Agricultural Tractors Market To Garner $97.8 Billion Globally by 2031 at 5.6% CAGR, Says Allied Market Research

The agricultural tractors market is expected to witness significant growth

PORTLAND, OR, US, February 5, 2024 /EINPresswire.com/ -- Allied Market Research published a report titled, "Agricultural Tractors Market by Power Output (Less than 30 HP, 30 to 50 HP, 51 to 100 HP, more than 100HP), by Drive Type (2 Wheel Drive, 4 Wheel Drive), by Propulsion (ICE, Electric, and Hybrid), by Operation (Manual, Autonomous): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global agricultural tractors market is expected to reach $97.8 billion by 2031. The market garnered a revenue of $59.1 billion in 2021 and is forecasted to grow at CAGR of 5.6% during the 2022-2031 period.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A11511

By power output, the 30 to 50 HP segment accounted for the largest market share in 2021 with around one-third of the total share. Growing use of agricultural tractors in countries like India, China, U.S., etc., is estimated to propel the market ahead. However, the more than 100 HP is predicted to have the highest CAGR of 6.6% during the analysis timeframe. Overall increase in agricultural related activities such as sowing, planting, and crop cultivation in several countries might result in the expansion of the market.

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/agricultural-tractors-market/purchase-options

Drivers, Restraints and Opportunities

The growth of the global agricultural tractors market 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.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

𝐒𝐃𝐅, 𝐀𝐠𝐜𝐨 𝐓𝐫𝐚𝐜𝐭𝐨 (𝐅𝐞𝐧𝐝𝐭), 𝐄𝐬𝐜𝐨𝐫𝐭𝐬 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐄𝐢𝐜𝐡𝐞𝐫 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐅𝐨𝐫𝐜𝐞 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐆𝐫𝐨𝐦𝐚𝐱 𝐀𝐠𝐫𝐢 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐋𝐢𝐦𝐢𝐭𝐞𝐝, 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐂𝐚𝐩𝐭𝐚𝐢𝐧 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐌𝐚𝐡𝐢𝐧𝐝𝐫𝐚 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐒𝐰𝐚𝐫𝐚𝐣 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐊𝐮𝐛𝐨𝐭𝐚 𝐓𝐫𝐚𝐜𝐭𝐨𝐫, 𝐉𝐂𝐁, 𝐒𝐨𝐧𝐚𝐥𝐢𝐤𝐚 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐉𝐨𝐡𝐧 𝐃𝐞𝐞𝐫𝐞 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬, 𝐌𝐨𝐧𝐚𝐫𝐜𝐡 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐚𝐜𝐭𝐨𝐫, 𝐒𝐎𝐋𝐄𝐂𝐓𝐑𝐀𝐂, 𝐍𝐞𝐰 𝐇𝐨𝐥𝐥𝐚𝐧𝐝 𝐓𝐫𝐚𝐜𝐭𝐨𝐫𝐬

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A11511

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.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

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.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Electric Scooter and Motorcycle Market - https://www.globenewswire.com/en/news-release/2022/09/05/2509720/0/en/Electric-Scooter-and-Motorcycle-Market-To-Portray-93-9-Billion-by-2031-Allied-Market-Research.html

Electric Bikes Market - https://www.prnewswire.com/news-releases/electric-bikes-market-to-garner-118-65-bn-globally-by-2030-at-10-5-cagr-allied-market-research-301252723.html

Electric Vehicle Market - https://www.globenewswire.com/en/news-release/2023/10/23/2764378/0/en/Electric-Vehicle-Market-EV-Industry-Is-Set-to-Reach-an-Estimate-of-823-75-Billion-by-2030-at-a-Compound-Annual-Growth-Rate-CAGR-Of-18-2-Allied-Market-Research.html

David Correa
Allied Market Research
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