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In-depth examination of the current future trends, market expansions, regional conditions, market size, growth drivers, limitations, and key players overview along with their business details. Reported historical data from 2017 to 2022 and makes available the forecast data from the year 2023 to 2032 which is based on their revenue status. This Study provides global markets improvement trends, hostile vision assessment, key region developments, policies, plans are discussed, and manufacturing strategies are also discussed.
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According to MRFR analysis, the global Agricultural Tractor Market is expected to register a CAGR of ~4.90% from 2022 to 2030 and hold a value of over USD 125.95 billion by 2030.
For a variety of agricultural tasks including harrowing, tilling, plowing, and planting, tractors are used as agricultural vehicles. They come in a range of power capacities, from 20 HP to more than 60 HP. It is utilized in row crops, orchards, and gardening applications. Additionally, as the agricultural sector expands, more people in emerging nations such as India, China, Brazil, and others will need tractors for use in farming and other agricultural uses.
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Regional Analysis
The market for Agricultural Tractor in North America was expected to develop at a considerable CAGR. This is explained by the fact that the important companies in the area are there, supporting the market. The need for automated Agricultural Tractor is anticipated to increase as a result of technological development in these areas. Market expansion in the area is predicted to be fueled by rising demand for agricultural goods in the food and beverage sector in North America.
The second-largest market share for Agricultural Tractor is held by Europe, because of the region's growing demand for large farm tractors, notably from Italy, Greece, and Lithuania. Additionally, during the forecast period, the increased demand for autonomous tractors is anticipated to propel regional market expansion. The agricultural tractor market in Germany had the biggest market share, while the agricultural tractor market in the UK had the quickest rate of growth on the continent of Europe.
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Agricultural Tractor Market Trends:
The agricultural tractor market is a rapidly growing industry, driven by increasing demand for food and other agricultural products worldwide. Some of the key trends in the market include:
- Growing Demand for Food: As the global population continues to grow, demand for food is also increasing, leading to a rise in the demand for Agricultural Tractor.
- Technological advancements: Agricultural Tractor are becoming more technologically advanced, with features such as GPS and precision agriculture becoming more common.
- Rising demand for compact tractors: Compact tractors are becoming increasingly popular in the market, due to their versatility and affordability. These tractors are suitable for small to medium-sized farms and are used for a wide range of tasks, including plowing, tilling, and harvesting.
- Increase in demand for used tractors: There has been a rise in the demand for used tractors, as farmers look for cost-effective solutions for their farming operations.
- Growing focus on sustainability: The agricultural industry is increasingly focused on sustainability, and this is leading to the development of more environmentally friendly tractors.
- Growing demand in emerging markets: The demand for Agricultural Tractor is growing rapidly in emerging markets such as Asia and Africa, as the economies of these regions continue to grow.
Overall, the agricultural tractor market is expected to continue growing in the coming years, driven by increasing demand for food, technological advancements, and a growing focus on sustainability.
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Market Segmentation
The Global Agricultural Tractor Market has been segmented into Engine Power, Type, Operation, Driver Type, and Application
Based on Engine Power, the market has been segmented into Below 40 HP, 40 HP–120 HP, 121 HP–180 HP, 181 HP–250 HP, and More Than 250 HP.
Based on the Type, the market has been segmented into ICE and Electric.
Based on the Operation, the market has been segmented into Manual Tractor Vehicles and Autonomous Tractor vehicles.
Based on the Driver Type, the market has been segmented into 2-Wheel Drive and 4-Wheel Drive.
Based on the Application, the market has been segmented into Harvesting, Seed Sowing, Irrigation, and Others.
Key Players
Some of the key market players are CNH Industrial, Deere Company, CLAAS, Escorts Ltd, International Tractors Ltd, YanmarCo Ltd, KubotaCorp, Mahindra Mahindra Ltd, and Tractors and Farm Equipment Ltd.
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