The agriculture tractor is a vehicle that is utilized in farms in order to mechanize farming activities and achieve better yield. Various machinery such as tillage, planter, or fertilizer sprayers attached to the tractor minimize the time required and perform the task more efficiently.
Demand for increased agricultural yield is the prime factor driving the demand for agricultural tractor. The scarcity of arable land is a major driver to adopt tractors in order to cultivate and harvest crops rapidly. The shortage of skilled labor and increasing labor wages are also driving the agriculture tractor market. Government initiatives on funding and assisting farmers, with lower interest rates, are also boosting the global agriculture tractor market.
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Increasing farm cash receipt, i.e. profit and revenue generated from farming, boosts the affordability of tractors and is thus, estimated to fuel the demand for agriculture tractor Advanced technologies such as autonomous tractors are estimated to present key opportunities in the market in the near future. Rising demand for organic farming and in-house farming is also estimated to fuel the demand for agriculture tractor.
The high price of agriculture tractor is a restraining factor for the market. Calamities such as drought and flood are likely to affect the harvest and lower the purchasing power of farmers, thus hampering the agriculture tractor market.
The global agriculture tractor market can be segmented based on power, type, equipment, drive, and region. Based on engine power, the global tractor market can be segmented into less than 40 HP, 40HP to 80 HP, 81HP to 120 HP, 121 HP to 180 HP, 181 HP to 250 HP, and more than 250 HP.
Based on equipment type, the agriculture tractor market can be segregated into four segments. Rotavators and threshers are the leading equipment segments of the agriculture tractor market. The rotavator segment is anticipated to expand during the forecast period, as it can be used in multiple applications such as seed bed preparation and cutting harvest.
In terms of drive type, the agriculture tractor market can be classified into 2WD, 4WD, and autonomous drive. The 4WD segment is projected to expand at a significant growth rate during the forecast period due to increased demand for 4WD agriculture tractors, as they perform powerful agriculture tasks such as tillage and sowing.
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Based on geography, the global agriculture tractor market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific has emerged as a significant tractor market since 2012, with notable sales of tractors in India and China. Asia Pacific is followed by Europe and North America, with both regions witnessing an increase in demand for agriculture tractors owing to the need for mechanized farming and increasing output.
Key players operating in agriculture tractor market include Deere & Company, Mahindra Group, Kutoba Corporation, Yanmar, Massey Ferguson, Farmtac, Dongfeng, Kioti Tractor, New Holland, SDF Group, Valtra Tractor, Argo Tractors S.p.A., and CNH Industrial N.V.
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