According to a market report by Lucintel, the future of the global agricultural tractors market looks promising with opportunities in the less than 40 HP, 41 to 100 HP, and more than 100 HP markets. The global agricultural tractors market is expected to reach an estimated $93.4 billion by 2030 with a CAGR of 5.5% from 2024 to 2030. The major drivers for this market are growth in small-scale farming's need for compact tractors, technological advancements such as, the incorporation of telematics into agricultural tractors, as well as, increased government support to raise farm mechanization for obtaining high yield by providing subsidies.
In this market, 2WD and 4WD are the major segments of agricultural tractors market by type.
Lucintel forecast that 2WD is expected to witness larger segment over the forecast period due to reduced initial expenses, enhanced agility, as well as, the tractors that middle-class Indian farmers favor are the 2WDs.
Within this market, less than 40 HP will remain the largest segment because less than 40 horsepower tractors are more affordable, smaller, and more convenient for carrying out all routine farming tasks.
APAC is expected to witness highest growth over the forecast period due to easy loan availability, favorable minimum support price (MSP), and better monsoon weather conditions in the area.
Agco, CNH Industrial, Deere & Company, Claas, Escorts, International Tractors, Yanmar, Kubota, and Mahindra & Mahindra are the major suppliers in the agricultural tractors market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]