Agricultural Tractors Market to Hit $97.8 Billion by 2031: Report by Allied Market Research
Allied Market Research
5 min read
Allied Market Research
The global agricultural tractors market to witness huge growth due to rising adoption of precision farming and increasing introduction of mechanization in agriculture activities
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Agricultural Tractors Market by Power Output (Less than 30 HP, 30 to 50 HP, 51 to 100 HP, more than 100HP), by Drive Type (2 Wheel Drive, 4 Wheel Drive), by Propulsion (ICE, Electric, and Hybrid), by Operation (Manual, Autonomous): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global agricultural tractors market is expected to reach $97.8 billion by 2031. The market garnered a revenue of $59.1 billion in 2021 and is forecasted to grow at CAGR of 5.6% during the 2022-2031 period.
The growth of the global agricultural tractors market can be attributed to the rise in adoption of precision farming due to increasing governmental support for the agriculture sector. Moreover, the extensive demand for fuel-efficient tractors is projected to push the market ahead. Additionally, technological innovations in tractor technology are expected to open up new avenues in the market.
The 30 to 50 HP segment to be highly dominant by 2031
By power output, the 30 to 50 HP segment accounted for the largest market share in 2021 with around one-third of the total share. Growing use of agricultural tractors in countries like India, China, U.S., etc., is estimated to propel the market ahead. However, the more than 100 HP is predicted to have the highest CAGR of 6.6% during the analysis timeframe. Overall increase in agricultural related activities such as sowing, planting, and crop cultivation in several countries might result in the expansion of the market.
The 2 Wheel Drive segment to grow rapidly by 2031
By drive type, the 2-wheel drive segment accounted for the largest market share in 2021 with around 90% of the total share. Various advantages of 2-wheel drive tractors including cost effectiveness and convenient application are expected to play a huge role in the growth of the market. However, the 4-wheel segment is anticipated to showcase the fastest CAGR of 7.4% during the analysis timeframe. The advantages of 4-wheel drive such as versatility and high productivity might help to widen the scope of the segment.
By operation, the manual segment generated the highest revenue in 2021 with around 90% of the total share. Growing use of manual transmission tractors for PTO-intensive work is estimated to help the segment thrive in the coming period. However, the autonomous segment is projected to have the fastest CAGR of 26.2% during the analysis timeframe. The growing introduction of automation in agriculture for higher efficiency and accuracy is projected to create new opportunities in the market.
The Asia-Pacific region to be the most profitable by 2031
By region, the Asia-Pacific agricultural tractors market generated the highest market revenue in 2021 with around half of the total revenue. Moreover, the same region is anticipated to be the fastest growing with a CAGR of 6.3% in the analysis period. Major economic development in different countries of this region will help the market to prosper in this region in the coming period.
Major Companies of the Market
Agco Tracto (Fendt)
Gromax Agri Equipment Limited
SOLECTRAC
Captain Tractors Private Limited
John Deere Tractors
Sonalika Tractors
Eicher Tractors
Kubota Tractor
Standard Tractors
Escorts Tractors
Mahindra Tractors
Swaraj Tractors
Force Tractors
Monarch Tractor Electric Tractor
JCB
New Holland Tractors
SDF
The report also provides a detailed study of the various players of the industry and also offers insights into the different types of strategic alliances such as partnerships, mergers, and acquisitions that these companies have entered into to increase their presence in the market.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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