CHICAGO, March 23, 2023 /PRNewswire/ — According to Arizton’s latest research report, the North America tractor market will grow at a CAGR of 4.4% from 2022 to 2028.
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BROWSE IN-DEPTH TOC ON THE “NORTH AMERICA TRACTOR MARKET”
43 – Tables
43 – Figures
152 – Pages
The US and Canadian governments have launched several initiatives and policies to assist farmers by offering them financial support, improved infrastructure, competitive crop prices, loan waivers, subsidies, and agricultural loans. The government is also committed to enhancing the situation and implementing farm mechanization. North America is one of the world’s top crop-producing regions due to its high agricultural productivity. Nations in North America are the leading producers of barley, wheat, potatoes, fruits, and vegetables.
NORTH AMERICA TRACTOR MARKET REPORT SCOPE
|
REPORT ATTRIBUTES |
DETAILS |
|
Market Size (2028) |
391,799 Units |
|
Market Size (2022) |
301,989 Units |
|
CAGR (2022-2028) |
4.43 % |
|
Historic Year |
2020-2021 |
|
Base Year |
2022 |
|
Forecast Year |
2023-2028 |
|
Market Segments |
Horsepower, Drive Type, Geography |
|
Largest Segment by Horsepower Type |
Less Than 50 HP |
|
Largest Segment by Application Type |
2-Wheel Drive |
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The North American agricultural tractor market, by less than 50HP, witnessed shipments of 195,804 units in 2022.
Farmers and public and private organizations are also stakeholders in food production because there is a global food crop shortage that is like North America’s. They have shifted their attention to increasing food production significantly and closing the yield gap. To operate all the modern, technologically advanced equipment and meet the demand for higher farm output, tractors will once again play a crucial role.
The less than 50 HP segment generated the highest sales in almost all the countries of North America. This segment mainly includes semi-professional tractors with a customer base in small-scale agriculture farms and hobby farmers.
RECENT DEVELOPMENTS FROM VENDORS:
- John Deere launched the new electric variable transmission (EVT) for select 8 Series Tractors and a new JD14X engine for 9 Series. In 2022, John Deere started selling self-driving or autonomous tractors. The farmer can operate the company’s R8 tractor using mobile phones. Farmers can use program routes to help them navigate the field with self-driving and GPS-enabled tractors.
- Massey Ferguson launched the MF 6S series tractors. This machine provides up to 180 HP with advanced technology.
- In February 2022, New Holland North America, CNH industrial brand, announced the launch of the world’s first production T6 Methane Power tractor in the US.
- CNH Industrial partnered with Monarch Tractors, a US-based agri-technology company, to improve long-term sustainability and raise awareness of the importance of zero-emission agriculture among farmers.
- Massey Ferguson launched the MF 8S series tractors. A guard-u install engine and a neo-retro design distinguish this series of tractors. These tractors are designed to advance smart farming technologies.
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MARKET OPPORTUNITIES
Increasing Use of Bioenergy in Tractors
Conventionally, farmers used diesel engine tractors known for their high power. Tractors are now more efficient and can complete tasks with less power because of advances in machine technology, fuel, and engine technology. Farmers’ budget management is hampered by the volatility of diesel prices.
Technological Advance in Tractor Technology
As agriculture met digital technology, a new frontier of innovation emerged, opening various paths to a smart agricultural future. Tractor manufacturers compete fiercely, and firms are constantly striving to innovate and ensure product differentiation at reasonable prices. Tractors with cutting-edge technology are now available on the market. GPS and remote sensing improve farming accuracy and productivity.
WHY SHOULD YOU BUY THIS REPORT?
This North American tractor market report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:
- Market Size & Forecast Volume (Units) 2020–2028
- Segmentation by Horsepower
- Segmentation by Wheel Drive
- Segmentation by Geography
- Production and trade values
- Major current and upcoming projects and investments
- Competitive intelligence about the economic scenario, advantages in Europe, industry dynamics, and market shares
- Latest and innovative technologies
- COVID-19 impact analysis of the industry.
- Company profiles of major and other prominent vendors
- Industry shares of major vendors
KEY VENDORS
- John Deere
- CNH Industrial
- AGCO
- Kubota
- SDF
- Mahindra & Mahindra
- JCB
- CLAAS
- KIOTI
- Foton Motor
- Yanmar
MARKET SEGMENTATION
Horsepower
- Less than 50 HP
- 50–100 HP
- Above 100 HP
Drive Type
- 2-Wheel-Drive
- 4-Wheel-Drive
Geography
- The US
- Canada
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Canada Tractors Market – Industry Analysis & Forecast 2022-2028: Canada tractor market is expected to reach 43,766 units by 2028 growing at a CAGR of 3.91%.
U.S. Tractors Market – Industry Analysis & Forecast 2022-2028: U.S. tractors market is expected to grow at a CAGR of over 3% from 2022 to 2028 and is expected to reach 4,13,243 units by 2028.
