North America Tractor market is expected to Reach $23.2 billion by 2031

PORTLAND, OR, UNITES STATES, March 30, 2023 /EINPresswire.com/ -- According to AMR, the North America Tractor market size was valued at $16.7 billion in 2021, and is projected to reach $23.2 billion by 2031, registering a CAGR of 3.2% from 2022 to 2031.

Tractors help increase agricultural productivity with less time consumption. In addition, tractor requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operation but also helps save the cost incurred on manpower. In addition, advancements in machine technologies promote the growth of The North America tractor market.

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Top Players of Tractor:
Competitive analysis and profiles of the major players in the North America tractor market include AGCO Corporation, ARGO SpA, CNH Industrial N.V, Class Group, Deere & Company, Deutz-Fahr, Kubota Corporation, Sonalika International limited, Mahindra and Mahindra Ltd. and YANMAR are provided in this report.

Demands Outlook:
In addition, agricultural equipment requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations but also saves costs incurred on manpower. Furthermore, advancements in machine technologies promote the North America tractor market growth. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases crop production, owing to lower downtimes and highly precise operations.

A rise in demand for tractors, owing to higher crop production, ploughing, and planting application in agricultural activities, drive the growth of The North America tractor market. Easy availability of finance, and high usage of tractors in farming application such as row crop, orchard, and garden, drive the growth of the North America tractor.

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Segmentation Based On:

The North America tractor market is segmented into power output, drive type, application, and country.

By power output, the market is categorized into less than 30 HP, 30-50 HP, 50-100 HP, and more than 100 HP.
The 30-50 HP segment dominated the market in 2021.

By drive type, the market is bifurcated into 2 wheel drive and 4 wheel drive.
The 2-wheel drive segment dominated the market in 2021.

On the basis of application, it is classified into agriculture, construction, mining & logistics.
The agriculture segment dominated the market in 2021.

Country wise analysis, the market is analyzed across the U.S., Canada, and Mexico.

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David Correa
Allied Analytics LLP
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