The global agriculture tractor market size is expected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for food products, rising mechanization in the agriculture sector, and rapid urbanization.

An agriculture tractor is an engineering vehicle that is design to deliver a large tractive effort at lesser speeds, for purpose of dragging machinery in agriculture. It is produced for several agricultural tasks such as pushing or pulling agricultural machinery or trailers for tilling, harrowing, spraying pesticide, plowing, disking, and planting. Tractors are known as farm vehicles, as it provide traction and power to mechanize agricultural tasks.
Covid-19 has affected the local and global market such as manufacturing, supply chains, and operations of the automotive sector. The ease of restrictions and lockdown has raised the demand of automotive sector and also increased the sales of tractors. Natural calamities including flood and drought affect the harvest of crops and lower purchasing power of farmers.

Market Trends, Drivers, Restraints, and Opportunities
• Increasing adoption of smart farming is projected to boost the market growth during the forecast period.
• Rising need for productivity is major factor driving the market expansion.
• High cost of the agricultural tractor is anticipated to hamper the market growth in the coming.
• Lack of skilled labors acts as main challenge that can impede the market expansion during the forecast period.
• R&D investment and technological advancement in tractors is estimated to create immense opportunities for the market players.

Market Segment Insights:

Less than 40 HP segment is projected to account for a large market share
Based on horse power, the global agriculture tractor market is divided into greater than 350 HP, 271 HP to 350 HP, 201 HP to 270 HP, 151 HP to 200 HP, 100 HP to 150 HP, 40 HP to 99 HP, less than 40 HP. The less than 40 HP segment is expected to constitute a key share of the market during the forecast period owing to advantages associated with the agricultural tractors including lower cost, ability to perform every basic agriculture activities, and compact size. These tractors are highly used in various developing countries. However, the 40 HP to 99 HP segment is anticipated to expand at a rapid pace during the forecast period due to increasing demand from various countries and adoption of agriculture technology in different regions.

Row crop tractors segment is projected to hold a key market share
On the basis of types, the market is segmented into row crop tractors, orchard tractors, and others. The row crop tractors segment is expected to represent a key share of the market in the coming years due to its capability of both cultivation of a crop and primary tillage. It performs every farming task efficiently and also can use water pumps and thrashers. On the other hand, the orchard tractors segment is anticipated to expand at a rapid pace during the forecast period owing to it improves productivity, affordability, durability, easy to handle, and effective mileage.

Asia Pacific is expected to dominate the market
On the basis of regions, the global agriculture tractor market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising demand for tractors in the countries including India and China. In India tractors plays a vital role in raising the country’s agricultural output. On the other hand, the market of Europe is expected to exhibit a rapid growth rate in the coming years due to large farm sizes of the European countries including Hungary, Spain, Denmark, Netherlands, and U.K.

Compititive Landscape
Key players competing in the global agriculture tractor market include Alamo Group Inc.; CLAAS KGaA mbH; Daedong Industrial Co., Ltd.; Escorts Ltd.; Kubota Corp.; SDF Group; Yanmar Co., Ltd.; Mahindra and Mahindra India Ltd.; AGCO Corp.; Caterpillar, Inc.; Deere & Co.; and Bamford Excavators Ltd. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.

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