Agricultural Tractors Market Poised to Reach $97.8 Billion Globally by 2031: A New Era in Farming Technology | AMR
Agricultural Tractors Market Growth
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 28, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โAgricultural Tractors Market," The agricultural tractors market size was valued at $59.1 billion in 2021, and is estimated to reach $97.8 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A11511
There are prominent key factors that drive growth of the agricultural tractors market, such as government support for development of agricultural activities, increase in adoption of precision farming, and advancements in tractor technology. The market economy is also responsible for growth of the agricultural tractors industry. Countries such as China, India, Brazil, and South Africa are growing economies. In recent years, agricultural equipment manufacturers are coming up with the zero emission technologies such as electric powered tractors and hydrogen fueled tractors. Research on hydrogen and electric as a potential fuel to power zero-emission tractors has been on rise in recent years. The development of new hybrid equipment, which can work on both fuel as well as batteries, decrease operational costs, and significantly increase productivity, fuels the growth of the global agricultural tractor market.
The agricultural tractors market is segmented on the basis of power output, drive type, propulsion, operation, and region. By power output, it is divided into less than 30 HP, 30 to 50 HP, 51 to 100 HP, and more than 100HP. On the basis of drive type, it is segmented into 2 wheel drive, and 4 wheel drive. By propulsion, it is divided into ICE, and electric and hybrid. By operation, the market is divided into manual, and autonomous. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
๐๐๐๐๐-๐๐ ๐๐๐ง๐๐๐ฆ๐ข๐:
The outbreak of the COVID-19 has had a negative impact on the growth of the global agricultural tractors market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of numerous manufacturing facilities, including those of agricultural tractors, which adversely impacted the growth of the market. The automotive industry suffered immense losses during the pandemic due to the reduction in tractor sales and other supply chain challenges. Furthermore, reduction in workforce and shortage of raw materials due to strict ban on import and export of items additionally impacted the growth of the market. These restrictions were imposed by the government of various countries so as to significantly curb the spread of the virus during the pandemic.
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ, ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ ๐๐ง๐ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
The growth of the global agricultural tractors market can be attributed to the rise in adoption of precision farming due to increasing governmental support for the agriculture sector. Moreover, the extensive demand for fuel-efficient tractors is projected to push the market ahead. Additionally, technological innovations in tractor technology are expected to open up new avenues in the market.
๐ฐ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/agricultural-tractors-market/purchase-options
๐๐ก๐ ๐๐ ๐ญ๐จ ๐๐ ๐๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐๐ ๐ก๐ข๐ ๐ก๐ฅ๐ฒ ๐๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐ฒ ๐๐๐๐
By power output, the 30 to 50 HP segment accounted for the largest market share in 2021 with around one-third of the total share. Growing use of agricultural tractors in countries like India, China, U.S., etc., is estimated to propel the market ahead. However, the more than 100 HP is predicted to have the highest CAGR of 6.6% during the analysis timeframe. Overall increase in agricultural related activities such as sowing, planting, and crop cultivation in several countries might result in the expansion of the market.
๐๐ก๐ ๐ ๐๐ก๐๐๐ฅ ๐๐ซ๐ข๐ฏ๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ ๐ซ๐จ๐ฐ ๐ซ๐๐ฉ๐ข๐๐ฅ๐ฒ ๐๐ฒ ๐๐๐๐
By drive type, the 2-wheel drive segment accounted for the largest market share in 2021 with around 90% of the total share. Various advantages of 2-wheel drive tractors including cost effectiveness and convenient application are expected to play a huge role in the growth of the market. However, the 4-wheel segment is anticipated to showcase the fastest CAGR of 7.4% during the analysis timeframe. The advantages of 4-wheel drive such as versatility and high productivity might help to widen the scope of the segment.
๐๐ก๐ ๐ฆ๐๐ง๐ฎ๐๐ฅ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐๐ฅ๐จ๐ฎ๐ซ๐ข๐ฌ๐ก ๐ข๐ฆ๐ฆ๐๐ง๐ฌ๐๐ฅ๐ฒ
By operation, the manual segment generated the highest revenue in 2021 with around 90% of the total share. Growing use of manual transmission tractors for PTO-intensive work is estimated to help the segment thrive in the coming period. However, the autonomous segment is projected to have the fastest CAGR of 26.2% during the analysis timeframe. The growing introduction of automation in agriculture for higher efficiency and accuracy is projected to create new opportunities in the market.
๐๐ก๐ ๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐ ๐ซ๐๐ ๐ข๐จ๐ง ๐ญ๐จ ๐๐ ๐ญ๐ก๐ ๐ฆ๐จ๐ฌ๐ญ ๐ฉ๐ซ๐จ๐๐ข๐ญ๐๐๐ฅ๐ ๐๐ฒ ๐๐๐๐
By region, the Asia-Pacific agricultural tractors market generated the highest market revenue in 2021 with around half of the total revenue. Moreover, the same region is anticipated to be the fastest growing with a CAGR of 6.3% in the analysis period. Major economic development in different countries of this region will help the market to prosper in this region in the coming period.
๐ฐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/A11511
๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ:
Agco Tracto (Fendt)
Captain Tractors Private Limited
Eicher Tractors
Escorts Tractors
Force Tractors
Gromax Agri Equipment Limited
John Deere Tractors
Kubota Tractor
Mahindra Tractors
Monarch Tractor Electric Tractor
New Holland Tractors
SOLECTRAC
Sonalika Tractors
Standard Tractors
Swaraj Tractors
JCB
SDF
๐๐๐ ๐ข๐จ๐ง๐๐ฅ /๐๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ ๐๐ฉ๐๐๐ข๐๐ข๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐:
https://www.alliedmarketresearch.com/automotive-integrated-circuit-ics-market - Automotive Integrated Circuit (ICs) Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and Application - Global Opportunity Analysis and Industry Forecast, 2018-2025
https://www.alliedmarketresearch.com/automotive-3d-printing-market - Automotive 3D Printing Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, Application, Propulsion : Global Opportunity Analysis and Industry Forecast, 2021-2030
https://www.alliedmarketresearch.com/car-as-a-service-market-A12371 - Car-as-a-service Market Size, Share, Competitive Landscape and Trend Analysis Report, by Propulsion Type, End Use and Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2021-2030
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Distribution channels: Automotive Industry, Electronics Industry
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release