The North America Agricultural Tractors Market would witness market growth of 3.3% CAGR during the forecast period (2021-2027).
Population growth, water scarcity, a scarcity of arable land, and the loss of land fertility are all factors driving up consumer demand for food. In relation to meeting consumer demand, the agriculture industry has a number of challenges in terms of food production. Due to rapid industrialization, the majority of agricultural land around urban and rural communities is used for commercial purposes. This is mostly due to population migration from rural to urban areas.
Recently, the trends in the modern agricultural tractor industry to replace existing machinery with innovative machinery would generate higher demand for agricultural tractors. To boost efficiency, self-driving or driverless tractors replace the drivers with multiple hardware and software components. Self-driving tractors reduce human effort while increasing productivity.
Traditionally, farming has been a labor-intensive form of agriculture. Farmers are highly deploying agricultural technology, particularly tractors, as a substitute for manual labour. According to the World Bank statistics, the agriculture sector employed 1.5 percent of the total workforce in the United States in 2019, up from 1.4 percent in 2016.
According to the Canadian Agriculture Human Resource Council, Canada's farm labor shortage is predicted to increase to 123,000 workers by 2029, accounting for one out of every three positions, as shortages continue to wreak havoc on the sector's bottom line. The rapid contraction of farm labor has boosted the tractor market, resulting in increased demand for tractors in the region. Moreover, farming technologies have advanced dramatically as a result of changing industry trends that have led to the creation of more advanced agricultural technology. Sales of agricultural tractor machinery are driven by increased farm consolidation, a broad production base, and increased government assistance through subsidies. Therefore, these factors are estimated to open new growth avenues for the players operating in the regional Agricultural Tractors Market during the forecasting period.
The US market dominated the North America Agricultural Tractors Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $12,042.5 million by 2027. The Canada market is estimated to grow at a CAGR of 5.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 4.8% during (2021 - 2027).
Based on Driveline Type, the market is segmented into Two-wheel Drive, and Four-wheel Drive. Based on Engine Power, the market is segmented into Less than 40 HP, 41 to 100 HP, and More than 100 HP. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Agricultural Tractors Market is Estimated to reach $81.4 Billion by 2027, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AGCO Corporation, CNH Industrial N.V., Deere & Company, CLAAS KGaA mbH, Escorts Ltd., International Tractors Ltd., Yanmar Co., Ltd., Kubota Corp., Mahindra & Mahindra Ltd., and Tractors and Farm Equipment Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Driveline Type
- Two-wheel Drive
- Four-wheel Drive
By Engine Power
- Less than 40 HP
- 41 to 100 HP
- More than 100 HP
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- AGCO Corporation
- CNH Industrial N.V.
- Deere & Company
- CLAAS KGaA mbH
- Escorts Ltd.
- International Tractors Ltd.
- Yanmar Co., Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
- Tractors and Farm Equipment Ltd.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Agricultural Tractors Market, by Driveline Type
1.4.2 North America Agricultural Tractors Market, by Engine Power
1.4.3 North America Agricultural Tractors Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2018, Sep – 2022, Feb) Leading Players
Chapter 4. North America Agricultural Tractors Market by Driveline Type
4.1 North America Two-wheel Drive Market by Country
4.2 North America Four-wheel Drive Market by Country
Chapter 5. North America Agricultural Tractors Market by Engine Power
5.1 North America Less than 40 HP Market by Country
5.2 North America 41 to 100 HP Market by Country
5.3 North America More than 100 HP Market by Country
Chapter 6. North America Agricultural Tractors Market by Country
6.1 US Agricultural Tractors Market
6.1.1 US Agricultural Tractors Market by Driveline Type
6.1.2 US Agricultural Tractors Market by Engine Power
6.2 Canada Agricultural Tractors Market
6.2.1 Canada Agricultural Tractors Market by Driveline Type
6.2.2 Canada Agricultural Tractors Market by Engine Power
6.3 Mexico Agricultural Tractors Market
6.3.1 Mexico Agricultural Tractors Market by Driveline Type
6.3.2 Mexico Agricultural Tractors Market by Engine Power
6.4 Rest of North America Agricultural Tractors Market
6.4.1 Rest of North America Agricultural Tractors Market by Driveline Type
6.4.2 Rest of North America Agricultural Tractors Market by Engine Power
Chapter 7. Company Profiles
7.1 AGCO Corporation
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Regional Analysis
7.1.4 Recent strategies and developments:
7.1.4.1 Partnerships, Collaborations, and Agreements:
7.1.4.2 Product Launches and Product Expansions:
7.1.4.3 Acquisition and Mergers:
7.2 Mahindra & Mahindra Limited (Mahindra Group)
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 Recent strategies and developments:
