Theglobal AgriculturalTractors Market is expected to meet at the value of USD 125 billion bythe end of the year 2027. Further, the same market is registered to hold a 5%
CAGR in the research period.
Thepresent global market is driving its growth because of the growing demand for
agricultural machinery among the agricultural industry, the rising adoption of
smart farming, and the growing need for productivity.
Furthermore,the growing preferences for the development of modernization of agricultural
implements are major reasons to develop the growth opportunities in the global
market—another reason behind the significant opportunities in the high demand
for precision agricultural equipment.
Market Segmentation
Accordingto the Agricultural Tractors Market trends report, theworldwide market has been segregated into Application, Engine Power, Operation,
Type, and Driver Type.
Thepresent market has been classified into irrigation, seed sowing, harvesting,
and others based on the application segment. Among all, the irrigation segment
is projected to account for the market value of USD 32,479.2 million, along
with the largest market share of 38.00% in 2019. Further, this segment is
registered to grow at a 4.70% CAGR during the assessment period.
Interms of engine power segment, the global market is segregated into 40 HP–120
HP, 181 HP–250 HP, below 40 HP, 121 HP–180 HP, and more than 250 HP. Out of
all, the below 40 HP segment is registered to witness the market value of USD
27,350.9 million and the largest market share of 32% in 2019. For instance, the
same segment is expected to hold a 5.52% CAGR during the assessment
timeframe.
Thecurrent market has been bifurcated into autonomous tractor vehicles and manual
tractor vehicles in the operating segment. Here, the manual tractor vehicle
segment holds the market value of USD 125 billion along with the larger AgriculturalTractors Market share of 81.00% in 2019. Moreover, it is estimated to expand ata 5% CAGR during the analysis period. Furthermore, the global market has been
divided based on the types such as electric and ICE.
TheICE segment is registered to enhance the market value of USD 67,949.9 million
with a larger market share of 79.50% during the forecast period of 2019.
Recently, it has been estimated to generate a 5.64% CAGR in the assessment
timeframe. The global market has also been classified based on driver types
such as 4-wheel drive and 2-wheel drive. For instance, this segment is
projected to create a 5.40% CAGR during the period of analysis.
Regional Analysis
Dependingon the regional segment, the Agricultural Tractors Marketgrowth has been classified into Europe, North America,Asia-Pacific, and the rest of the world.
Regionally,the Asia Pacific region dominates the Agricultural Tractors Marketsize due to the availability of agricultural fields, especiallyin Vietnam, India, China, and Indonesia. Moreover, the North American region is
estimated to generate high market growth due to the growing demand for
modernization of agricultural implements and the high demand for agricultural
machinery in the agricultural industry.
Industry News
InFebruary 2021, an advanced range of tractors named DYNATRACK Series was
launched by TAFE (Tractors and Farm Equipment), manufacturers of Massey
Ferguson tractors. It has aimed to provide sophisticated technology,
versatility, dynamic performance, and unmatched utility.
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