The Tractor Market was valued at USD 100.77 Billion in 2020 and is expected to reach USD 143.58 Billion by the year 2028, at a CAGR of 4.7% CAGR during the forecast period (from 2019-2028). The growth of agriculture in developing regions is one of the key reasons that are driving the growth of the market. Further, government subsidies for farm mechanization is another crucial factor helping in the growth of the market. Tractors are used in farms to help the farmers in performing chores like construction and load pulling. Agricultural usage dominates the usage segment of tractors.

Many manufacturers have specific planting, crops which require special tractor dimensions to operate in the fields, vineyards, or orchards. Though a utility tractor fits some of the desired requirements, there will be modifications required to make the tractor completely fit the given application.

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Further key findings from the report suggest-

• New niche market segment of Tractors with power below 30 HP is growing. These tractors have major applications in in vineyards, orchards, , horticulture, fruits, veggies, and sugarcane 
• Tractors made for the applications of orchards or vineyards are witnessing a shift from 30HP 2WD to 22HP 4WD
• These tractors have major applications in agriculture, and particularly in orchards and vineyards. 
  • Narrow type of tractors is usually used in vineyards due to the narrowest rows of wines and less stable surface
  • Low profile tractors are mostly used in orchards due to the mountainous ground or hilly regions. It ensures greater stability than traditional tractors. Low clearance tractors are used for canopied, pergola, or vase cultivation. The compact tractors are used to have better field view and the driving position
  • The small size of the narrow tractors assists farmers to harvest their crop with less damage to vines, fruits, and trees allowing higher yields and a more significant return on their investment
• Massey Ferguson launched the MF3700 series of Tractors. This tractor series is developed for the orchards and vineyard farmers, those requiring stability on slopes. These Tractors are majorly designed for high-value farmers requiring tailored features
• Demand for increased agricultural yield is the prime factor driving the demand for Tractor from the agriculture segment. Further, Tractors are manufactured by considering the nature of sensitive fruit and vegetable crops and many times farmers have to squeeze between narrow rows of his farm 
• New Holland developed a lower power range - compact Tractors. This tractor series is specially developed for orchard, nut and viticulture farmers
• Manufactures are more focusing on the operator’s comfort
  • Kubota’s M-series Tractors offer a touch screen control panel, optional guidance system, and are designed to maximize the operator’s comfort
  • John Deere has started offering integrated AutoTrac guidance and JDLink applications in their regular product range
• Narrow range Tractors are expected to witness a steady, robust growth owing to their feature of navigating through the narrow path
  • Orchards farmers work under unique circumstances, and they need tractors small enough to go between tight rows, with a low profile to have superior mobility and avoid damaging low-hanging fruit

Key companies profiled in the report include:  

John Deere, Mahindra Mahindra Ltd, CNH Industrial NV, Kubota Corporation, AGCO, Same Deutz-Fahr, Kuhn, CLAAS, JCB, MTZ (Minsk) and others are operating in the marketplace

Tractor by Type (Revenue, USD Million; 2020–2028)

• Narrow
• Low Profile
• High Clearance

Tractor by Drive (Revenue, USD Million; 2020–2028)

• 2WD
• 4WD

Tractor by Application (Revenue, USD Million; 2020–2028)

• Agriculture
  • Orchard
  • Vineyard
  • Others
• Forestry
• Construction
• Others

Tractor by Power (Revenue, USD Million; 2020–2028)

• 75 HP
• 75 HP

Based on Region market is segmented into:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East Africa

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