Global Tractor Market Report 2022 to 2027 - by Drive Type, Engine Power, Application and Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 20, 2022--
The “Global Tractor Market, Share, Size, Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
This report provides comprehensive details about Global Agricultural Tractors Industry. The global tractor market will reach US$ 66.1 Billion by 2027, from US$ 56.3 Billion in 2021.
Rising demand for food continues to impose heavy burdens on the agricultural sector, which remains reliant mainly on uncertain entities such as quality of soil weather and effectiveness of farming practices. However, farmers from several parts of the world rely on tractors for being essential agricultural machinery.
With the increased efficiency and productivity tractors brought, farms became larger because farmers could handle more land. The advent of the tractor allowed for specialization in crops and livestock, which shifted the farm economy to a cash-crop model and reduced the self-sufficiency of the farm. Tractors displaced mules and horses; as a result, farmers no longer needed to rise crop to feed work animals.
Global Tractor Industry will grow with a CAGR of 2.7% from 2021-2027
Worldwide, 7.9 Billion populations in 2021 are directly and indirectly dependent on agriculture.
In addition, the surge in population, advancements in tractor technology, and the rise in the appropriation of precision farming stimulate the growth of the global tractor market.
On the other hand, government initiatives for funding and assisting farmers with lower interest rates also expand the global agriculture tractor market. Growing farm cash receipt i.e. raises the affordability of tractors, profit and revenue generated from farming, which is expected to fuel the demand for agriculture tractors.
Four-Wheel Drive Global Agricultural Tractor Market
Based on type, Global Agricultural Tractor, the market is segmented into Four-wheel drive and Two-wheel drive. The enlargement in mechanization in the agriculture industry contributes to the growth of the four-wheel-drive tractors market. A four-wheel-drive (4WD) tractor comes with a four-wheel-drive axle that simultaneously spreads power to wheels. It helps in providing less slippage, excellent traction with better performance, more pulling power, is fuel-efficient, has longer service intervals, and distributes power to all wheels depending on the requirement.
Moreover, four-wheel-drive tractors and Two-wheel drive tractors are suitable for applications like land development & seedbed preparation, harvesting & threshing, Sowing & Planting, Weed Cultivation, etc. Due to the shortage of farm laborers, mostly in developed and developing economies most of the land is developed by four-wheel-drive tractors and Two-wheel drive tractors respectively.
Global Tractor Market Size was US$ 56.3 Billion in 2021
Furthermore, the main types of engine power are 100 HP to 150 HP, Less than 40 HP, 40 HP to 99 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP and Above 350 HP. The less than 40 HP tractors are mainly utilized for horticulture. In emerging countries, the demand for lower HP tractors is high due to the low disposable income of farmers. Besides, due to small farmland sizes, producers prefer small and customized tractors for agricultural purposes.
Drive Type - Global Agricultural Tractors Market breakup from 2 viewpoints
1. Two Wheel Drive
2. Four Wheel Drive
Engine Power - Global Agricultural Tractors Market breakup from 7 viewpoints
1. Less than 40 HP
2. 40 HP to 99 HP
3. 100 HP to 150 HP
4. 151 HP to 200 HP
5. 201 HP to 270 HP
6. 271 HP to 350 HP
7. Above 350 HP
Application - Global Agricultural Tractors Market breakup from 6 viewpoints
1. Land Development & Seed Bed Preparation
2. Sowing & Planting
3. Weed Cultivation
4. Plant Protection
5. Harvesting & Threshing
6. Post-harvest & Agro Processing
Region - Global Agricultural breakup from 4 viewpoints Tractors Market
1. North America
4. Rest of the World
All companies have been covered from 3 viewpoints
- Recent Developments
1. John Deere’s
2. CNH Industrial,
3. AGCO Corporation
4. KUBOTA Corporation
5. Mahindra & Mahindra
6. Claas KGaA mbH
7. Argo Group International Holdings Ltd.
8. Escorts Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/37pq0g
View source version on businesswire.com:https://www.businesswire.com/news/home/20221220005580/en/
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INDUSTRY KEYWORD: OTHER NATURAL RESOURCES AUTOMOTIVE MANUFACTURING MANUFACTURING AGRICULTURE NATURAL RESOURCES OTHER MANUFACTURING MACHINERY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/20/2022 10:39 AM/DISC: 12/20/2022 10:39 AM