Tractors are employed as agricultural vehicles for a range of agricultural chores, such as harrowing, tilling, ploughing, and planting. They are available with power outputs ranging from 20 HP to more than 60 HP. Row crops, orchards, and gardening applications all make use of it. Also, more people in developing nations like India, China, Brazil, and others will require tractors for use in farming and other agricultural uses as the agricultural sector expands.
According to MRFR analysis, the global Agricultural Tractors 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.
Regional Analysis
The market for agricultural tractors 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 tractors 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 tractors 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.
Market Segmentation
The Global Agricultural Tractors 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 HP120 HP, 121 HP180 HP, 181 HP250 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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