Agricultural Tractors Market Revenues to Reach USD 81,909 million by 2026 – Exclusive Report by Mordor Intelligence

October 21 06:03 2021
Agricultural Tractors Market Revenues to Reach USD 81,909 million by 2026 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
In 2020, the less than 40 horsepower (HP) engine type and 40 horsepower (HP) to 99 horsepower (HP) engine type occupies more than 60% of the agricultural tractor market share by revenues. The less than 40 HP tractors are mainly used for horticulture.

Agricultural Tractors Market Overview

The global agricultural tractors market was valued at USD 60,468.9 million in 2020 and is projected to reach USD 81,909 million by 2026 while registering a CAGR of 5.2% over the forecast period (2021-2026). Row crop tractors are the largest agricultural tractor segment in the global market. Several major market players are spending in research and development, in order to produce cutting-edge equipment and retain a strong market position. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market, globally.

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Key Highlights of the Agricultural Tractors Market

  • The global agricultural tractor market is consolidated, with the major players occupying the major share of the market in 2020. The Deere and Company, Kubota Corporation, CNH Industrial NV, AGCO Corporation, and CLAAS KGaA mbH are the major players in the market.
  • In 2020, the less than 40 horsepower (HP) engine type and 40 horsepower (HP) to 99 horsepower (HP) engine type occupies more than 60% of the agricultural tractor market share by revenues. The less than 40 HP tractors are mainly used for horticulture.

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Recent Developments in the Agricultural Tractors Market

  • In February 2021, TAFE (Tractors and Farm Equipment) manufacturers of Massey Ferguson tractors launched its new DYNATRACK Series, which is an advanced range of tractors that offer dynamic performance, sophisticated technology, unmatched utility, and versatility, all engineered into a single powerful tractor.
  • In November 2020, Mahindra invested USD 14,660.0 million to manufacture new tractor series called the ‘K2’, at the company’s tractor manufacturing facility at Zaheerabad in the state of Telangana, India.
  • In 2020, Deere & Company launched a new 8 Family Tractor line-up that includes 8R wheel tractors, 8RT two-track tractors, and the industry’s first fixed-frame four-track tractors. These new tractors come standard equipped with the latest precision agriculture technology and allow customers to choose the machine configuration, options, and horsepower to best fit their operation.

Agricultural Tractors Market – Geographical Overview 

The Asia-Pacific dominates the agricultural tractors market during the forecast period

In the Asia Pacific, China, Japan, India leads in the number of tractors sold across countries. China has around 60.0% of its farm activities mechanized. The agriculture sector in India has witnessed a substantial decline in the use of animal and human power in the agriculture sector. A large number of these are driven by fossil fuel-operated vehicles, such as tractors and diesel engines. This has resulted in a shift from the traditional agriculture process to a more mechanized process. In order to increase the mechanization level, the Indian government is promoting ‘Balanced Farm Mechanization’, by providing subsidies on various equipment and supporting bulk buying through front-end agencies, which is expected to strengthen the tractors market in India. Thus, the implementation of programs by the governments in the region along with the increasing tractor usage across the region are expected to drive the market during the forecast period.

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List of Key Players in the Agricultural Tractors Market

  • Claas KGaA mbH
  • Deere & Company
  • Mahindra & Mahindra Ltd
  • CNH Industrial NV
  • Kubota Corporation
  • AGCO Corporation (Massey Ferguson Limited)
  • Tractors and Farm Equipment Ltd
  • Iseki & Co. Ltd
  • Yanmar Holdings Co. Ltd

*List Not Exhaustive 

Mordor Intelligence has segmented the global agricultural tractors market on the basis of engine power, type, and geography:

  • Engine Power Type (Market Size & Forecast based on Revenue (USD million), 2016-2026)
    • Less than 40 HP
    • 40 HP to 99 HP
    • 100 HP to 150 HP
    • 151 HP to 200 HP
    • 201 HP to 270 HP
    • 271 HP to 350 HP
    • Greater than 350 HP
  • Type (Market Size & Forecast based on Revenue (USD million), 2016-2026)
    • Orchard Tractors
    • Row-crop Tractors
    • Other Tractors
  • Geography (Market Size & Forecast based on Revenue (USD million), 2016-2026)
    • Asia-Pacific
      • China
      • India
      • Japan
      • Australia
      • Rest of Asia-Pacific
    • North America
      • United States
      • Canada
      • Mexico
      • Rest of North America
    • Europe
      • Germany
      • United Kingdom
      • Italy
      • France
      • Spain
      • Russia
      • Poland
      • Rest of Europe
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Africa
      • South Africa
      • Rest of Africa

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