call Toll Free (US/Canada): +1 866 658 6826 | call+1 425 320 4776 | call (UK): +44 1865 60 0662 | call (Ind): +91 9096278110 | email info(@)blueweaveconsulting.com
Home | About Us | Career | Services | Blog | Contact Us
Blueweave
Global Tractor Market
Inquire Before Buying Request for Sample

Global Tractor Market

Home Automotive And Transportation Global Tractor Market

Global Tractor Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2018-2028, Segmented By Horsepower (Below 40 HP, 40 HP - 100 HP, and More than 100 HP), By Wheel Drive (2 WD and 4WD), By Mechanism (Electric Tractors, Hydraulic Tractors, and Hybrid Tractors), By Application (Agriculture, Construction, Mining, Forestry, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa);

  • Published Date: January 2022
  • Report ID: BWC22012
  • Available Format: PDF
  • Page: 246

Report Overview

Increasing farm mechanization rates, increasing automation in agriculture industry, rising labor costs, seasonal labor shortages, and shorter tractor replacement cycles are driving the growth of the global tractor market.

Global Tractor Market- Industry Trends & Forecast Report 2028

The global tractor market was worth USD 67.4 billion in 2021 and is further projected to reach USD 98.0 billion by 2028, at a CAGR of 4.4% during the forecast period (2022-2028). The global tractor market is growing owing to increasing farm mechanization rates, increasing automation in the agriculture industry, rising labor costs, seasonal labor shortages, and shorter tractor replacement cycles. Digital farming, growing acceptance of organic farming, integration of AI in tractors, and the launch of self-driving and electric tractors are expected to present multiple growth opportunities for the growth of the global tractor market during the forecast period.

Global Tractor Market

Tractor Overview:

Tractors are vehicles designed to deliver high torque at a slow speed. These are used extensively in the agriculture industry. Apart from agriculture, tractors are also used in mining and construction. Tractors come in many shapes and sizes and are used for various purposes. Tractors are constructed differently, using different components and engines, according to their application, type of drive, and exact use.

Global Tractor Market Forecast and Trend

Growth Drivers

The growing demand for organic food products is expected to propel the growth of the global tractor market

Organic farming is on a rise around the world and the demand for organic products is growing steadily. Many farmers have shifted from conventional farming to organic farming and it has greatly affected the outlook of the agriculture industry. Organic farming does not allow the use of any fertilizers and pesticides, therefore the use of agricultural tools like tractors, sprays, harvesters, and combine harvesters, is essential to maintain the soil in topnotch shape.

According to the Food and Agriculture Organization, the area earmarked for organic cultivation grew from 15 million hectares in 2000 to 71.5 million hectares in the year 2018. It indicates that there has been a rising trend for the consumption of organically produced goods over the past years. According to the Organic Trade Association, sales of organic food products increased by 12.8% in the US in 2020 with fresh organic produce sales witnessing a growth of 11% and frozen organic fruits and vegetable sales increased more than 28%. The growing demand for such organic products has led to more and more farmers transitioning to organic farming, creating a demand for tractors and other agricultural equipment and supporting the growth of the global tractors market during the forecast period.

Opportunity

Emergence of Driverless and Electric Tractors

Various companies are testing and launching driverless or autonomous and electric vehicles for various applications and on the same note, various companies like Deere & Co., Sonalika, and others have launched electric tractors. Sonalika has already launched its electric tractors in the market for commercial use. These electric tractors are not only cheaper than conventional tractors, but also require less maintenance. Additionally, these are suitable for primary farming, and have fewer moving parts. Moreover, the growing investment in renewables around the world presents a lucrative outlook for electric tractors during the forecast period.

Driverless or autonomous tractors are part of precision farming techniques. Agricultural machinery manufacturer Deere & Co., has announced its plans to launch driverless-tractor in the market in 2022. These advanced tractors are capable of taking decisions regarding turn, speed, position, and other activities. GPS and laser technology are used to control these tractors. High accuracy, improved efficiency, low production cost, and increased productivity are some of the benefits of such driverless tractors that are expected to create a growing demand for these tractors in the coming years and present opportunities for the growth of the global tractors market. 

Impact of COVID-19 in the industry

The COVID-19 had had a negative impact on the global tractor market. The companies faced difficulties in the manufacturing and production of tractors due to issues in timing, procurement of raw materials & equipment, lack of labor, and travel bans. Tractors sales also went down by 7.6% in the United States, by 4.9% in Europe, by 11.5% in India, by 6.2% in the Russian Federation, and by 28.8% in Japan. As the markets reopened, the demand for tractors surged towards the end of 2020.

