According to a new report published by Allied Market Research, titled, Tractor Market by Power Output (Less Than 30 HP, 30-50 HP, 50-100 HP, and More Than 100 HP), Drive Type (2 Wheel Drive, and 4 Wheel Drive), and Application (Agriculture, Construction, and Mining & Logistics): Global Opportunity Analysis and Industry Forecast, 2021–2030
Advancements in tractor technology, surge in population, and increase in adoption of precision farming drive the growth of the global tractor market. On the other hand, lack of information about efficient agriculture tractors among farmers and high cost of agricultural tractors restrain the growth to some extent. Nevertheless, huge government support for the development of agricultural activities is expected to create lucrative opportunities in the world.
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- The outbreak of the pandemic has had a mixed impact on the global tractor market. Rise in demand for fresh agricultural products necessitated a fair supply of tractors to cater to the farming needs. On the other hand, huge disruptions in supply chain hampered the market growth.
- Nevertheless, as the situation is getting better across the world, the global tractor market is projected to get back on track soon.
The global tractor market is analyzed across power output, drive type, application, and region.
Based on drive type, the 2 wheel drive segment accounted for the major share in 2020, holding 86% of the global market. The 4 wheel drive segment, however, would exhibit the fastest CAGR of 5.3% throughout the forecast period.
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Based on application, the agriculture segment generated the highest share in 2020, accounting for 86% the global market. The construction, mining & logistics segment, however, would exhibit the fastest CAGR of 5.4% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering more than two-fifths of the global market. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 5.1% by the end of 2030. The other provinces studied in the report include Europe and North America.
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The key market players analyzed in the global tractor market report include CNH Industrial N.V., Tractors and Farm Equipment Ltd, Deere & Company, Sonalika International Tractors Limited, Force Motors Limited, HMT Limited, The Mahindra & Mahindra Ltd, Kubota Corporation, V.S.T. Tillers Tractors Ltd., and Escorts Limited. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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