7.2.5.1 Collaborations, Partnerships and Agreements:
7.2.5.2 Product Launches and Product Expansions:
7.3 CNH Industrial N.V.
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expenses
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, Collaborations, and Agreements:
7.3.5.2 Product Launches and Product Expansions:
7.3.5.3 Acquisition and Mergers:
7.4 Deere & Company
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Research & Development Expenses
7.4.5 Recent strategies and developments:
7.4.5.1 Product Launches and Product Expansions:
7.4.5.2 Acquisition and Mergers:
7.5 Claas KGaA mbH
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Partnerships, Collaborations, and Agreements:
7.5.5.2 Product Launches and Product Expansions:
7.6 Escorts Limited
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.6.4 Research & Development Expenses
7.6.5 Recent strategies and developments:
7.6.5.1 Partnerships, Collaborations, and Agreements:
7.6.5.2 Product Launches and Product Expansions:
7.7 International Tractors Limited
7.7.1 Company Overview
7.7.2 Recent strategies and developments:
7.7.2.1 Partnerships, Collaborations, and Agreements:
7.7.2.2 Product Launches and Product Expansions:
7.8 Yanmar Holdings Co., Ltd.
7.8.1 Company Overview
7.9 KUBOTA Corporation
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental and Regional Analysis
7.9.4 Research & Development Expenses
7.10. Tractors and Farm Equipment Limited
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Product Launches and Product Expansions:
7.10.2.2 Acquisition and Mergers:
TABLE 1 North America Agricultural Tractors Market, 2017 - 2020, USD Million
TABLE 2 North America Agricultural Tractors Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Agricultural Tractors Market
TABLE 4 Product Launches And Product Expansions– Agricultural Tractors Market
TABLE 5 Acquisition and Mergers– Agricultural Tractors Market
TABLE 6 North America Agricultural Tractors Market by Driveline Type, 2017 - 2020, USD Million
TABLE 7 North America Agricultural Tractors Market by Driveline Type, 2021 - 2027, USD Million
TABLE 8 North America Two-wheel Drive Market by Country, 2017 - 2020, USD Million
TABLE 9 North America Two-wheel Drive Market by Country, 2021 - 2027, USD Million
TABLE 10 North America Four-wheel Drive Market by Country, 2017 - 2020, USD Million
TABLE 11 North America Four-wheel Drive Market by Country, 2021 - 2027, USD Million
TABLE 12 North America Agricultural Tractors Market by Engine Power, 2017 - 2020, USD Million
TABLE 13 North America Agricultural Tractors Market by Engine Power, 2021 - 2027, USD Million
TABLE 14 North America Less than 40 HP Market by Country, 2017 - 2020, USD Million
TABLE 15 North America Less than 40 HP Market by Country, 2021 - 2027, USD Million
TABLE 16 North America 41 to 100 HP Market by Country, 2017 - 2020, USD Million
TABLE 17 North America 41 to 100 HP Market by Country, 2021 - 2027, USD Million
TABLE 18 North America More than 100 HP Market by Country, 2017 - 2020, USD Million
TABLE 19 North America More than 100 HP Market by Country, 2021 - 2027, USD Million
TABLE 20 North America Agricultural Tractors Market by Country, 2017 - 2020, USD Million
