US tractor market sale to reach 413,000 units by 2028.

Chicago, Aug. 08, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the U.S. tractor market is expected to grow at a CAGR of over 3.5% during the period 2022-2028. The agricultural tractor market in the United States is currently in a growth phase and manufacturers are looking for increased capacity in the country. Agricultural mechanization is still minimal in the northeast and west of the country, and vendors can explore these regions with a portfolio of small tractors suitable for humid climates.

Scope of the U.S. Tractor Market Report

Report attributes Details
MARKET SIZE (2028) 317 thousand Units
MARKET SIZE (2021) 413 thousand Units
CAGR (2022-2028) 3.82%
YEAR OF REFERENCE 2021
FORECAST YEAR 2022-2028
MARKET SEGMENTS Power, drive type and regions
LARGEST SEGMENT BY POWER Less than 50 HP
LARGEST SEGMENT PER ZONE Midwest region
KEY SUPPLIERS John Deere, TAFE, CNH Industrial, AGCO and Kubota

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Development of intelligent and autonomous tractors

The world is changing rapidly, increasing innovation and the extensive use of robotics and AI are transforming all aspects of life. In the next ten years, the current way of farming will be completely transformed with autonomous tractors and agricultural robots that will perform time-consuming tasks much more effectively and efficiently. Autonomous tractors are driverless and operate with minimal or no human intervention. Autonomous tractor technology is in the development stage and is expected to be an initiative to increase automation in agriculture and animal husbandry. Some of the major global autonomous tractor players are AGCO, CNH, Mahindra & Mahindra, John Deere, and Kubota.

key ideas

  • The 2WD segment accounted for 98.9% of the market share in the overall tractor market. The under 50 HP segment, which accounts for the majority of the market share, is expected to grow at a CAGR of 4.22% during the forecast period.
  • With over 60% market share, tractors are the largest segment of agricultural equipment in the United States. Additionally, the United States is the largest exporter of tractors in North America. The number of tractors manufactured in the United States accounts for about two-thirds of the total number of tractors manufactured in North American countries.
  • U.S. government programs and initiatives to facilitate credit to improve agriculture-related operations are key drivers contributing to the growth of the overall value chain in the U.S. agricultural sector. As the United States is one of the leading countries in North America, the market scenario is expected to change and is expected to grow from 2020 due to an improvement in the economy of the country due to (The American Rescue Plan Act, 2021) $1.9 trillion economic stimulus package rolled out by the government.
  • Government strategies to improve the welfare of farmers by converting farming into a viable business are paving the way for the purchase of new tractors. Awareness of advanced agricultural equipment to improve yield per acre, reduce the overall cost of agricultural production, and increase farmer incomes is driving sales of new tractors in the United States.
  • The United States, a new frontier of innovation is emerging as agriculture meets digital technologies, opening up diverse pathways to a smart agricultural future. Smart farming will be done using various technologies such as autonomous or self-driving tractors and GPS technology, among others. Self-driving or self-driving tractors can help farmers reduce their working hours, but there is huge potential for data monitoring.
  • The US market has seen an unexpected surge in tractor sales in 2021 and has maintained it so far. Interestingly, the highest growth in the US tractor market has been seen in low horsepower segments.
  • Major players in the US agricultural tractor market are John Deere, Massey Ferguson, and New Holland. In terms of units sold, John Deere and Massey Ferguson are the market leaders which accounted for over 40% of the overall US agricultural tractor market in 2021.

Main suppliers

  • John Deere
  • TAFE
  • CNH Industrial
  • AGCO
  • Kubota

Other Important Suppliers

  • Mahindra and Mahindra
  • Deutz-Fahr
  • Yanmar
  • ISEKI
  • AS
  • MSDS
  • Escorts

Powerful

  • Less than 50 HP
  • 50−100 HP
  • Above 100 HP

Reader type

  • 2 wheel drive
  • 4 wheels driving

Regions
WE

  • Northeast
  • Midwest
  • South
  • West

Explore our automotive mobility profile to learn more about the industry.

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