From Farm to Fortune: Industrial Tractors Drive Global Agricultural Productivity
SkyQuest’s Industrial Tractor Market report provides actionable insights for individuals interested in valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is produced and published concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 24, 2023 (GLOBE NEWSWIRE) — The latest report by SkyQuest reveals that Industrial Tractors Market is expected to reach a value of USD 125.95 billion by 2030, with a CAGR of 4.27% during the forecast period of 2023-2030. The report predicts significant growth in North America and Asia Pacific due to the increasing demand for agricultural products, government support, and technological advancements leading to the mechanization of farming practices. As per the FAO of the United Nations, the demand for food globally is expected to surge by 70% by 2050, driving the demand for industrial tractors.
The report also highlights that the sales of tractors, including industrial tractors, grew by 15.7% in 2020 compared to the previous year, signaling a surge in mechanization in farming practices. Another study by the (FAO) indicates that the use of tractors per hectare of arable land in developing countries rose from 0.3 in 1970 to 1.2 in 2014, indicating a shift towards mechanization.
Browse in-depth TOC on “Industrial Tractor Market”
- Pages – 232
- Tables – 117
- Figures – 77
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Industrial tractors are now considered an integral part of modern agriculture, as they play a crucial role in improving productivity and efficiency. To meet the growing demand for food and ensure global food security, it assists farmers in cultivating larger areas of land, boosting yields, and reducing dependence on manual labour. Moreover, they perform various tasks such as tilling, planting, and harvesting, which would be difficult and time-consuming to do manually.
Prominent Players in Industrial Tractor Market
- John Deere
- CNH Industrial
- Mahindra & Mahindra
- LS Tractor
- SDF Group
- Escorts Group
- Same Deutz-Fahr
- Foton Lovol
- Dongfeng Motor Group
- Weichai Power
- YTO Group
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Agriculture Application Segment to Drive Higher Sales Due to the Increasing Demand for Noise Reduction Solutions in Construction and Infrastructure Development
Recent analysis has found that the industrial tractor market witnessed a rapid development in 2021, primarily driven by the agriculture application segment. This trend is expected to continue from 2022 to 2030 due to the increasing demand for food owing to population growth, coupled with the need to enhance agricultural productivity and precision agriculture. According to SkyQuest report, the agriculture application segment accounted for 66% of the total market share and is projected to grow at a CAGR of 4.2% during the forecast period.
Moreover, research analysis indicates that North America is poised to emerge as a significant player in the Industrial Tractor market from 2022 to 2030. SkyQuest forecasts a CAGR of 5.82% for the region during the forecast period, propelled by the rising demand for food, the need for efficient farming practices, and the adoption of advanced technologies in agriculture.
Compact Utility Tractor Segment to Exhibit Strong Growth Due to Growing Demand for Noise Reduction Solutions
Compact utility tractors have become the dominant segment in the industrial tractor market in 2021 and are expected to maintain their lead from 2022 to 2030 due to the rising demand for small tractors in landscaping, gardening, and small-scale farming applications.
Asia Pacific region has emerged as a significant force in the market and is projected to continue its dominance by 2030, with a CAGR of 5.27% during the forecast period, according to SkyQuest. The region’s growth can be attributed to factors such as increasing population, rising demand for food, and government initiatives to modernize and mechanize agriculture practices in countries like India, China, and Japan.
A comprehensive analysis of the major players in the industrial tractor market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Industrial Tractor Market
- Mahindra Tractors, which is part of the Farm Equipment Sector at Mahindra & Mahindra, has revealed the name ‘Oja’ for its new line of tractors from the K2 global tractor program, which aims to be future-ready. The Sanskrit-derived name ‘Oja’ signifies vitality, energy, and strength. Developed by the engineering teams of Mitsubishi Mahindra Agriculture Machinery in Japan and Mahindra Research Valley in India, the lightweight global tractor platform is intended for domestic and international markets, including the USA, Japan, and Southeast Asia.
- Mahindra & Mahindra (M&M) Ltd has announced that it will be acquiring an additional 17.41% stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for Rs 296 crore. As per the regulatory filing, this acquisition will increase the company’s stake in Swaraj Engines Ltd from 34.72% to 52.13%. The company will acquire 21,14,349 equity shares, which constitutes 17.41% of the paid-up equity share capital of SEL from KIL, at a price of Rs 1,400 per share.
Key Questions Answered in Industrial Tractor Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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