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The global tractor market is set for huge growth amid increasing demand for efficient farm equipment and rapid technological developments. Based on modern farming methods and the tractors adopted, this industry will see large growth from 2021 to 2030.
The growth can be attributed to tractor equipment, which has been able to reduce labor demands and save time, hence increasing the productivity level in agriculture. Today's modern tractors are equipped with fully automatic and semi-automatic technology that ensures precision, reduces downtime, and eventually increases crop yields.
Apart from that, rising kharif sowing, ploughing, and planting activities have increased the demand for tractors. With the high awareness of row cropping, orchard farming, and gardening, farmers are becoming interested in purchasing tractors. Apart from that, the easy availability of finances also encouraged people to purchase tractors.
The farming sector is transforming itself with continuous innovation in farm machinery. For example, 2018 witnessed the launch of Mahindra & Mahindra Ltd. in the driverless tractor field, marking the beginning of autonomous agriculture. All these innovations, aided by increased R&D investment, are taking the market to new heights.
Tractors provide the impetus to drive the development of agriculture—and most importantly, in India, they're driving growth. International manufacturers are coming up with new products, specifically for the Indian farmer, that's driving the market yet further.
The global tractor market can be classified based on power output, drive type, application, and geographical regions. The market is segmented into four clear divisions: less than 30 HP, 30–50 HP, 50–100 HP, and more than 100 HP. The 30–50 HP segment led the market in 2020 since it showed a perfect combination of low prices and functionality that resulted in high suitability for small to medium farm sizes.
In 2020, 2WD tractors were the market leaders, with their wide applicability and affordability being the key reasons for the dominance among the two main types: 2WD and 4WD.
Agriculture continues to be the biggest application segment, supposed to offer the highest revenue contribution to the market. Other applications include construction, mining, and logistics.
Asia-Pacific was the largest shareholder in the global tractor market in 2020. Other prominent regions include North America, Europe, and LAMEA, which comprises Latin America, the Middle East, and Africa. These regions hold significant shares in the market and drive its growth.
Key players leading the global tractor market include:
These companies strive to come up with new products and expand the market so that the ever-growing demand for efficient farm equipment is met.
The global tractor market is expected to record significant growth between 2021 and 2030. Steady demand will be placed on agricultural mechanization and new technology. Tractors will therefore play a very important role in increasing productivity and bringing about sustainable agricultural development in this growing market.
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