Agricultural tractors market is anticipated to grow at a CAGR of 5.6% during the forecast period (2024-2031). Agricultural tractor is described as a farm vehicle that provides the power and traction to mechanize agricultural tasks, especially (and originally) tillage, and now many more. The growing cost of labor and increasing mechanization of farming activities are driving the growth of the global agricultural tractors market.

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Favorable government policies to encourage the adoption of mechanized solutions is a key factor driving the global market growth. Initiatives such as the US Precision Agriculture Loan (PAL) Act and the Canadian Agricultural Loans Act (CALA) support farmers in purchasing precision agriculture equipment. China, Turkey, Brazil, Japan, Germany, France, and India provide direct subsidies to small farmers for purchasing farm equipment, including tractors. In Vietnam and Thailand, farmers receive subsidized loans to buy equipment. The rental market for tractors is common across many countries. Initiatives include financial incentives, tax credits, and subsidies to make electric tractors more accessible.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Agricultural Tractor Market by Engine Power

Less than 40 HP
41 to 100 HP
More than 100 HP

Global Agricultural Tractor Market by Driveline

2WD
4WD

Global Agricultural Tractor Market by Propulsion

Electric
ICE

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Latin America
Middle East & Africa

Company Profiles

AGCO Corp.
Argo Tractors S.p.A.,
Claas KGaA mbH
CNH Industrial N.V.
Daedong-USA, Inc.
Eicher Motors Ltd.
Escorts Ltd.
JCB Ltd.
Iseki & Co. Ltd.
Kioti Tractor Division
Landini S.p.A.
Lovol Heavy Industry Co., Ltd.
Mahindra & Mahindra Ltd.
SDF Group
TAFE Ltd.
Tractors and Farm Equipment Ltd.
Yanmar Co., Ltd.

The Report Covers 

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global agricultural tractors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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