TABLE OF CONTENT
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 PREMIUM INSIGHTS
7 MARKET AT A GLANCE
8 INTRODUCTION
8.1 OVERVIEW
8.1 VALUE CHAIN ANALYSIS
8.1.1 OVERVIEW
8.1.2 RAW MATERIAL & COMPONENT SUPPLIERS
8.1.3 MANUFACTURERS
8.1.4 DEALERS/DISTRIBUTORS
8.1.5 RETAILERS
8.1.6 END-USERS
8.2 DISTRIBUTION CHANNELS FOR FARM EQUIPMENT
8.2.1 FINANCING OPTIONS FOR ACQUIRING FARM MACHINERY
8.3 SWOT ANALYSIS OF AGRICULTURAL TRACTOR INDUSTRY
8.4 GOVERNMENT SUPPORT TO FARMERS
8.5 TECHNOLOGICAL ADVANCES
9 MARKET OPPORTUNITIES & TRENDS
9.1 TECHNOLOGICAL ADVANCES IN TRACTOR TECHNOLOGY
9.1.1 SWATH CONTROL AND VARIABLE RATE TECHNOLOGY
9.1.2 HIGH DEMAND FOR AUTONOMOUS EQUIPMENT
9.2 SHORTAGE OF AGRICULTURAL LABORERS
9.3 USE OF ENERGY-EFFICIENT AGRI TRACTORS
10 MARKET GROWTH ENABLERS
10.1 ASSISTANCE TO FARMERS THROUGH LOANS & SUBSIDIES
10.2 INCREASED AGRICULTURAL PRODUCTIVITY & EXPORTS
10.3 INCREASED FARM MECHANIZATION
10.4 HIGH LOCAL PRODUCTION CAPACITIES IN US
11 MARKET RESTRAINTS
11.1 LACK OF AWARENESS OF LATEST INNOVATIONS IN AGRICULTURAL TRACTOR
11.2 HIGH DEMAND FOR USED & RENTAL TRACTORS
11.3 CLIMATE CHANGE ADVERSELY IMPACTS AGRICULTURAL ACTIVITIES
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13 HORSEPOWER
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 LESS THAN 50 HP
13.3.1 MARKET OVERVIEW
13.3.2 MARKET SIZE & FORECAST
13.3.3 MARKET BY GEOGRAPHY
13.4 50 HP-100 HP
13.4.1 MARKET OVERVIEW
13.4.2 MARKET SIZE & FORECAST
13.4.3 MARKET BY GEOGRAPHY
13.5 ABOVE 100 HP
13.5.1 MARKET OVERVIEW
13.5.2 MARKET SIZE & FORECAST
13.5.3 MARKET BY GEOGRAPHY
14 WHEEL-DRIVE
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 2-WHEEL-DRIVE
14.3.1 MARKET OVERVIEW
14.3.2 MARKET SIZE & FORECAST
14.3.3 MARKET BY GEOGRAPHY
14.4 4-WHEEL-DRIVE
14.4.1 MARKET OVERVIEW
14.4.2 MARKET SIZE & FORECAST
14.4.3 MARKET BY GEOGRAPHY
15 GEOGRAPHY
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 GEOGRAPHIC OVERVIEW
15.3 US
15.3.1 MARKET OVERVIEW
15.3.2 US LAND HOLDING STRUCTURES
15.3.3 FARM PRODUCTION EXPENDITURE BY CATEGORY
15.3.4 MARKET SIZE & FORECAST
15.3.5 HORSEPOWER
15.3.6 WHEEL-DRIVE
15.3.7 MARKET SHARE ANALYSIS
15.4 CANADA
15.4.1 MARKET OVERVIEW
15.4.2 LAND HOLDING STRUCTURES IN CANADA
15.4.3 MARKET SIZE & FORECAST
15.4.4 HORSEPOWER
15.4.5 WHEEL-DRIVE
15.4.6 MARKET SHARE ANALYSIS
16 COMPETITIVE LANDSCAPE
16.1 COMPETITION OVERVIEW
16.1.1 RECENT DEVELOPMENTS BY TOP BRANDS
16.1.2 BRAND LOYALTY
16.1.3 SALES & EXPORTS
17 KEY COMPANY PROFILES
17.1 JOHN DEERE
17.1.1 BUSINESS OVERVIEW
17.1.2 PRODUCT OFFERINGS
17.1.3 KEY STRATEGIES
17.1.4 KEY STRENGTHS
17.1.5 KEY OPPORTUNITIES
17.2 CNH INDUSTRIAL
17.3 AGCO
17.4 KUBOTA
18 OTHER PROMINENT VENDORS
18.1 SDF
18.1.1 BUSINESS OVERVIEW
18.1.2 PRODUCT OFFERINGS
18.2 MAHINDRA
18.3 JCB
18.4 CLAAS
18.5 KIOTI
18.6 FOTON
18.7 YANMAR
19 REPORT SUMMARY
19.1 KEY TAKEAWAYS
19.2 STRATEGIC RECOMMENDATIONS
20 QUANTITATIVE SUMMARY
20.1 MARKET BY GEOGRAPHY
20.2 MARKET BY HORSEPOWER
20.3 MARKET BY WHEEL-DRIVE TYPE
21 APPENDIX
21.1 ABBREVIATIONS
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SOURCE Arizton Advisory & Intelligence