Agricultural Tractors Market to Surpass Value of $ 118.37 Bn by 2031, TMR Study
- The agricultural tractors market is projected to grow at a CAGR of 4% during 2021-2031
- Increase in the number of medium-scale farmers globally is creating business opportunities in the agricultural tractors market
- Rise in governments initiatives to promote machineries adoption in agricultural activities is fueling the growth in the Asia Pacific market
WILMINGTON, Del., Oct. 5, 2022 /PRNewswire/ -- The global agricultural tractors market is prognosticated to exceed a value of US$ 118.37 Bn by the end of 2031, finds an analysis by Transparency Market Research (TMR). Furthermore, the study by TMR notes that the market for agricultural tractors is estimated to expand at a CAGR of4% during the forecast period, from 2021 to 2031.
The popularity of self-driving tractors is being rising in the recent years owing to the ability of these advanced tractors to help in boosting the overall agricultural yields. Hence, the technological advancements in the agriculture industry are anticipated to result into the rapid expansion of the global agricultural tractors market during the forecast period.
Major agricultural tractors manufacturers are increasing their investments in R&Ds in order to develop next-gen autonomous tractors that offer 500 kW power output and produce zero emissions. Such initiatives are propelling the global market. This aside, several market players are strengthening their production capabilities in next-gen tractors with varied features including the dynamic performance, versatility, unmatched utility, and sophisticated technology. These advancements are prognosticated to help in the rapid expansion of the agricultural tractors market in the upcoming years.
Due to the presence of many well-established companies, the competition levels in the global agricultural tractors market seem to be highly intense. Hence, major companies are using different strategies such as mergers, acquisitions, and new product launches in order to stay ahead of the competition. Such factors are prognosticated to play important role in the overall growth of the market in the near future.
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Agricultural Tractors Market: Key Findings
- The government authorities of many developed and developing countries across the globe are taking initiatives in order promote the use of machineries in varied agricultural activities. This factor is creating high demand for different agricultural-related machineries including tractor, notes a TMR study that delivers thorough insights on the agricultural equipment market trends.
- The regulatory bodies of several emerging economies such as India are providing subsidies on the purchase of agricultural tractors in order to boost the mechanization level in the national agriculture industry. Such factors are expected to drive the growth prospects in the global agricultural equipment market, as per the TMR study that offers in-depth insights on varied market data including the tractor sales statistics.
- The farmer population from many developed and developing nations across the globe is focusing on the adoption of varied advanced technologies such as telematics integration with agricultural tractors. Such factors are anticipated to lead to lucrative avenues for agricultural equipment market players, states a TMR review.
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Agricultural Tractors Market: Growth Boosters
- Rise in the initiatives of several government authorities in order to promote the use of machineries in agricultural activities is leading to profitable prospects in the market
- Increase in the utilization of compact tractors in small farms globally is expected to help in the expansion of the farm equipment market size
- Surge in the medium-scale farmer population worldwide is likely to help in the growth of the agricultural tractors market share in the near future
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Agricultural Tractors Market: Key Players
Some of the key players profiled in the report are:
- Mahindra Group
- Deere & Company
- Yanmar
- Kubota Corporation
- Farmtac
- Massey Ferguson
- Kioti Tractor
- Dongfeng
- SDF Group
- New Holland
- Argo Tractors S.p.A.
- Valtra Tractor
- CLAAS Agricultural Machinery Private Limited.
- CNH Industrial N.V.
- Escorts Limited.
- Eicher Motors Limited.
- Mahindra & Mahindra Limited.
- Force Motors Limited
- TAFE Limited
- International Tractors Limited. (Sonalika)
Agricultural Tractors Market Segmentation
- Engine Power
- Below 30 HP
- 30 HP- 100 HP
- 100 HP- 200 HP
- Above 200 HP
- Propulsion
- Internal Combustion Engine
- Gasoline
- Diesel
- Electric
- Others
- Drive Type
- 2WD
- 4WD
- Level of Autonomy
- Manual Tractors
- Autonomous & Semi-Autonomous Tractors
- Application
- Harvesting
- Seed Sowing
- Spraying
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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