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全球农用拖拉机市场 2024-2031Global Agricultural Tractors Market 2024-2031 |
按发动机功率(小于 40 马力、41 至 100 马力和超过 100 马力)、传动系统(2WD 和 4WD)以及推进系统(电动和内燃机)预测的农用拖拉机市场规模、份额和趋势分析报告期间(2024-2031 )
预计农用拖拉机市场在预测期内(2024-2031 年)将以 5.6% 的复合年增长率成长。农用拖拉机被描述为一种农用车辆,它提供动力和牵引力来机械化农业任务,特别是(最初是)耕作,现在还有更多。劳动力成本的不断增长和农业活动机械化程度的提高正在推动全球农用拖拉机市场的成长。
Agricultural Tractors Market Size, Share & Trends Analysis Report by Engine Power (Less than 40 HP, 41 to 100 HP, and More than 100 HP), by Driveline (2WD, and 4WD), and by Propulsion (Electric, and ICE) Forecast Period (2024-2031)
Agricultural tractors market is anticipated to grow at a CAGR of 5.6% during the forecast period (2024-2031). The 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.
Market Dynamics
Government Policies and Subsidies
Favorable government policies to encourage the adoption of mechanized solutions are 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.
Market segmentation
Less than 40 HP Segment Leads Agricultural Tractor Market
The less than 40 HP segment in agricultural tractors is quite significant, especially for small-scale farming operations. They are suitable for a variety of tasks, including basic farming operations and horticulture. The popularity of these tractors can be attributed to their low cost, compact size, and the convenience they offer to farmers. They are particularly in demand in developing countries, where they meet the needs of farmers who may have limited disposable income and face high labor costs.
Electric Segment to Exhibit Considerable Growth
This growth is spurred by increasing innovations and advancements in Electric Vehicle (EV) technology, such as more efficient electric motors, high-capacity batteries, and advanced power management systems. Government subsidies and incentives are also playing a crucial role in the advancement of this technology. However, challenges such as high initial costs, maintenance expenses, and limited range concerns still pose barriers to the widespread adoption of electric tractors.
The global agricultural tractors market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Asia-Pacific holds largest market share
The regional market is driven by the high adoption of agricultural tractors across India, China, and South Korea. India is an agriculture-dependent economy. According to the Indian Brand Equity Foundation, in 2023, 58.0% of the total population in India are farmers. This indicates a high demand for agricultural tractors across the region. To increase the mechanization level, the Indian government is promoting 'Balanced Farm Mechanization' by providing subsidies on various equipment and supporting bulk buying through front-end agencies, which is expected to strengthen the tractors market in India. For instance, the Indian government offers various schemes for agricultural equipment, such as loan-cum-subsidy for the purchase of tractors. In addition, as per NABARD norms, any farmer with eight acres of land can take a tractor loan for nine years with a 12.5% rate of interest. Thus, the implementation of such government programs across the region is likely to promote the growth of the regional market.
The major companies serving in the global agricultural tractors market include AGCO Corp., CNH Industrial N.V., Deere & Company, Kubota Corp., and Claas KGaA mbH among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive. For instance, in July 2023, CLAAS introduced its agricultural tractor series in North America.