Tractor Market, By Horsepower Type (<40 HP, 40-100 HP, 100+ HP, and 4 WD.), By Wheel Drive (2 WD and 4 WD) and by Region (NA, EU, APAC, LA, MEA) Analysis, Size, Share, Trends, & Forecast from 2021-2027
REPORT HIGHLIGHT
The Tractor market was valued at USD 76,000.3 million in 2020 and is predicted to reach a value of USD 84,127.1 million by 2027, growing with 7.9% CAGR during the forecast period, 2021-2027.
The rising demand for the lower horsepower tractors in emerging markets, as well as established economies such as the United States, is fueling the expansion of this category in the worldwide market. The rising popularity of moderate tractors among customers in small-scale farming farms and between recreational farmers is providing profitable prospects for worldwide industry leaders.
Market Dynamics
The increase in the proportion of moderate farmers, fast urbanization, resources faster of plant-based packaged foods, and tax incentives are just a few of the reasons driving the expansion of the Market. The rising number of crop training programs supporting the widespread usage of agricultural gear is also propelling the Global Tractor Industry. Furthermore, governments in some developing nations are providing incentives and financial assistance to aid with the automation of different agricultural operations.
Horsepower Type Takeaway
In 2020, the category of less than 40 HP accounted for more than one-third of the market share, and it is expected to expand at a CAGR of around 7% over the projected period. The rising demand for such low horsepower tractors in emerging markets as well as established nations such as the United States is fueling the expansion of this category in the worldwide market. The rising acceptance of moderate tractors among customers in slight agricultural fields and among hobby farmers is providing profitable prospects for worldwide industry leaders.
Wheel Drive Takeaway
In 2020, the 2-wheel category led the market, expanding at a CAGR of greater than 6% throughout the projected period. The rising emphasis on revamping this machinery with more capacity and easiness characteristics is contributing to the global market expansion of this category. These developments are pushing farmers to improve existing machinery and purchase new ones in accordance with global market demand.
Regional Takeaway
Asia Pacific accounted for the bulk of market dominance in 2020, with a CAGR of about 4% expected throughout the projected period. A few of the reasons contributing to the development of the market globally are the increased availability of simple financing, improved farming practices, and frequent information exchange with farmers. During the projection period, the nation's revenues will benefit from the fast expansion of industries in China and India.
Key Vendor Takeaway
Escorts Ltd., Sonalika International Tractors Ltd., CNH Industrial N.V, Kubota Corporation, AGCO Corporation, Deutz-Fahr GmbH, Case IH, YTO Group (Dongfanghong), Claas KGaAmbH, and Dongfeng Agricultural Machinery Group Co., Ltd. are some worldwide leading company.
The market size and forecast for each segment and sub-segments has been considered as below:
- Historical Year – 2016 to 2019
- Base Year – 2020
- Projected Year – 2021 to 2027
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL TRACTOR MARKET KEY PLAYERS
- Caterpillar
- Deere & Company
- Tractors and Farm Equipment Limited
- Kubota Corporation
- AGCO Corporation
- Claas KGaA mbH
- New Holland
- McCormick Tractor
- Escorts Limited.
- Bobcat (a Doosan company)
- Mahindra & Mahindra Limited
- KIOTI Tractor (subsidiary of Daedong Industrial Company, Ltd.)
- Yanmar America Corporation
- JCB
GLOBAL TRACTOR MARKET, BY HORSEPOWER TYPE
- <40 HP
- 40-100 HP
- 100+ HP
- 4 WD
GLOBAL TRACTOR MARKET, BY WHEEL DRIVE
- 2WD
- 4WD
GLOBAL TRACTOR MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
TABLE OF CONTENT
1. TRACTOR MARKET OVERVIEW
1.1. Study Scope
2. EXECUTIVE SUMMARY
2.1. Market Snippet
2.1.1. Market Snippet by Horsepower Type
2.1.2. Market Snippet by Wheel Drive
2.1.3. Market Snippet by Region
2.2. Competitive Insights
3. TRACTOR KEY MARKET TRENDS
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. TRACTOR INDUSTRY STUDY
4.1. Porter’s Five Forces Analysis
4.2. Marketing Strategy Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. TRACTOR MARKET: COVID-19 IMPACT ANALYSIS
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. TRACTOR MARKET LANDSCAPE
6.1. Market Share Analysis, 2019
6.2. Key Innovators Analysis
6.3. Breakdown Data, by Key Manufacturer
6.3.1. Established Players’ Analysis
6.3.2. Emerging Players’ Analysis
7. TRACTOR MARKET – BY HORSEPOWER TYPE
7.1. Overview
7.1.1. Segment Share Analysis, By Horsepower Type, 2020 & 2027 (%)
7.2. <40 HP
7.2.1. Overview
7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.3. 40-100 HP
7.3.1. Overview
7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.4. 100+ HP
7.4.1. Overview
7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.5. 4 WD
7.5.1. Overview
7.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8. TRACTOR MARKET – BY WHEEL DRIVES
8.1. Overview
8.1.1. Segment Share Analysis, By Wheel Drives, 2020 & 2027 (%)
8.2. 2WD
8.2.1. Overview
8.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.3. 4WD
8.3.1. Overview
8.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9. TRACTOR MARKET– BY GEOGRAPHY
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2020 & 2027 (%)
9.2. North America
9.2.1. Overview
9.2.2. Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.2.4. North America Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.2.5. North America Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.2.6. U.S.
