Dublin, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The "Global Tractor Market, Share, Size, Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering. This report provides comprehensive details about Global Agricultural Tractors Industry. The global tractor market will reach US$ 66.1 Billion by 2027, from US$ 56.3 Billion in 2021. Report AttributeDetailsNo. of Pages130Forecast Period2021 - 2027Estimated Market Value (USD) in 2021$56.3 BillionForecasted Market Value (USD) by 2027$66.1 BillionCompound Annual Growth Rate2.7%Regions CoveredGlobal Rising demand for food continues to impose heavy burdens on the agricultural sector, which remains reliant mainly on uncertain entities such as quality of soil weather and effectiveness of farming practices. However, farmers from several parts of the world rely on tractors for being essential agricultural machinery. With the increased efficiency and productivity tractors brought, farms became larger because farmers could handle more land. The advent of the tractor allowed for specialization in crops and livestock, which shifted the farm economy to a cash-crop model and reduced the self-sufficiency of the farm. Tractors displaced mules and horses; as a result, farmers no longer needed to rise crop to feed work animals.Global Tractor Industry will grow with a CAGR of 2.7% from 2021-2027Worldwide, 7.9 Billion populations in 2021 are directly and indirectly dependent on agriculture.In addition, the surge in population, advancements in tractor technology, and the rise in the appropriation of precision farming stimulate the growth of the global tractor market. On the other hand, government initiatives for funding and assisting farmers with lower interest rates also expand the global agriculture tractor market. Growing farm cash receipt i.e. raises the affordability of tractors, profit and revenue generated from farming, which is expected to fuel the demand for agriculture tractors.Four-Wheel Drive Global Agricultural Tractor MarketBased on type, Global Agricultural Tractor, the market is segmented into Four-wheel drive and Two-wheel drive. The enlargement in mechanization in the agriculture industry contributes to the growth of the four-wheel-drive tractors market. A four-wheel-drive (4WD) tractor comes with a four-wheel-drive axle that simultaneously spreads power to wheels. It helps in providing less slippage, excellent traction with better performance, more pulling power, is fuel-efficient, has longer service intervals, and distributes power to all wheels depending on the requirement.Moreover, four-wheel-drive tractors and Two-wheel drive tractors are suitable for applications like land development & seedbed preparation, harvesting & threshing, Sowing & Planting, Weed Cultivation, etc. Due to the shortage of farm laborers, mostly in developed and developing economies most of the land is developed by four-wheel-drive tractors and Two-wheel drive tractors respectively.Global Tractor Market Size was US$ 56.3 Billion in 2021Furthermore, the main types of engine power are 100 HP to 150 HP, Less than 40 HP, 40 HP to 99 HP, 151 HP to 200 HP, 201 HP to 270 HP, 271 HP to 350 HP and Above 350 HP. The less than 40 HP tractors are mainly utilized for horticulture. In emerging countries, the demand for lower HP tractors is high due to the low disposable income of farmers. Besides, due to small farmland sizes, producers prefer small and customized tractors for agricultural purposes.Asia-Pacific Commands the Agricultural Tractors MarketBased on geography, the global agriculture tractor industry is segmented into Europe, North America, Asia Pacific, and Rest of World. The Asia Pacific has emerged as a strong tractor market, with notable sales of tractors in India and China. Although China has significantly accelerated the adoption of tractors in recent years, its overall development of agricultural machinery is one of the crucial carriers for modern agriculture and a tool for improving farm productivity and liberating agricultural labor shortage. China introduced the 'Made in China 2025' scheme, focusing on producing 90% of its agricultural equipment with high-end machines, like agricultural tractors.COVID-19 Impact in Worldwide Tractor IndustryTractor industry has observed a sharp decline in the pandemic period, and the most affected company is the dealership system, owing to the disturbances in the supply chain. The global agricultural tractors market is an evolving industry, which has been hindered due to the unavailability of a workforce due to the corona virus's spread. This has disrupted the production and installation of agriculture tractors across affected countries.Company AspectThe global tractor market is compressed, with major players such as John Deere's, CNH Industrial, AGCO Corporation, KUBOTA Corporation, Mahindra & Mahindra, Claas KGaA mbH, Argo Group International Holdings Ltd., Escorts Ltd. The market share is cornered by established brands in their particular country. Key Topics Covered: 1. Introduction2. Research & Methodology3. Executive Summary4. Market Dynamics4.1 Growth Drivers4.2 Challenges5. Global Agricultural Tractors Market6. Market Share - Global Tractor Analysis6.1 Drive Type6.2 By Engine Power6.3 By Application6.4 By Region7. Drive Type - Global Tractor Market7.1 Two Wheel Drive7.2 Four Wheel Drive8. Engine Power - Global Tractor Market8.1 Less than 40 HP8.2 40 HP to 99 HP8.3 100 HP to 150 HP8.4 151 HP to 200 HP8.5 201 HP to 270 HP8.6 271 HP to 350 HP8.7 Above 350 HP9. Application - Global Tractor Market9.1 Land Development & Seed Bed Preparation9.2 Sowing & Planting9.3 Weed Cultivation9.4 Plant Protection9.5 Harvesting & Threshing9.6 Post-harvest & Agro Processing10. Region - Global Tractor Market10.1 North America10.2 Europe10.3 Asia-Pacific10.4 Rest of the World11. Porters Five Forces11.1 Overview11.2 Bargaining Power of Buyers11.3 Bargaining Power of Suppliers11.4 Degree of Competition11.5 Threat of New Entrants11.6 Threat of Substitutes12. Company Analysis12.1 John Deere's12.1.1 Overview12.1.2 Recent Development12.1.3 Revenue12.2 CNH Industrial12.2.1 Overview12.2.2 Recent Development12.2.3 Revenue12.3 AGCO Corporation12.3.1 Overview12.3.2 Recent Development12.3.3 Revenue12.4 KUBOTA Corporation12.4.1 Overview12.4.2 Recent Development12.4.3 Revenue12.5 Mahindra & Mahindra12.5.1 Overview12.5.2 Recent Development12.5.3 Revenue12.6 Claas KGaA mbH12.6.1 Overview12.6.2 Recent Development12.6.3 Revenue12.7 Argo Group International Holdings Ltd.12.7.1 Overview12.7.2 Recent Development12.7.3 Revenue12.8 Escorts Ltd.12.8.1 Overview12.8.2 Recent Development12.8.3 Revenue For more information about this report visit https://www.researchandmarkets.com/r/nd0bci
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Global Global Tractor Market