According to a recently published study by Astute Analytica, the Global Agriculture Tractors Market is expected to increase from 60,177.3 million in 2021 to reach US$ 98,798.5 million by 2030. The market is growing at a CAGR of 9.4% during the forecast period. Factors such as strong government financial support, and the rising adoption of mechanized farming by farmers in developing countries in Asia and Africa, have been pivotal to market growth. This trend has been further strengthened by the continuous migration of the population to urban centers, which has, in turn, created a dearth of farm laborers in many countries, subsequently pushing farmers to shift to farm equipment leaving behind conventional practices. All of these have added to the strong demand and usage of tractors in the market.

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The market demand is primarily characterized by the need for high-performance tractors. With support from government-led initiatives, rising adoption of mechanized farming in developing markets, and the need for technological innovations in the farm sector, the market for tractors in developing countries has seen significant growth. The global market for agricultural tractors is expanding because of the rising demand for high-performance tractors for use in muddy and heavy soil conditions. The market has been expanding due to the multiple uses of tractors in farming operations like planting, sowing, and others. This, along with favorable government programs, is encouraging more farmers to choose agriculture as a means of subsistence. It is estimated that the market for agricultural tractors would expand throughout the course of the forecast period due to the promotion of farm mechanization through equipment purchase subsidies. Moreover, since farmers have little discretionary income and pay high labor costs, low-power tractors are in high demand in underdeveloped countries.

Most small and marginal farmers employ compact, space-efficient, and terrain-appropriate smaller and specialized tractors for agricultural purposes. Furthermore, major market competitors are launching new products that can satisfy demand in developing countries. For instance, river basins and other areas have soft soil which is perfect for low horsepower tractors. Likewise, for horticulture, tractors with less than 40 horsepower are preferred. As a result, manufacturers are putting a lot of effort into developing high-performance tractor components and technology. Therefore, leading market players are undertaking technological innovations by launching autonomous tractors which come with the latest machine learning, and data analysis functions to improve operational efficiency, crop yield, labor productivity, and safety.

The unaffordability of high-powered tractors by small and medium-sized farmers has prompted companies to invest more in R&D and offer products at a lesser price. This has increased their overall cost of production and thereby affected their profit margins. This has affected the overall market for agriculture tractors.

The increasing utilization of energy sources results in the rising amount of energy dissipation and carbon emissions, which urgently demands sustainable and efficient energy utilization. Therefore, increasing environmental concerns and demand for green initiatives are emerging opportunities in the Global Agriculture Tractor Market.

Based on type, the market is segmented into utility tractors, row crop tractors, garden tractors, orchard type tractors, rotary tillers and implement carrier tractors. The utility tractors segment has the highest share in the Global Agriculture Tractor Market in 2021 and is estimated to dominate the market throughout the forecast period. Utility tractors perform multiple tasks of loading, digging, and cultivation even in tight spaces and are available at a lower price and hence can cater to a large pool of small farmers.

Electric tractors to see a higher growth rate

In terms of product (fuel), the market is categorized into internal combustion engines (ICE) and electric motors. Among these, the internal combustion engine (ICE) segment dominates the Agriculture Tractor market in 2021 and is further estimated to continue its dominance over the projection period 2022-2030. However, the electric motors segment is analyzed to see the highest compound annual growth rate over the forecast period.

36-50 Horsepower is the most preferred engine type

In terms of engine power, the market is categorized into <20 Horsepower, 21-35 Horsepower, 36-50 Horsepower, 51-90 Horsepower, 91-120 Horsepower, 121-150 Horsepower, 151-180 Horsepower, 181 HP-250 Horsepower, and >250 Horsepower. Among these, the 36-50 Horsepower segment dominates the agriculture tractor market Globally in 2021 and is further estimated to continue its dominance over the projection period 2022-2027. The segment is expected to record the highest compound annual growth rate over the forecast period. Low cost, compact size, greater suitability for small farms along with greater convenience to perform the task at a smaller scale have pushed its high demand among small and medium farmers.

2-wheeled tractors dominate the fleet

In terms of the number of wheels, the market is categorized into 2-wheeler, 3-wheeler, and 4-wheeler. Among these, the 2-wheeler segment dominates the Agriculture Tractor market in 2021 and is expected to retain its dominant position throughout the term analyzed. The segment is also expected to see the highest compound annual growth rate over the forecast period. The versatility of 2-wheelers in multiple uses, low upfront cost, and easy mobility in small lands make them a popular choice among farmers.

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The Asia Pacific accounts for the bulk of the market share Based on geography, the Agriculture Tractor market of Global is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region lead the Global Agriculture Tractor Market in 2021. The high dependence on agriculture as a source of livelihood for many of the developing South Asian countries, increasing focus on agricultural production and food security along with many favorable government initiatives is pushing the growth of the agriculture tractors market in the region.

The following are the various segments of the Global Agriculture Tractor Market:

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