The increasing adoption of advanced & new technology in the agriculture sector to increase productivity worldwide is one of the driving factors of the market growth.

Newark, Aug. 03, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global agricultural tractor market is expected to grow from USD 63.25 billion in 2021 to USD 90.11 billion by 2030, at a CAGR of 4.01% during the forecast period 2022-2030.

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The rise in farm mechanizations and raised inclination for the more miniature power output tractors are anticipated to expand demand for the agricultural tractor market during the projection period. Further, the increase in demand for high efficient tractors for different applications like planting, sowing, and others are the driving factors of the market growth. Moreover, the high operational price, massive cost of agriculture tractors, and regular service needs are the restraining factors of the market growth. Furthermore, a government enterprise for helping and delivering subsidies to farmers with low-interest rates is an opportunity for market growth.
Competitive Strategy

To enhance their market position in the global agricultural tractor market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

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Market Growth & Trends

The growth of the agricultural tractor market is driven by the need to increase yield and increase cultivation activities in limited arable land. Moreover, the inclination of farmers toward high-powered tractors to raise productivity, the introduction of driverless tractors, and other technological innovations are also helping to propel market growth. Further, the market growth trend is exponential growth in the worldwide population and supportive governments' policies. Some key market trends are technological innovation, limited labor accessibility, rapid urbanization, and increasing food consumption. Moreover, when simple supply-demand economics and the flow of labor from urban to rural places are considered, farm labor prices are directly correlated with the percentage of a nation's entire population utilized in agriculture.
Additionally, farmers are anticipated to boost their yields as the population & demand for food rise. Thus, agricultural tractors play a vital role in increasing agricultural output in India. These factors help to drive market growth. Further, the improved efficiency & productivity of crop yield and the increasing awareness of progressive farming techniques are also helping to boost the market growth.

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Key Findings

• In 2021, the 41 HP to 99 HP segment dominated the market with the largest market share of 29.17% and market revenue of 18.45 billion.

The horse powers segment is divided into more than 150 HP, 100 HP to 150 HP, 41 HP to 99 HP, and below 40 HP. In 2021, the 41 HP to 99 HP segment dominated the market with the largest market share of 29.17% and market revenue of 18.45 billion. This growth is attributed to the adoption of row-crop farming structures and horticulture.

• In 2021, the 4-wheel drive (4WD) segment dominated the market with the largest market share, 56.11%, and market revenue of 35.48 billion.

The drive segment is divided into the 2-wheel drive (2WD)) and 4-wheel drive (4WD). In 2021, the 4-wheel drive (4WD) segment dominated the market with the largest market share of 56.11% and market revenue of 35.48 billion. This growth is attributed to increased fuel efficiency, stability, safety, and driving control.

• In 2021, the irrigation segment dominated the market with the largest market share of 42.14% and market revenue of 26.65 billion.

The application segment is divided into seed sowing, harvesting, and irrigation. In 2021, the irrigation segment dominated the market with the largest market share of 42.14% and market revenue of 26.65 billion. This growth is attributed to the increasing adoption of intelligent technologies.

• In 2021, the orchard tractors segment dominated the market with the largest market share of 30.02% and market revenue of 18.98 billion.

The tractor type segment is divided into row-crop tractors, pedestrian tractors, wheeled tractors, orchard tractors. In 2021, the orchard tractors segment dominated the market with the largest market share of 30.02% and market revenue of 18.98 billion. This growth is attributed to the requirements of an expanding population and increasing food demand.

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Regional Segment Analysis of the Agricultural Tractor Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific region occurred the largest market for the global agricultural tractor market, with a market share of 48.32 % and a market value of around 30.56 billion in 2021. Asia-Pacific currently dominates the agricultural tractor market due to the raised demand for large farm tractors. Additionally, the ever-increasing disposable income among the farmers and the fact that a higher proportion of the population is involved in agriculture in nations like India are also helping to drive market growth. Furthermore, the North American region is expected to show the fastest CAGR of 6.04% over the projection period. This growth is attributed to the rising mechanization of agriculture equipment and the growing adoption of automated methods. Moreover, the increased product output by supply chain procedure optimization will likely support the market's growth during the projection period.

Key players operating in the global agricultural tractor market are:

• Mahindra Group
• Deere & Company
• Yanmar
• Kutoba Corporation
• Dongfeng
• Massey Ferguson
• SDF Group
• Farmtac
• New Holland
• Kioti Tractor
• Argo Tractors S.p.A.
• Valtra Tractor
• CNH Industrial N.V.

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global agricultural tractor market based on below mentioned segments:

Global Agricultural Tractor Market by Horse Powers:

• More than 150 HP
• 100 HP to 150 HP
• 41 HP to 99 HP
• Below 40 HP

Global Agricultural Tractor Market by Drive:

• 2-Wheel Drive (2WD)
• 4-Wheel Drive (4WD)
Global Agricultural Tractor Market by Application:
• Seed Sowing
• Harvesting
• Irrigation

Global Agricultural Tractor Market by Tractor Type:

• Row-crop Tractors
• Pedestrian Tractors
• Wheeled Tractors
• Orchard Tractors

About the report:

The global agricultural tractor market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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About The Brainy Insights:

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