Agricultural Tractors Market Demand To Reach 4,968 Thousand Units By 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 9, 2022 /PRNewswire/ — The global agricultural tractors market demand is expected to reach 4,968 thousand units by 2030, expanding at a CAGR of 6.8% from 2022 to 2030, according to a study conducted by Grand View Research, Inc. Increase in farmers’ income, lower bank interest rates, and soaring farm yields are expected to drive the market growth over the forecast period.
Key Insights & Findings from the report:
- The surge in demand for 2WD tractors and the rising popularity of autonomous tractors are likely to drive the market over the forecast period
- China, India, and countries of Eastern Europe are likely to have strong demand for less than 40 HP engine tractors over the forecast period
- This is due to lower credit interest rates and policies undertaken by the respective government to protect farmers’ income
- The 2WD and 4WD segments are expected to register 7% and 4% growth rates in 2022 and 6% and 3% in 2023 respectively
- The slowdown is attributed to worldwide tractor microchip shortages, which cause supply chain delays leading to low inventory stocks of equipment and parts
- Key vendors in the market continue to witness labor shortages, leading to production delays. However, OEMs advancement in electric tractors with autonomous features is expected to be a new revenue stream to increase their market profitability over the next few years
Read 100 page market research report, “Agricultural Tractors Market Size, Share & Trends Analysis Report By Engine Power (Less Than 40 HP, 41 To 100 HP), By Driveline Type (2WD, 4WD), By Region (Asia Pacific, North America), And Segment Forecasts, 2022 – 2030″, published by Grand View Research.
In addition, increased demand for mini-compact tractors is likely to drive market growth over the forecast period. Also, the integration of sophisticated technology, such as Light Detection and Ranging (LiDAR) and Global Positioning System (GPS), and telematics coupled with the rising popularity of compact tractors are presumed to drive the market growth over the next few years. Increasing demand for medium horsepower (40 to 100 HP) tractors is likely to grow over the next few quarters of 2022.
It is attributed to greater convenience for farmers to operate in compact spaces and provide a better operational experience on different terrain. However, Original Equipment Manufacturers (OEMs) are witnessing supply chain disruptions, which may hamper the market growth. In addition, semiconductor shortages are likely to have production delays. Thus, new agricultural tractor sales are likely to see delayed delivery schedule, thereby hindering the market growth. The international commodity prices of base metals directly influence this market. A rise in raw materials costs of steel, aluminum, and others is likely to increase the price of agricultural tractors, which will eventually impact the market demand. The trend is expected to continue till Q4/2022. As a result, OEMs are expected to increase product prices by 22% in 2022. Such challenges may hinder the demand over the forecast period.
Grand View Research has segmented the global agricultural tractors market based on engine power, driveline type, and region:
- Agricultural Tractors Engine Power Outlook (Volume, Thousand Units, 2018 – 2030)
- Less than 40 HP
- 41 to 100 HP
- More than 100 HP
- Agricultural Tractors Driveline Type Outlook (Volume, Thousand Units, 2018 – 2030)
- Agricultural Tractors Regional Outlook (Volume, Thousand Units, 2018 – 2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
List of Key Players of Agricultural Tractors Market
- AGCO Corp.
- CLAAS KGaAmbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- International Tractors Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
- Tractors and Farm Equipment Ltd.
- Yanmar Co., Ltd.
Check out more studies related to agriculture equipment, published by Grand View Research:
- Agriculture Equipment Market – The global agriculture equipment market size was evaluated at USD 155.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030. Increasing mechanization in the agriculture sector coupled with the surge in farmers’ income is expected to be a primary factor driving the growth.
- Agriculture Sensor Market – The global agriculture sensor market size was valued at USD 1.34 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.6% from 2021 to 2028. Agriculture sensors are called active sensors because they emit their light source onto the plant canopy and at the same time measure the percentage of light that is reflected from the canopy toward the sensor.
Browse through Grand View Research’s coverage of the Global Automotive & Transportation Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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