Stratistics MRC’s Global Agricultural Tractor Market value is expected to reach $114.2 billion growing at a CAGR of 7.6% during 2023-2030.
A tractor is a vehicle with one or two tiny front wheels and two huge back wheels. In agricultural, construction, and logistical applications, it is utilized to move associated tools such as rotators, ploughing, tilling, sowing, cultivating, and harvesting. There are two sizes of tractors: two wheels and four wheels. Additionally, it comes in a variety of power levels, from 20 HP to more than 20 HP.
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Asia Pacific is projected to have the highest CAGR over the forecast period, as agriculture remains a primary economic activity in many countries within the region, the demand for agricultural tractors continues to grow steadily. Factors driving this demand include the need to improve farm efficiency, address labor shortages, and adopt modern agricultural practices, the rising population, increasing food demand. Additionally, local and international manufacturers compete to offer a diverse range of tractors, including small utility tractors and high-powered models, tailored to meet the varying needs of farmers across Asia Pacific’s diverse agricultural landscape.
Some of the key players in Agricultural Tractor market include AGCO Corp., CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Ltd., International Tractors Ltd., KubotaCorp., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Ltd., YanmarCo., Ltd., Massey Feguson Limited, Iseki & Co. Ltd, Enerpac Tool Group, Bucher Industries, Alamo Group, Inc., J C Bamford Excavators Ltd, Mitsubishi Heavy Industries Ltd. and Zetor Tractors AS.
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Key Developments:
In January 2023, Zetor Tractors and VST Tillers Tractors Ltd launched two best-in-class tractors at the CII Agro Tech India 2022 presentation. These 45 HP and 50 HP segment tractors are jointly generated by VST & ZETOR at their India & Czech Republic plants.
In November 2022, VST Tillers Tractors Ltd and ZETOR TRACTORS unveiled two best-in-class tractors at the CII Agro Tech India 2022 exhibition. These 45 HP and 50 HP category tractors are jointly developed by VST & ZETOR at their India & Czech Republic plants.
In June 2022, Solis Yanmar company launched three new tractor models in the below 30 HP category for Turkish farms that are to be exported from India.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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