A tractor is a specially designed vehicle to provide high torque at a slow speed. Tractors are primarily used in the agriculture industry to perform plowing, tilling, harrowing, disking, and planting. They are also employed in earthmoving, load carriage, and building activities in the construction sector. The increasing labor costs, growing demand for plant-based food products, improving rural incomes, and rising number of government initiatives are driving the demand for tractors in the agriculture sector.
Some of the key players being Agco Corporation (AGCO), Argo Tractors S.p.A (ARGO), CLAAS KGaA mbH, CNH Industrial N.V (CNHI) , Deere & Company (DE), Escorts Limited (ESCORTS), Kubota Corporation (KUBTY), Mahindra & Mahindra Ltd. (MAHMF), Sonalika Group, Tractors And Farm Equipment Limited (Amalgamations Group), Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., and Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.).
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The emergence of precision farming and the increasing utilization of farm mechanization to enhance field productivity are propelling the adoption of tractors for several agricultural purposes. Furthermore, the growing number of farm training programs to promote the adoption of agricultural machinery on a large scale is also driving the demand for tractors. Several government bodies are offering subsidies and financial support to accelerate the automation of various agrarian processes, thereby inducing the market growth. Additionally, the rapid increase in building and construction projects further inflates the demand for tractors in the construction industry. Moreover, various technological advancements have led to the emergence of advanced tractors with pre-installed GPS and telematics devices. The growing traction of automated commercial vehicles and global penetration of wireless connectivity for remote monitoring is expected to drive the global tractor market.
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Key Market Segmentation
Breakup by Power Output:
- Below 40 HP
- 40 HP – 100 HP
- Above 100 HP
Breakup by Drive Type:
- 2-Wheel Drive
- 4-Wheel Drive
Breakup by Application:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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