Who are the key players in Agricultural Tractors Market?

Deere & Company, CNH Industrial NV, Kubota Corporarion, Claas KGaA mbH and AGCO Corporation are the major companies operating in the Agricultural Tractors Market. Read More

Which is the fastest growing region in Agricultural Tractors Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Agricultural Tractors Market?

In 2024, the Asia-Pacific accounts for the largest market share in Agricultural Tractors Market. Read More

What years does this Agricultural Tractors Market cover, and what was the market size in 2023?

In 2023, the Agricultural Tractors Market size was estimated at USD 66.92 billion. The report covers the Agricultural Tractors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Agricultural Tractors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Agricultural Tractors Market Size

Market Size of Agricultural Tractors Industry

Study Period	2019 - 2029
Market Size (2024)	USD 70.40 Billion
Market Size (2029)	USD 90.71 Billion
CAGR (2024 - 2029)	5.20 %
Fastest Growing Market	Asia-Pacific
Largest Market	Asia-Pacific
Market Concentration	High
Major Players *Disclaimer: Major Players sorted in no particular order

Agricultural Tractors Market Analysis

The Agricultural Tractors Market size is estimated at USD 70.40 billion in 2024, and is expected to reach USD 90.71 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).

Tractors are agriculture equipment that is used to perform farming operations such as plowing, tilling, and planting. They are also used for spreading fertilizers, clearing bushes, and other activities. The cost of labor has been increasing at significantly high rates due to the urbanization and migration of people to urban areas. The cost of farm labor is directly proportional to the cost of production. Mechanization can reduce labor wages. The increasing labor wages and the lack of farm labor have led to increasing rates of mechanization.
Furthermore, the increased government support to raise farm mechanization for obtaining high yield by providing subsidies is helping to increase the number of tractors. Moreover, technological advancements are also catering to the increased mechanization and raising awareness among farmers about the benefits of farm mechanization.
Numerous businesses have been releasing new agricultural tractors, allowing them to dominate the market with speedier product launches and advancements. Several major market players are spending on research and development in order to produce cutting-edge equipment and retain a strong market position. This factor drives the sales of tractors in the market. For instance, in 2020, Deere & Company launched a new 8 Family Tractor line-up that included 8R wheel tractors, 8RT two-track tractors, and the industry's first fixed-frame four-track tractors. These new tractors come equipped with the latest precision agriculture technology and allow customers to choose the machine configuration, options, and horsepower to best fit their operation. On the other hand, the lack of properly skilled labor for operating specialized and modern tractors may become a restraining factor for the tractor market.

Agricultural Tractors Industry Segmentation

A tractor is a farm vehicle that is used to pull farm machinery and provide the energy needed for the machinery to work. It helps to reduce the time required by farming operations and makes it easy. For the purpose of this report, tractors used in agricultural operations in farming have been considered. The report does not cover other agricultural machinery and attachments to the tractor. Tractors used for industrial and construction purposes are also excluded from the study.

The agricultural tractors market is segmented by engine power (lesser than 40 HP, 40 HP to 99 HP, 100 HP to 150 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP, and greater than 350 HP), type (orchard tractors, row-crop tractors, and other types), and geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for all the above segments in terms of value (USD million).

By Horse Power
		Lesser than 40 HP
		40 HP to 99 HP
		100 HP to 150 HP
		151 HP to 200 HP
		201 HP to 270 HP
		271 HP to 350 HP
		Greater than 350 HP

By Type
		Orchard Tractors
		Row-crop Tractors
		Other Types

By Geography

North America
	United States
	Canada
	Mexico
	Rest of North America

Europe
	Germany
	United Kingdom
	France
	Spain
	Italy
	Russia
	Poland
	Rest of Europe

Asia-Pacific
	China
	Japan
	India
	Australia
	Rest of Asia-Pacific

South America
	Brazil
	Argentina
	Rest of South America

Africa
	South Africa
	Rest of Africa

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Agricultural Tractors Market Size Summary

The agricultural tractor market is poised for significant growth, driven by the increasing need for mechanization in farming operations. As urbanization leads to rising labor costs and a shortage of farm labor, tractors are becoming essential for tasks such as plowing, tilling, and planting. Government initiatives and subsidies aimed at enhancing farm mechanization are further propelling the market. Technological advancements in precision farming, including GPS and automated steering systems, are also contributing to the demand for tractors. Major industry players are investing in research and development to introduce innovative products, such as Deere & Company's new tractor line-up, which incorporates advanced precision agriculture technology. However, the shortage of skilled labor to operate these modern tractors poses a challenge to market growth.

The market is experiencing robust demand, particularly in developing regions like Asia-Pacific, where countries such as China, Japan, and India are leading in tractor sales. In China, the shift towards smaller tractors is supported by government initiatives like the 'Made in China 2025' campaign, which aims to boost domestic production of agricultural machinery. Similarly, in India, the government's promotion of 'Balanced Farm Mechanization' through subsidies and financial schemes is expected to strengthen the tractor market. The consolidation of the market is evident with major players like Deere & Company, Kubota Corporation, and CNH Industrial NV dominating the landscape. These companies are leveraging strategies such as new product launches and partnerships to maintain their market positions and drive growth during the forecast period.

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Agricultural Tractors Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Drivers
3. 1.3 Market Restraints
4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Buyers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat from Substitute Products
  5. 1.4.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
1. 2.1 By Horse Power
  1. 2.1.1 Lesser than 40 HP
  2. 2.1.2 40 HP to 99 HP
  3. 2.1.3 100 HP to 150 HP
  4. 2.1.4 151 HP to 200 HP
  5. 2.1.5 201 HP to 270 HP
  6. 2.1.6 271 HP to 350 HP
  7. 2.1.7 Greater than 350 HP
2. 2.2 By Type
  1. 2.2.1 Orchard Tractors
  2. 2.2.2 Row-crop Tractors
  3. 2.2.3 Other Types
3. 2.3 By Geography
  1. 2.3.1 North America
    1. 2.3.1.1 United States
    2. 2.3.1.2 Canada
    3. 2.3.1.3 Mexico
    4. 2.3.1.4 Rest of North America
  2. 2.3.2 Europe
    1. 2.3.2.1 Germany
    2. 2.3.2.2 United Kingdom
    3. 2.3.2.3 France
    4. 2.3.2.4 Spain
    5. 2.3.2.5 Italy
    6. 2.3.2.6 Russia
    7. 2.3.2.7 Poland
    8. 2.3.2.8 Rest of Europe
  3. 2.3.3 Asia-Pacific
    1. 2.3.3.1 China
    2. 2.3.3.2 Japan
    3. 2.3.3.3 India
    4. 2.3.3.4 Australia
    5. 2.3.3.5 Rest of Asia-Pacific
  4. 2.3.4 South America
    1. 2.3.4.1 Brazil
    2. 2.3.4.2 Argentina
    3. 2.3.4.3 Rest of South America
  5. 2.3.5 Africa
    1. 2.3.5.1 South Africa
    2. 2.3.5.2 Rest of Africa