The Tractor Market is segmented by Power Output Type (Below 40 HP, 40 HP - 100 HP, and Above 100 HP), by Drive Type (Two-wheel Drive and Four-wheel Drive), by Application Type (Agriculture, Construction, Mining, Forestry, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
What is a Tractor Market?
A tractor is an engineering vehicle specifically designed to deliver high tractive effort at slow speeds, that is used to pull farm machinery or hauls a trailer such as that used in agriculture, mining or construction. The tractor is the combination of two words, “traction and motor.”
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Market Insights
Tractor Market is likely to witness an impressive CAGR of 5.5% during the forecast period. Major factors such as increasing mechanization in agriculture equipment, rising labor costs coupled with labor shortage, and subsidized farm equipment and low credit rates to encourage farmers are expected to drive the growth of the market. Furthermore, increase in government spending on infrastructural development and growing construction sector will further increase the demand for tractors and drive the growth of the market during the forecast period.
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Key Players
Some of the key players in the tractor market are-
AGCO Corporation, Caterpillar, Deere & Company, Escorts Limited, Kubota Corporation, Mahindra & Mahindra Limited, McCormick Tractor, New Holland, Tractors and Farm Equipment Limited, Yanmar America Corporation.
Regional Analysis
In terms of regions, Asia-Pacific is expected to be the leading region in the market, owing to the increasing demand for tractors in the emerging economies such as China and India, as a result of increased agricultural investment and the government's farm mechanization initiative. Furthermore, easy financing, improved farming methods, and economic developments in India and China are expected to fuel the growth of the market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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