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Agricultural Tractors Market Size Worth USD 97.8 Billion by 2031 With CAGR of 5.6%

Agricultural Tractors Market Size Worth USD 97.8 Billion by 2031 With CAGR of 5.6%

Posted on June 8, 2024 By NewsEditor

Agricultural Tractors Market Size Worth USD 97.8 Billion by 2031 With CAGR of 5.6%

Agricultural Tractors Market

The agricultural tractors market is segmented on the basis of power output, drive type, propulsion, operation, and region.

The global agricultural tractors market to witness huge growth due to rising adoption of precision farming and increasing introduction of mechanization in agriculture activities
โ€

โ€” Allied Market Research

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, May 27, 2024 /EINPresswire.com/ — The growth of the global ๐€๐ ๐ซ๐ข๐œ๐ฎ๐ฅ๐ญ๐ฎ๐ซ๐š๐ฅ ๐“๐ซ๐š๐œ๐ญ๐จ๐ซ๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ can be attributed to the rise in adoption of precision farming due to increasing governmental support for the agriculture sector. Moreover, the extensive demand for fuel-efficient tractors is projected to push the market ahead. Additionally, technological innovations in tractor technology are expected to open up new avenues in the market.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐š๐ ๐ž๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/A11511

There are prominent key factors that drive growth of the agricultural tractors market, such as government support for development of agricultural activities, increase in adoption of precision farming, and advancements in tractor technology. The market economy is also responsible for growth of the agricultural tractors industry. Countries such as China, India, Brazil, and South Africa are growing economies. In recent years, agricultural equipment manufacturers are coming up with the zero emission technologies such as electric powered tractors and hydrogen fueled tractors. Research on hydrogen and electric as a potential fuel to power zero-emission tractors has been on rise in recent years. The development of new hybrid equipment, which can work on both fuel as well as batteries, decrease operational costs, and significantly increase productivity, fuels the growth of the global agricultural tractor market.

๐“๐ก๐ž ๐ค๐ž๐ฒ ๐ฉ๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ ๐ฉ๐ซ๐จ๐Ÿ๐ข๐ฅ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐œ๐ฅ๐ฎ๐๐ž

Key players that operate in this agricultural tractor market include Captain Tractors Pvt. Ltd, CNH Industrial N.V., Deere & Company, Eicher Tractors, Escorts Limited, Fendt (AGCO GmbH), Force Motors Limited, Gromax Agri Equipment Limited, J C Bamford Excavators Ltd., KUBOTA Corporation, Mahindra & Mahindra Ltd., Monarch Tractor, SDF Group, SOLECTRAC, Sonalika International Tractors Ltd, Standard Corporation India Limited, and Yanmar Co., Ltd.

The agricultural tractors market size is segmented on the basis of power output, drive type, propulsion, operation, and region. By power output, it is divided into less than 30 HP, 30 to 50 HP, 51 to 100 HP, and more than 100HP. On the basis of drive type, it is segmented into 2 wheel drive, and 4 wheel drive. By propulsion, it is divided into ICE, and electric and hybrid. By operation, the market is divided into manual, and autonomous. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

๐†๐ž๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐ž๐ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎโ€™๐ซ๐ž ๐‘๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ฆ๐ž๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/A11511

By drive type, the 2-wheel drive segment accounted for the largest market share in 2021 with around 90% of the total share. Various advantages of 2-wheel drive tractors including cost effectiveness and convenient application are expected to play a huge role in the growth of the Agricultural Tractors Market. However, the 4-wheel segment is anticipated to showcase the fastest CAGR of 7.4% during the analysis timeframe. The advantages of 4-wheel drive such as versatility and high productivity might help to widen the scope of the segment.

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ:

By region, the Asia-Pacific agricultural tractors market generated the highest market revenue in 2021 with around half of the total revenue. Moreover, the same region is anticipated to be the fastest growing with a CAGR of 6.3% in the analysis period. Major economic development in different countries of this region will help the market to prosper in this region in the coming period.

๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐ญ๐ก๐ž ๐„๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/45d68f271203c043da2395275cec48b2

The report also provides a detailed study of the various players of the industry and also offers insights into the different types of strategic alliances such as partnerships, mergers, and acquisitions that these companies have entered into to increase their presence in the market.

๐Š๐„๐˜ ๐…๐ˆ๐๐ƒ๐ˆ๐๐†๐’ ๐Ž๐… ๐“๐‡๐„ ๐’๐“๐”๐ƒ๐˜

By power output, the more than 100HP segment is expected to register a significant growth during the forecast period.

By drive type, the 4 wheel drive segment is projected to lead the global agricultural tractors market

By propulsion, the electric and hybrid segment is projected to lead the global agricultural tractors market

By operation, the autonomous segment is projected to lead the global agricultural tractors market

Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

๐‚๐ก๐ž๐œ๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ž ๐ซ๐ž๐ฅ๐š๐ญ๐ž๐ ๐ฌ๐ญ๐ฎ๐๐ข๐ž๐ฌ ๐ฉ๐ฎ๐›๐ฅ๐ข๐ฌ๐ก๐ž๐ ๐›๐ฒ ๐€๐Œ๐‘ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

Smart Railway Market – https://www.alliedmarketresearch.com/smart-railway-market

Electric Vehicle Market – https://www.alliedmarketresearch.com/electric-vehicle-market

Luxury Car Market – https://www.alliedmarketresearch.com/luxury-car-market-A05980

Used Bike Market – https://www.alliedmarketresearch.com/used-bike-market-A09641

David Correa
Allied Market Research
+ 18007925285
email us here
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May 27, 2024, 13:00 GMT


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Article originally published on www.einpresswire.com as Agricultural Tractors Market Size Worth USD 97.8 Billion by 2031 With CAGR of 5.6%

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