Agricultural Tractors Market 2024 is expected to exceed US$ 100 Bn by 2026

The agricultural tractor is a key part of modern-day farming. Among all machinery utilized in farming, the tractor is mostly used to carry out various agriculture applications such as harvesting, seed sowing, and irrigation. Tractors are basically employed for two major applications: agriculture and construction; however, the agriculture sector witnesses significant usage of tractors.

Rise in population, water shortage, insufficient arable land, and deprivation of land fertility are key factors that are fueling the demand for food among consumers. The agriculture sector is prone to various issues regarding the production of food in comparison to fulfilling the demand from consumers. A majority of agriculture land around urban and rural areas is employed for commercial usage owing to industrialization. This is primarily due to the migration of the population from rural areas toward urban areas. Increase in wages in urban areas, improved standard of living in urban areas compared to rural areas, and restricted accessibility to labor are key factors that fuel the migration of the population, leading to a shortage of labor for agriculture applications. The trend of mechanization and automation is rising in order to expand the effectiveness and efficiency of farmlands and to overcome shortage of labor. The demand for agricultural tractors is rising at a rapid pace owing to improved and advanced automation in the agriculture sector. Increase in demand for equipment that is utilized in farming applications is due to the expansion of the agriculture industry. This, in turn, is anticipated to boost the demand for agricultural tractor during the forecast period. Increase in demand for automated agriculture equipment in several countries, such as India and countries in ASEAN is propelling the market for agricultural tractors.

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Rise in global population has propelled the demand for agricultural goods that are utilized as daily needs by people. Increase in inclination among consumers for small-scale tractors (generally less power output tractors) and rise in penetration of self-directing (driver-less) tractors are major factors that are likely to boost the sales of agriculture tractors, worldwide, during the forecast period. Furthermore, easy availability of finance, increase in labor cost, and rise in investments by leading agriculture machinery manufacturers, such as John Deere, Mahindra & Mahindra, Tractors & Farm Equipment Limited, in their tractor product lines is expected to positively influence the global tractor market in the near future.

Countries in Europe and North America prefer to adopt the most efficient system available. They are likely to have more than 75% of four-wheel drive (4WD) tractors by the end of 2024.

All applications in agriculture, such as harvesting, sowing, and irrigation, are carried out by tractors presently; however, the amount of applications varies according to the work to be done in the field and wages required if it is to be done manually. Almost all applications held approximately equal share of the market; however, the market share held by seed sowing and irrigation segments is increasing. Therefore, both segments are likely to expand at a significant pace during the forecast period.

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In 2017, Asia Pacific held a magnificent share for the global market of agricultural tractors. Asia Pacific is likely to maintain its dominance of the global market during the forecast period owing to higher production of farm tractors in countries such as China and India. Countries such as China and India have significant population and a majority of people from these countries depend on agriculture as their primary income source. In India, a majority of farmers have moderate-sized farm land, and it is difficult to source labor to carry out farm applications, which leads to a decrease in productivity. Therefore, farmers adopt agricultural tractors in order to improve productivity and cater to the demands from consumers. Apart from China and India, the U.S. has significant production of agricultural tractors. The U.S. witnesses a shortage of labor in the agriculture industry. Hence, various farm operations are carried out with the help of agricultural equipment. Farmers in the U.S. are forced raise production in order to cater to the increase in demand for food from consumers, which in turn is likely to boost the agricultural tractors market in the country during the forecast period.

The agricultural tractors market witnesses the presence of key players, as design, fabrication, manufacturing, and assembling of the components of agricultural tractors requires high investment, more production land, skilled labor, large number of employees, considerable precision. Moreover, it is a complicated and extremely expensive affair.

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Major players operating in the global agricultural tractors market include CNH Industrial N.V., AGCO Corporation, Deere & Company, CLAAS KGaA GmbH, Mahindra & Mahindra India Limited, Kubota Corporation, Escorts Limited, Caterpillar, Inc., J.C. Bamford Excavators Limited (JCB), Yanmar Co., Ltd., Tractors and Farm Equipment Limited (TAFE), and SDF Group. Major market players are focusing more on mergers and acquisitions, production plant expansions, and joint ventures with regional players who manufacture the component required for tractors in order to consolidate their position in the global agricultural tractors market.

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