internal combustion engine
- Reader Type
- Level of autonomy
- Manual tractors
- Autonomous and semi-autonomous tractors
- Seed sowing
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing personalized research and consulting services. TMR provides detailed information on the factors driving the demand in the market. It discloses opportunities in various segments based on source, application, sales channel, and end use that will drive market growth over the next 9 years.
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