Tractor demand dropped again during the second wave of COVID-19 as many countries again went into lockdown. India is one of the largest tractor markets around the world and sold 900,000 tractors in 2020-21, as per the data released by the top tractor companies of India.

The sales have gone down in December 2021 due to the emergence of the Omicron variant of the COVID-19; however, the sales are expected to recover swiftly in the coming months.

Global Tractor Market: By Horsepower

Based on horsepower, the global tractor market is bifurcated into below 40 HP, 40 HP - 100 HP, and more than 100 HP. Below 40 HP segment dominates the market and held the largest share in the global tractor market in 2021 owing to the high demand in agriculture-based economies like India and China. Low cost, minimal maintenance needs, and ease of operation are some of the other factors that contribute to the dominant share of the below 40 HP segment in the global tractor market.

Global Tractor Market: By Wheel Drive

Based on wheel drive, the global tractor market is categorized into 2 WD and 4WD segments. In 2021, the 2 WD segment dominated the market and held a larger share owing to high penetration among farmers in developing countries like India, Brazil, Thailand, Bangladesh, and others. The 4 WD segment is expected to register a faster growth rate during the forecast rate owing to the growing demand for heavy and high power tractors from mining, agriculture, and construction industry.

Global Tractor Market Share

Global Tractor Market: By Mechanism

Based on the mechanism, the global tractor market is segmented into electric tractors, hydraulic tractors, and hybrid tractors. Hydraulic tractors dominated the market in 2021 and held the largest share; however, electric tractors are expected to grow at the highest CAGR during the forecast period owing to the cost-effective nature of the electric tractors. Moreover, less maintenance, high efficiency, a smaller number of moving parts, and ease of handling are other factors expected to support the high growth rate of the electric tractor segment during the forecast period.

Global Tractor Market: By Application

Based on applications, the global tractor market is classified into agriculture, construction, mining, forestry, and others. The agriculture segment dominated the market and held the largest share in the global tractor market in 2021 owing to the significant use of tractors in the agriculture industry. Tractors are used to perform operations like crop cultivating, plowing, tilling, sowing, and harrowing, in the agriculture industry, which drives the growth of the segment.

Global Tractor Market: By Region

Based on region, the global tractor market is classified into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. In 2021, the Asia-Pacific region dominated the market and held the largest share owing to the presence of the leading tractor manufacturing companies like Mahindra & Mahindra and Sonalika, several agriculture-based economies, and large cultivated land. Additionally, India is the world's second-largest agricultural nation, with several programs for rural development and agricultural modernization, supporting the region's dominant position in the global tractor market.

Competitive Landscape

Some of the dominant players operating in the global tractor market are Deere & Company, Mahindra & Mahindra, and Sonalika International Tractors Limited. Other players operating in the market include Kubota Corp., AGCO Corporation, Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd., HMT Limited, Force Motors Limited, Massey Ferguson Limited, Fendt, SDF, CLAAS KGaA mbH, ZETOR TRACTORS a.s., Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.), Arbos Group, Daedong Corporation, and other prominent players.

The companies operating in the global tractor market look to launch new products & technologies, provide cost-effective services, collaborate with the government & other organizations, and indulge in mergers & acquisitions to gain an advantage over other players operating in the market.

Recent Development

  • In January 2022, Deere & Co., unveiled a fully autonomous tractor on 4th January 2022. The company is one of the largest farm equipment manufacturers in the world and introduced the technology on its iconic 8 series tractor. The company said that it can be controlled from the mobile phones of farmers and announced that it would be available in the market in 2022.

  • In March 2021, SDF, an Italian multinational company and one of the world’s leading manufacturers of tractors, harvesters and diesel engines, announced that as been chosen as technological partner for the development of farming mechanization in Kazakhstan. As part of the agreement, SDF will supply its know-how in technological innovation and expertise developed in the production of high-power tractors and combine harvesters with the brand name Deutz-Fahr, to Agromash Holding.

