According to the report, the global four-wheel drive tractor market is projected to surpass US$ 22.9 Bn by 2030, expanding at a CAGR of 3.5% during the forecast period. The increase in global warming is prompting most tractor manufacturers to develop efficient tractor technologies for their tractors, which is anticipated to boost the four-wheel drive tractor market across the globe. Additionally, subsidies provided by governments for farmers on agricultural equipment, in order to boost the production of farms, is anticipated to propel the market for agriculture tractors during the forecast period. Moreover, rising adoption of agricultural equipment in developing and developed countries, where agriculture is a major contributor to their respective economies, is boosting the rate of harvesting. Increasing population is fueling the demand for agricultural products consistently, which further boosts the demand for powerful tractors with four-wheel drives. Currently, farmers require large and more powerful tractors for heavy applications in farming in order to boost agricultural yield. This, in turn, is estimated to propel the demand for four-wheel drive tractors across the globe.
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Technological progression and development of several advanced combustion modes is anticipated to boost the automotive sector, owing to rise in the demand for high efficiency and to lower carbon emission. Moreover, advancements in terms of electric tractor technology are expected to boost the production of electric tractors across the globe, owing to increase in the demand for tractors during the forecast period. This, in turn is driving the four-wheel drive tractor market, globally.
Expansion of Four-wheel Drive Tractor Market
A surge in demand for high performance tractors across the globe is projected to boost the four-wheel drive tractor market during the forecast period. China witnessed a surge in the production of both diesel and electric propulsion enabled tractors. Based on propulsion system, the diesel segment dominated the market, as the production of diesel engine tractors is higher as compared to that of electric and hybrid tractors. However, rise in preference toward electric tractors is anticipated to boost the electric segment during the forecast period. In terms of operation, the global four-wheel drive tractor market was dominated by the manual segment. However, increase in the demand for autonomous tractor technology prompted by high performance, fuel efficient tractors, coupled with enactment of emission regulation is fueling the demand for autonomous tractors during the forecast period.
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Regional Analysis of Four-wheel Drive Tractor Market
Based on region, the global four-wheel drive tractor market has been segregated into North America, Latin America, Europe, East Asia Pacific, South Asia Pacific, and Middle East & Africa. North America is projected to be highly lucrative market, globally, during the forecast period. This is primarily due to the presence of prominent tractor manufacturers in the U.S. and Canada. Tractor manufacturers in North America are projected to increase investment in electric propulsion and autonomous tractor technologies during the forecast period, which led the region to account for a major share of the global market.
Major Players in Four-wheel Drive Tractor Market
A few of prominent players operating in the global four-wheel drive tractor market include AGCO Corporation, CLAAS KGaA GmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, Hitachi, Ltd., Komatsu Corp., Mahindra & Mahindra Ltd., SAME DEUTZ-FAHR Italia S.p.A., and YANMAR CO., LTD.
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