Tractor Market Insights 2021-2030 | Top Companies and Industry Growth

Tractor equipment significantly boosts agricultural productivity by reducing the time required for operations. It also minimizes the need for manual labor, as tractors require less physical effort, cutting down on labor costs. Additionally, technological advancements in machinery are driving the growth of the global tractor market.

Moreover, modern agricultural equipment demands less manual effort, further reducing labor needs and associated costs. The development of automatic and semi-automatic machinery contributes to increased crop yields due to enhanced precision and reduced downtime, further fueling the growth of the global tractor market.

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Latest Trends in Industry:

A rise in demand for tractors, owing to higher kharif sowing, ploughing, and plating application in agricultural activities, drive the growth of the global tractor market. Easy availability of finance, and high usage of tractors in farming application such as row crop, orchard, and garden, drive the growth of the global tractor market.

An advancement in Indian agriculture sector with new revolutionary farming machinery such as tractors, drives the growth of the global tractor market. For instance, in 2018, Mahindra & Mahindra Ltd., launched a new driverless tractor globally. Similarly, rise in innovations and advancements in tractor equipment, fuel the growth of the global tractor market.

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Top Players:
Key companies profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd, Sonalika International Tractors Ltd, Deere & Company, HMT Limited, Force Motors Limited, and Kubota Corporation.

Key Segments:
The tractor market is segmented into power output, drive type, application, and region. By power output, the market is categorized into less than 30 HP, 30-50 HP, 50-100 HP, and more than 100 HP.

The 30-50 HP segment dominated the market in 2020. By drive type, the market is bifurcated into 2 wheel drive and 4 wheel drive. The 2 wheel drive segment dominated the market in 2020.

On the basis of application, it is classified into agriculture, construction, mining & logistics. The agriculture segment dominated the market in 2020.

Regional Analysis:
Region wise, the tractor market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific region dominated the market in 2020.

Key Findings Of The Study

By power output, the 30-50 HP segment was the highest revenue contributor in 2020.
By drive type, 2 wheel drive segment was the highest revenue contributor in 2020.
By application, agriculture segment was the highest revenue contributor in 2020.
Region wise, Asia-Pacific generated the largest global tractor market share in 2020.
The report provides an extensive analysis of the global tractor market trends and emerging opportunities of the market.
The global tractor market forecast analysis from 2021 to 2030 is included in the report.

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