According to a market report by Lucintel, the future of the global agricultural tractors market looks promising with opportunities in the less than 40 HP, 41 to 100 HP, and more than 100 HP markets. The global agricultural tractors market is expected to reach an estimated $93.4 billion by 2030 with a CAGR of 5.5% from 2024 to 2030. The major drivers for this market are growth in small-scale farming's need for compact tractors, technological advancements such as, the incorporation of telematics into agricultural tractors, as well as, increased government support to raise farm mechanization for obtaining high yield by providing subsidies.
In this market, 2WD and
4WD are the major segments of agricultural tractors market by type.
Lucintel forecast that
2WD is expected to witness larger segment over the forecast period due to
reduced initial expenses, enhanced agility, as well as, the tractors that
middle-class Indian farmers favor are the 2WDs.
Within this market, less
than 40 HP will remain the largest segment because less than 40 horsepower
tractors are more affordable, smaller, and more convenient for carrying out all
routine farming tasks.
APAC is expected to
witness highest growth over the forecast period due to easy loan availability,
favorable minimum support price (MSP), and better monsoon weather conditions in
the area.
Agco, CNH Industrial,
Deere & Company, Claas, Escorts, International Tractors, Yanmar, Kubota,
and Mahindra & Mahindra are the major suppliers in the agricultural
tractors market.
This unique research
report will enable you to make confident business decisions in this globally
competitive marketplace. For a detailed table of contents, contact Lucintel at
+1-972-636-5056 or write us at helpdesk@lucintel.com.
About Lucintel
At Lucintel, we offer solutions for
you growth through game changer ideas and robust market &
unmet needs analysis. We are based in
Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20
years. We are quoted in several publications like the Wall Street Journal, ZACKS,
and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
Explore Our Latest Publications
Application
Performance Management Market
Brush Motor Control
Unit Market
Liver Cancer
Diagnostic Market
No comments:
Post a Comment