Scope of the Report:

Attribute

Details

Years Considered

Historical data – 2018-2021

Base Year – 2021

Forecast – 2022 – 2027

Facts Covered

Revenue in USD Billion 

Market Coverage

North America (US, Canada), Europe (Germany, France, UK, Spain, Netherlands, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of APAC), Latin America (Argentina, Brazil, Mexico, Rest of LATAM), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of MEA)

Product/Service Segmentation

By Horsepower, Wheel Drive, Mechanism, Application, Region

Key Players

Key players for Deere & Company, Mahindra & Mahindra, Sonalika International Tractors Limited, Kubota Corp., AGCO Corporation, Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd., HMT Limited, Force Motors Limited, Massey Ferguson Limited, Fendt, SDF, CLAAS KGaA mbH, Zetor Tractors a.s., Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.), Arbos Group, Daedong Corporation, and other Prominent Players

 

By Horsepower

  • Below 40 HP

  • 40 HP - 100 HP

  • More than 100 HP

By Wheel Drive

  • 2 WD

  • 4 WD

By Mechanism

  • Electric Tractors

  • Hydraulic Tractors

  • Hybrid Tractors

By Application

  • Agriculture

  • Construction

  • Mining

  • Forestry

  • Others

By Region

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Sources
    2. Quantitative Research
      1. Primary and Secondary Sources
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Key Questionnaire asked during Primary Interviews
    6. Key Primary Responses
    7. Market Size Estimation
    8. Assumption for the Study
    9. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Global Tractor Market – Industry Insights
    1. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
    2. Recent Developments / Technical Landscape
    3. Porter’s Five Forces Analysis
    4. Value Chain Analysis
    5. Strategic Outlook
    6. Regulatory Framework
    7. Key Strategic Developments
  5. Global Tractor Market Overview, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Horsepower
        1. Below 40 HP
        2. 40 HP - 100 HP
        3. More than 100 HP
      2. By Wheel Drive
        1. 2 WD
        2. 4 WD
      3. By Mechanism
        1. Electric Tractors
        2. Hydraulic Tractors
        3. Hybrid Tractors
      4. By Application
        1. Agriculture
        2. Construction
        3. Mining
        4. Forestry
        5. Others
      5. By Region
        1. North America
        2. Europe
        3. Asia-Pacific
        4. Latin America
        5. Middle East & Africa
  6. North America Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. U.S.
        2. Canada
  7. Europe Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. Germany
        2. France
        3. UK
        4. Spain
        5. Netherlands
        6. Italy
        7. Rest of Europe
  8. Asia-Pacific Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia-Pacific
  9. Latin America Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. Argentina
        2. Brazil
        3. Mexico
        4. Rest of Latin America
  10. Middle East & Africa Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. Saudi Arabia
        2. South Africa
        3. UAE
        4. Rest of Middle East & Africa
  11. Competitive Landscape
      1. List of Key Producers and Their Offerings
      2. Market Share / Ranking Analysis (2021)
      3. Competitive Benchmarking, By Operating Parameters
  12. COVID-19 Impact
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Deere & Company
    2. Kubota Corp.
    3. AGCO Corporation
    4. Mahindra & Mahindra
    5. Escorts Limited
    6. CNH Industrial N.V.
    7. Tractors and Farm Equipment Ltd.
    8. Sonalika International Tractors Limited
    9. HMT Limited
    10. Force Motors Limited
    11. Massey Ferguson Limited
    12. Fendt
    13. SDF
    14. CLAAS KGaA mbH
    15. ZETOR TRACTORS a.s.
    16. Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
    17. Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.)
    18. Arbos Group
    19. Daedong Corporation
    20. Other Prominent Players
  14. Key Strategic Recommendations

 

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

 

 

List of Figures

 

Fig 1          Global Tractor Segmentation

Fig 2          Global Tractor Market Value Chain Analysis

Fig 3          Global Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 4          Global Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 5          Global Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 6          Global Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 7          Global Tractor Market Share, By Application, By Value, 2018-2028

Fig 8          North America Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 9          North America Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 10       North America Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 11       North America Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 12       North America Tractor Market Share, By Application, By Value, 2018-2028

Fig 13       Europe Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 14       Europe Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 15       Europe Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 16       Europe Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 17       Europe Tractor Market Share, By Application, By Value, 2018-2028

Fig 18       Asia-Pacific Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 19       Asia-Pacific Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 20       Asia-Pacific Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 21       Asia-Pacific Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 22       Asia-Pacific Tractor Market Share, By Application, By Value, 2018-2028

Fig 23       Latin America Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 24       Latin America Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 25       Latin America Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 26       Latin America Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 27       Latin America Tractor Market Share, By Application, By Value, 2018-2028

Fig 28       Middle East & Africa Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 29       Middle East & Africa Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 30       Middle East & Africa Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 31       Middle East & Africa Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 32       Middle East & Africa Tractor Market Share, By Application, By Value, 2018-2028

