Tractor Market Size: Analysis, Growth, and Forecast Market Analysis
Tractor Market Analysis
The size of the global tractor market used for agriculture is expected to increase by 290 thousand units between 2017-2022, accelerating at a CAGR of nearly 3% during the forecast period. This growth in market size will be driven by the inclination of farmers towards high powered tractors to increase productivity and the introduction of driverless tractors and other technological innovations. A majority of this market growth during the forecast period will come from the Asia-Pacific (APAC) region, which accounted for 67% of the regional agricultural tractor market share in 2017. One of the leading countries in the tractor market in APAC is Japan; For instance, Yanmar, a Japanese diesel engine manufacturer has collaborated with Hokkaido University to develop an unmanned robotic tractor with features such as in-built sensors and engine control unit.
Compact agricultural tractors are gaining popularity among small-scale farmers as they are more affordable than regular tractors. Moreover, their lightweight reduces the damage caused to commercial crops such as soya, cotton, and groundnut that need special care. They are also capable of performing various tasks in agricultural fields through small farm implements, front-end loaders, and back-hoes. The growing popularity of compact tractors has induced many prominent manufacturers to launch similar products with advanced features. There is a strong demand for compact tractors in countries such as China and India because of developments in the agricultural sector and the increasing mechanization of agricultural activities. Technavio forecasts the agricultural compact tractor market to register a CAGR of almost 4% during 2018-2022.
Additionally, our tractor industry analysis identifies that many governments around the world are taking initiatives to adopt new technologies in farming equipment to cater to the growing needs of the population. The recent decrease in farm workforce has led to the demand for tractors with advanced technology, thereby accelerating tractor industry growth. Other insights provided within our tractor market reports include:
Tractor Market Insights
- An increase in M&A activities and increased popularity of small tractors are two major trends expected to gain traction in the agricultural tractor market through 2022.
- The global tractor rental market is currently witnessing steady growth as numerous governments are taking up more initiatives to improve agricultural activities by increasing expenditure on agricultural technologies. This growth will continue to 2020 and beyond.
- The growing popularity of big data in agriculture and increasing developments in autonomous tractors will positively affect the market for tractor telematics.
Tractor Market Share and Segmentation
Within our tractor industry research, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by construction tractors, tractor applications, tractor power outputs, and tractor accessories. Within the construction tractor segment, the market for wheeled tractors currently holds the largest market share.
Our tractor market segmentation research offerings include:
- Construction Tractor Market
- Track Type Tractor Market
- Halftrack tractor market
- Full track tractor market
- Wheel type tractor market
- Two-wheel tractor market
- Three wheel tractor market
- Four-wheel tractor market
- Track Type Tractor Market
- Tractor Application Market
- Compact Utility Tractor Market
- Agricultural Tractor Market
- Pedestrian tractors market
- Wheeled tractors market
- All-wheel tractor market
- Two-wheel tractor market
- Industrial Tractor Market
- Engineering Tractor Market
- Row Crop Tractor Market
- Orchard Tractor Market
- Garden Tractor Market
- Implement Carrier Tractor Market
- Earthmoving Tractors Market
- Standard Tractor Market
- Tractor Power Output Market
- 31 to 40 HP market
- 41 to 50 HP market
- Greater than 50 HP market
- Tractor Accessories Market
- Rotary Tillers Market
- Box Blade Market
- Mower/Cutter Market
- Rear Blade Market
- Post Hole Digger Market
- Snowblower Market
- Land Plane Market
- Pallet Fork Market
- Spreader Market
We at Technavio, with our comprehensive understanding of the tractor market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our tractor market reports offer the following insights:
- Tractor market size
- Tractor market share
- Tractor market forecast
- Tractor market forecast
- Tractor market trends
- Tractor market vendor landscape
- Tractor industry statistics