TABLE 21 North America Agricultural Tractors Market by Country, 2021 - 2027, USD Million
TABLE 22 US Agricultural Tractors Market, 2017 - 2020, USD Million
TABLE 23 US Agricultural Tractors Market, 2021 - 2027, USD Million
TABLE 24 US Agricultural Tractors Market by Driveline Type, 2017 - 2020, USD Million
TABLE 25 US Agricultural Tractors Market by Driveline Type, 2021 - 2027, USD Million
TABLE 26 US Agricultural Tractors Market by Engine Power, 2017 - 2020, USD Million
TABLE 27 US Agricultural Tractors Market by Engine Power, 2021 - 2027, USD Million
TABLE 28 Canada Agricultural Tractors Market, 2017 - 2020, USD Million
TABLE 29 Canada Agricultural Tractors Market, 2021 - 2027, USD Million
TABLE 30 Canada Agricultural Tractors Market by Driveline Type, 2017 - 2020, USD Million
TABLE 31 Canada Agricultural Tractors Market by Driveline Type, 2021 - 2027, USD Million
TABLE 32 Canada Agricultural Tractors Market by Engine Power, 2017 - 2020, USD Million
TABLE 33 Canada Agricultural Tractors Market by Engine Power, 2021 - 2027, USD Million
TABLE 34 Mexico Agricultural Tractors Market, 2017 - 2020, USD Million
TABLE 35 Mexico Agricultural Tractors Market, 2021 - 2027, USD Million
TABLE 36 Mexico Agricultural Tractors Market by Driveline Type, 2017 - 2020, USD Million
TABLE 37 Mexico Agricultural Tractors Market by Driveline Type, 2021 - 2027, USD Million
TABLE 38 Mexico Agricultural Tractors Market by Engine Power, 2017 - 2020, USD Million
TABLE 39 Mexico Agricultural Tractors Market by Engine Power, 2021 - 2027, USD Million
TABLE 40 Rest of North America Agricultural Tractors Market, 2017 - 2020, USD Million
TABLE 41 Rest of North America Agricultural Tractors Market, 2021 - 2027, USD Million
TABLE 42 Rest of North America Agricultural Tractors Market by Driveline Type, 2017 - 2020, USD Million
TABLE 43 Rest of North America Agricultural Tractors Market by Driveline Type, 2021 - 2027, USD Million
TABLE 44 Rest of North America Agricultural Tractors Market by Engine Power, 2017 - 2020, USD Million
TABLE 45 Rest of North America Agricultural Tractors Market by Engine Power, 2021 - 2027, USD Million
TABLE 46 Key Information – AGCO Corporation
TABLE 47 key Information – Mahindra & Mahindra Limited
TABLE 48 Key Information – CNH Industrial N.V.
TABLE 49 Key Information – Deere & Company
TABLE 50 Key Information – Claas KGaA mbH
TABLE 51 Key Information – Escorts Limited
TABLE 52 Key Information – International tractors limited
TABLE 53 Key Information – Yanmar Holdings Co., Ltd.
TABLE 54 Key Information – KUBOTA Corporation
TABLE 55 Key Information – Tractors and Farm Equipment Limited
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2022)
FIG 4 Key Strategic Move: (Product Launches and Product Expansions : 2018, Sep – 2022, Feb) Leading Players
FIG 5 Recent strategies and developments: AGCO Corporation
FIG 6 Recent strategies and developments: Mahindra & Mahindra Limited
FIG 7 Recent strategies and developments: CNH Industrial N.V.
FIG 8 Recent strategies and developments: Deere & Company
FIG 9 Recent strategies and developments: Claas KGaA mbH
FIG 10 Recent strategies and developments: Escorts Ltd.
FIG 11 Recent strategies and developments: International Tractors Ltd.
FIG 12 Recent strategies and developments: Tractors and Farm Equipment Ltd.