Fig 33       Company Share Analysis, 2021

 

 

List of Tables

 

Table 1     Global Tractor Size, By Horse Power, By Value, 2018-2028

Table 2     Global Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 3     Global Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 4     Global Tractor Market Size, By Application, By Value, 2018-2028

Table 7     North America Tractor Size, By Horse Power, By Value, 2018-2028

Table 8     North America Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 9     North America Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 10   North America Tractor Market Size, By Application, By Value, 2018-2028

Table 11   Europe Tractor Size, By Horse Power, By Value, 2018-2028

Table 12   Europe Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 13   Europe Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 14   Europe Tractor Market Size, By Application, By Value, 2018-2028

Table 15   Asia-Pacific Tractor Size, By Horse Power, By Value, 2018-2028

Table 16   Asia-Pacific Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 17   Asia-Pacific Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 18   Asia-Pacific Tractor Market Size, By Application, By Value, 2018-2028

Table 19   Latin America Tractor Size, By Horse Power, By Value, 2018-2028

Table 20   Latin America Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 21   Latin America Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 22   Latin America Tractor Market Size, By Application, By Value, 2018-2028

Table 23   Middle East & Africa Tractor Size, By Horse Power, By Value, 2018-2028

Table 24   Middle East & Africa Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 25   Middle East & Africa Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 26   Middle East & Africa Tractor Market Size, By Application, By Value, 2018-2028

Table 27   Deere & Company Business Overview

Table 28   Deere & Company Financial Analysis

Table 29   Kubota Corp., Business Overview

Table 30   Kubota Corp., Financial Analysis

Table 31   AGCO Corporation Business Overview

Table 32   AGCO Corporation Financial Analysis

Table 33   Mahindra & Mahindra Business Overview

Table 34   Mahindra & Mahindra Financial Analysis

Table 35   Escorts Limited Business Overview

Table 36   Escorts Limited Financial Analysis

Table 37   CNH Industrial N.V., Business Overview

Table 38   CNH Industrial N.V., Financial Analysis

Table 39   Tractors and Farm Equipment Ltd., Business Overview

Table 40   Tractors and Farm Equipment Ltd., Financial Analysis

Table 41   Sonalika International Tractors Limited Business Overview

Table 42   Sonalika International Tractors Limited Financial Analysis

Table 43   HMT Limited Business Overview

Table 44   HMT Limited Financial Analysis

Table 45   Force Motors Limited Business Overview

Table 46   Force Motors Limited Financial Analysis

Table 47   Massey Ferguson Limited Business Overview

Table 48   Massey Ferguson Limited Financial Analysis

Table 49   Fendt Business Overview

Table 50   Fendt Financial Analysis

Table 51   SDF Business Overview

Table 52   SDF Financial Analysis

Table 53   CLAAS KGaA mbH Business Overview

Table 54   CLAAS KGaA mbH Financial Analysis

Table 55   ZETOR TRACTORS a.s., Business Overview

Table 56   ZETOR TRACTORS a.s., Financial Analysis

Table 57   Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Business Overview

Table 58   Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Financial Analysis

Table 59   Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.) Business Overview

Table 60   Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.) Financial Analysis

Table 61   Arbos Group Business Overview

Table 62   Arbos Group Financial Analysis

Table 63   Daedong Corporation Business Overview

Table 64   Daedong Corporation Financial Analysis

 

Market Segmentation

By Horsepower

  • Below 40 HP
  • 40 HP - 100 HP
  • More than 100 HP

By Wheel Drive

  • 2 WD
  • 4 WD

By Mechanism

  • Electric Tractors
  • Hydraulic Tractors
  • Hybrid Tractors

By Application

  • Agriculture
  • Construction
  • Mining
  • Forestry
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

This website is secure and your personal details are safe.

Frequently Asked Questions (FAQs):

Ans: The global tractor market was valued at USD 67.4 billion in 2021.
Ans: Increasing farm mechanization rates, increasing automation in agriculture industry, rising labor costs, seasonal labor shortages, and shorter tractor replacement cycles are driving the growth of the global tractor market.
Ans: The key players in the global tractor market include Deere & Company, Mahindra & Mahindra, Sonalika International Tractors Limited, Kubota Corp., AGCO Corporation, Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd., HMT Limited, Force Motors Limited and other prominent players.
Ans: The 2 WD segment accounted for the largest share in the global tractor market in 2021.
Ans: The agriculture segment holds the largest share in the global tractor market.