9.2.6.1. Overview
9.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.2.6.3. U.S. Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.2.6.4. U.S. Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.2.7. Canada
9.2.7.1. Overview
9.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.2.7.3. Canada Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.2.7.4. Canada Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.3. Europe
9.3.1. Overview
9.3.2. Key Manufacturers in Europe
9.3.3. Europe Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.3.4. Europe Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.3.5. Europe Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.3.6. Germany
9.3.6.1. Overview
9.3.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.6.3. Germany Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.3.6.4. Germany Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.3.7. Italy
9.3.7.1. Overview
9.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.7.3. Italy Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.3.7.4. Italy Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.3.8. United Kingdom
9.3.8.1. Overview
9.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.8.3. United Kingdom Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.3.8.4. United Kingdom Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.3.9. France
9.3.9.1. Overview
9.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.9.3. France Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.3.9.4. France Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.3.10. Rest of Europe
9.3.10.1. Overview
9.3.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.10.3. Rest of Europe Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.3.10.4. Rest of Europe Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.4. Asia Pacific
9.4.1. Overview
9.4.2. Key Manufacturers in Asia Pacific
9.4.3. Asia Pacific Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.4.4. Asia Pacific Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.4.5. Asia Pacific Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.4.6. India
9.4.6.1. Overview
9.4.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.6.3. India Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.4.6.4. India Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.4.7. China
9.4.7.1. Overview
9.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.7.3. China Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.4.7.4. China Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.4.8. Japan
9.4.8.1. Overview
9.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.8.3. Japan Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.4.8.4. Japan Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.4.9. Rest of APAC
9.4.9.1. Overview
9.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.9.3. Rest of APAC Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.4.9.4. Rest of APAC Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.5. Latin America
9.5.1. Overview
9.5.2. Key Manufacturers in Latin America
9.5.3. Latin America Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.5.4. Latin America Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.5.5. Latin America Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.5.6. Brazil
9.5.6.1. Overview
9.5.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.6.3. Brazil Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.5.6.4. Brazil Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.5.7. Mexico
9.5.7.1. Overview
9.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.7.3. Mexico Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.5.7.4. Mexico Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.5.8. Argentina
9.5.8.1. Overview
9.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.8.3. Argentina Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.5.8.4. Argentina Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.5.9. Rest of Europe
9.5.9.1. Overview
9.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.9.3. Rest of LATAM Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.5.9.4. Rest of LATAM Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US Billion)
9.6. Middle East and Africa
9.6.1. Overview
9.6.2. Key Manufacturers in Middle East and Africa
9.6.3. Middle East and Africa Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.6.4. Middle East and Africa Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.6.5. Middle East and Africa Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US$ Billion)
9.6.6. Saudi Arabia
9.6.6.1. Overview
9.6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.6.3. Saudi Arabia Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.6.6.4. Saudi Arabia Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US$ Billion)
9.6.7. United Arab Emirates
9.6.7.1. Overview
9.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.7.3. United Arab Emirates Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.6.7.4. United Arab Emirates Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US$ Billion)
9.6.8. Rest of MEA
9.6.8.1. Overview
9.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.8.3. Rest of MEA Market Size and Forecast, By Horsepower Type, 2016 - 2027 (US$ Billion)
9.6.8.4. Rest of MEA Market Size and Forecast, By Wheel Drive, 2016 - 2027 (US$ Billion)
10. KEY VENDOR ANALYSIS
10.1. Competitive Dashboard
10.2. Company Profiles
10.2.1. Caterpillar
10.2.1.1. Company Snapshot
10.2.1.2. Financial Performance
10.2.1.3. Horsepower Type Benchmarking
10.2.1.4. Strategic Initiatives
10.2.2. Deere & Company
10.2.3. Tractors and Farm Equipment Limited
10.2.4. Kubota Corporation
10.2.5. AGCO Corporation
10.2.6. Claas KGaA mbH
10.2.7. New Holland
10.2.8. McCormick Tractor
10.2.9. Escorts Limited.
10.2.10. Bobcat (a Doosan company)
10.2.11. Mahindra & Mahindra Limited
10.2.12. KIOTI Tractor (a subsidiary of Daedong Industrial Company, Ltd.)
10.2.13. Yanmar America Corporation
10.2.14. JCB
11. 360 DEGREE ANALYST VIEW
12. APPENDIX
12.1. Research Methodology
12.2. References
12.3. Abbreviations
12.4. Disclaimer
12.5. Contact Us
