The global tractor market value was US$ 64,798 million in 2020 and will reach US$ 97,905.9 million by 2030. The global tractor market is forecast to grow at a compound annual growth rate (CAGR) of 3.8% during the forecast period from 2021-2030.

The tractor is a vehicle designed specifically for providing high torque at low speeds. Farming tractor uses include plowing, tilling, harrowing, disking, and planting. The construction industry also uses them to carry loads, roadbuilding, etc. There are two types of tractors: two wheels and four wheels. The power output ranges from 20 HP to more than 20 HP.

Factors Influencing Market Growth

Among the factors driving the global demand for tractors are rising labor costs, higher consumption of plant-based food products, rising rural incomes, government incentives, and seasonal labor shortages.
Increased government spending on new infrastructure and construction buildings drives the growth of the global tractor market.
Demand for high-performance tractors for muddy and heavy soil conditions drives the global tractor market.
There is a lack of knowledge about efficient tractors among farmers, which is likely to slow down the market growth.
Government initiatives to assist and provide low-interest loans to farmers are likely to create lucrative opportunities for the growth of the global tractor market.
Impact Analysis of COVID-19

COVID-19 has adversely affected the global economy because countries worldwide have been forced into lockdowns in order to prevent the disease's spread. Hence, the global tractor market was also affected and was unable to function normally. The primary challenge for market players was to ensure operational continuity in order to minimize the impact on tractor supply.

A partial or complete lockdown halted industrial operations. Additionally, the market players could not operate due to a shortage of workers, which led to a decline in logistics. Nonetheless, agricultural & food demand remained strong in the remaining month of 2020, which significantly boosted the year's performance. Therefore, it is forecast that the market will grow during the forecast period.

Regional Insight

The Asia Pacific holds the dominant share in the global tractor market. Asia leads the mainstream market for mechanized farming because its majority comes from Asian countries.

Globally, India, China, and the United States are the three largest tractor producers and markets. As a result, India and the US will help boost the market during the forecast period, while China will revitalize historic sales and boost the tractor market. Thus, it will fuel the growth of the global tractor market in the region.

Leading Competitors

The global leading prominent players in the global tractor market are:

CNH Industrial N.V.
Deere & Company
Escorts Limited
Force Motors Limited
HMT Limited
Kubota Corporation
Mahindra & Mahindra Ltd.
Sonalika International Tractors Limited
Tractors and Farm Equipment Ltd
V.S.T. Tillers & Tractors Ltd
Other Prominent Players
Scope of the Report

The global tractor market segmentation focuses on Power Output, Drive Type, Application, and Region.

Segmentation based on Power Output

Less Than 30 HP
30-50 HP
51-100 HP
More Than 100 HP
Segmentation based on Drive Type

2 Wheel Drive
4 Wheel Drive
Segmentation based on Application

Agriculture
Construction
Mining
Forestry
Others
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America