Agricultural Tractors Global Market Report 2023: Growing Demand for Compact Tractors Presents Opportunities
Friday, May 26, 2023
DUBLIN, May 18, 2023 /PRNewswire/ -- The "Agricultural Tractors Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
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The global agricultural tractors market is expected to grow from $70.97 billion in 2022 to $74.71 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The agricultural tractors market is expected to grow to $90.15 billion in 2027 at a CAGR of 4.8%.
The growing demand for compact tractors is expected to propel the growth of the agricultural tractors market going forward. Compact tractors refer to the tiny farm-specific tractors that are designed for homeowners or hobby farmers with modest acreage. A compact tractor is an agricultural tractor equipped with a 540-rpm PTO and a three-point hitch suited for Category 1 equipment only. Compact tractors assist in various agricultural activities.
For instance, in July 2021, according to a report shared by Compact Equipment Magazine, a US-based online publication for tractors and construction equipment, unit sales for farm tractors and self-propelled combine vehicles increased significantly in 2020 despite the previous year's severe challenges. Comparing December 2020 to December 2019, sales of all farm tractors in the United States increased by 26.8%. In 2021, this trend of double-digit growth has persisted.
In April 2021, compared to April 2020, the total number of farm tractors sold in the USA increased by 22.7%. Particularly compact tractors play a significant role in that expansion. In April 2021, compared to the previous year, mid-size 40 to 100 horsepower engines saw a 28.8% increase, and the sub-40 horsepower class saw a 20.88% increase. Therefore, the growing demand for compact tractors is driving the growth of the agricultural tractors market.
Technological advancements are a key trend gaining popularity in the agricultural tractors market. Major companies operating in the agricultural tractors market are developing innovative technologies to strengthen their position in the market. For instance, in December 2020, Monarch Tractors, a US-based developer of electric, automated, and smart tractors, launched the 634 Monarch Tractor, an innovative electric and smart tractor that offers enhanced data collection and autonomous operation.
This tractor is a hydraulically equipped, and a fully functional compact tractor that can use any implement that is made for a compact tractor. The technology involved consists of a variety of safety sensors and cameras that function both with and without the driver in 'driver optional' mode. This increases the machine's safety under various circumstances.
In October 2020, Ideanomics Inc., a US-based electric vehicle company, acquired a 15% stake in Solectrac Inc. for $1.3 million. With this acquisition, Ideanomics increases its presence in the specialist commercial vehicle segment of the electric vehicle (EV) market on a global scale. Solectrac Inc. is a US-based developer and distributor of 100% battery-powered electric tractors for agriculture operations.
Asia-Pacific was the largest region in the agricultural tractors market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agricultural tractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the agricultural tractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Reasons to Purchase
-- Gain a truly global perspective with the most comprehensive report
available on this market covering 50+ geographies.
-- Understand how the market has been affected by the COVID-19 and how it
is responding as the impact of the virus abates.
-- Assess the Russia - Ukraine war's impact on agriculture, energy and
mineral commodity supply and its direct and indirect impact on the
market.
-- Measure the impact of high global inflation on market growth.
-- Create regional and country strategies on the basis of local data and
analysis.
-- Identify growth segments for investment.
-- Outperform competitors using forecast data and the drivers and trends
shaping the market.
-- Understand customers based on the latest market shares.
-- Benchmark performance against key competitors.
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reliable high quality data and analysis
Description:
Where is the largest and fastest growing market for agricultural tractors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agricultural tractors market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
-- The market characteristics section of the report defines and explains
the market.
-- The market size section gives the market size ($b) covering both the
historic growth of the market, and forecasting its development.
-- The forecasts are made after considering the major factors currently
impacting the market. These include:
-- The impact of sanctions, supply chain disruptions, and altered demand
for goods and services due to the Russian Ukraine war, impacting various
macro-economic factors and parameters in the Eastern European region and
its subsequent effect on global markets.
-- The impact of higher inflation in many countries and the resulting spike
in interest rates.
-- The continued but declining impact of COVID-19 on supply chains and
consumption patterns.
-- Market segmentations break down the market into sub markets.
-- The regional and country breakdowns section gives an analysis of the
market in each geography and the size of the market by geography and
compares their historic and forecast growth. It covers the growth
trajectory of COVID-19 for all regions, key developed countries and
major emerging markets.
-- The competitive landscape chapter gives a description of the competitive
nature of the market, market shares, and a description of the leading
companies. Key financial deals which have shaped the market in recent
years are identified.
-- The trends and strategies section analyses the shape of the market as it
emerges from the crisis and suggests how companies can grow as the
market recovers.
Scope
Markets Covered:
1) By Type: Orchard Tractors; Row-Crop Tractors; Other Tractors
2) By Propulsion: ICE; Electric and Hybrid
3) By Operation Type: Manual; Autonomous
4) By Engine Power Type: Less than 40 HP; 41 to 100 HP; More than 100 HP
Key Topics Covered:
1. Executive Summary
2. Agricultural Tractors Market Characteristics
3. Agricultural Tractors Market Trends And Strategies
4. Agricultural Tractors Market - Macro Economic Scenario
5. Agricultural Tractors Market Size And Growth
6. Agricultural Tractors Market Segmentation
7. Agricultural Tractors Market Regional And Country Analysis
A selection of companies mentioned in this report includes
-- AGCO Corporation
-- CNH Industrial N.V.
-- Deere & Company
-- CLAAS KGaA mbH
-- Escorts Ltd.
-- Yanmar Co. Ltd.
-- Kubota Corporation
-- Mahindra & Mahindra Ltd.
-- Tractors and Farm Equipment Ltd.
-- Massey Ferguson Limited
-- New Holland Agriculture
-- Iseki & Co. Ltd.
-- Gromax Agri Equipment Limited
-- Daedong Corporation
-- The Sonalika Group
For more information about this report visit https://www.researchandmarkets.com/r/szazst
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