Global tractor market projected to grow to USD 129.25 billion by 2033

From GlobeNewswire.: 2024-07-22 01:00:00

The Global Tractor Market is projected to grow from USD 76.23 Billion in 2023 to USD 129.25 Billion by 2033, at a CAGR of 5.42%. Tractors are used in agriculture and construction for tasks like plowing and planting. Factors driving the demand include rising labor costs, government incentives, and the need for precision farming. The 31 – 100 HP segment is expected to dominate the market, offering affordability and power for medium-sized farms. The farm tractor segment is anticipated to hold the largest share, driven by the development of specialized tractor platforms. Asia Pacific is expected to lead the market growth, with precision farming and increased agricultural equipment usage as key drivers. North America is forecasted to grow rapidly due to farm mechanization. Major vendors in the market include New Holland Agriculture N.V., John Deere & Company, and Kubota Corporation. Recent developments include John Deere’s enhancements for its tractor portfolio. The market is segmented by HP, type, and application across regions such as Europe, Asia Pacific, South America, and the Middle East & Africa. Spherical Insights offers market research tailored for decision-makers to achieve their business objectives and strategic improvements. Contact them for more information on your target market.



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