They are being increasingly adopted globally to ensure higher farm productivity and also to address labor shortages in the agricultural sector.
The global Agricultural Tractor Market is estimated to be valued at US$ 87.16 Bn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing mechanization of agricultural activities and development of advanced technologies for farm equipment is driving the growth of the global agricultural tractor market. With increasing farm sizes and shortage of labor, the use of agricultural tractors integrated with latest implements has become essential for timely completion of various farming tasks. This has propelled leading tractor manufacturers to focus on designing technologically advanced tractors with features such as auto-steering, variable speed drive, multi-terrain functionality and GPS for improved efficiency, safety and farm productivity.
Agricultural Tractor Market Segment Analysis
The Global Agricultural Tractor Market Demand can be segmented by power output, drive type, application, and region. Based on power output, the market is segmented into below 40 HP, 41-100 HP, and over 100 HP. The 41-100 HP segment currently dominates the market and is expected to remain the largest segment over the forecast period. Tractors within the 41-100 HP range are suitable for a variety of applications like medium-sized farming and contract farming, which is driving the growth of this segment.
Key Takeaways
The global agricultural tractor market is expected to witness high growth over the forecast period of 2024 to 2031. The global Agricultural Tractor Market is estimated to be valued at US$ 87.16 Bn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024-2031.
Regional analysis: Asia Pacific currently dominates the global market and is expected to remain the fastest growing region during the forecast period. Countries like India, China, Indonesia, and Japan are the major markets in the Asia Pacific region. Factors like large agricultural land, increasing mechanization of farms, and growing farm productivity are driving the demand for agricultural tractors in Asia Pacific.
Key players: Key players operating in the agricultural tractor market are Xuzhou Jianping Chemical, Xuzhou Yongli Fine Chemical, Xuzhou Hongda Chemical, Huaian Huayuan Chemical, Jiangxi Jixiang Pharmchemical, Shijiazhuang Zhonghao Chemical, and Suzhou Hantai Chemical. These key players are focusing on new product launches and expanding their manufacturing facilities to cater to the growing demand. For instance, Xuzhou Weiruipu Chemical recently expanded its production capacity for tractors in China.
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