
North America Tractor Market – Industry Outlook & Forecast 2023-2028
Description
North America Tractor Market – Industry Outlook & Forecast 2023-2028
The North America agricultural tractor market is expected to reach 391,799 units by 2028 growing at a CAGR of 4.43% during the forecast period.
KEY HIGHLIGHTS
Increasing Use of Bioenergy in Tractors
INSIGHTS BY HORSEPOWER TYPE
In 2022, the less 50 HP segment recorded a high market share in North America. The major factor for the steady growth of the low-power range of tractors is the increased business turnover among hobby and livestock farmers. The sales of Above 100 HP tractors in the country are expected to grow during the forecast period as small and medium farmlands are likely to consolidate in the coming years.
Segmentation by Horsepower
The agricultural tractor market in North America is dominated by low-range HP 2WD tractors, which accounted for a market share of more than 95% in 2022. Among the several tractor models available in the country, 2WD tractors are the most favored by farmers. The low relative cost of ownership, the sufficiency of features and haulage power, and convention make 2WD tractors more popular among farmers.
Segmentation by Drive Type
This North American tractor market report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:
II. Segmentation by Wheel Drive
III. Segmentation by Geography
1. What are the expected units sold in the North America agricultural tractor market by 2028?
2. What is the growth rate of the North America agricultural tractor market?
3. Which horsepower type segment will hold the largest market share by 2028?
4. Who are the key players in the North America agricultural tractor market?
The North America agricultural tractor market is expected to reach 391,799 units by 2028 growing at a CAGR of 4.43% during the forecast period.
KEY HIGHLIGHTS
- North America has over 376.8 million food consumers and is the fifth-largest food market in the world. The region witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity.
- North American region accounts for almost 11.4% of the global agricultural equipment market in volume. The region represents a high level of farm mechanization.
- The penetration and adoption of farm mechanization practices across the region drive the sale of new agricultural tractors.
- The agriculture tractor market in North America declined by 14.1% in 2022 from 2021. The decline in crop production and tractor sales was due to supply chain shortages and increased raw material costs.
Increasing Use of Bioenergy in Tractors
- Conventionally, farmers used diesel engine tractors known for their high power. Due to machine technologies, fuel, and engine advances, tractors are now more efficient and can complete tasks with fewer power requirements. The volatility in diesel prices hampers the budget management of farmers.
- A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.
INSIGHTS BY HORSEPOWER TYPE
In 2022, the less 50 HP segment recorded a high market share in North America. The major factor for the steady growth of the low-power range of tractors is the increased business turnover among hobby and livestock farmers. The sales of Above 100 HP tractors in the country are expected to grow during the forecast period as small and medium farmlands are likely to consolidate in the coming years.
Segmentation by Horsepower
- Less than 50 HP
- 50–100 HP
- Above 100 HP
The agricultural tractor market in North America is dominated by low-range HP 2WD tractors, which accounted for a market share of more than 95% in 2022. Among the several tractor models available in the country, 2WD tractors are the most favored by farmers. The low relative cost of ownership, the sufficiency of features and haulage power, and convention make 2WD tractors more popular among farmers.
Segmentation by Drive Type
- 2-Wheel-Drive
- 4-Wheel-Drive
- John Deere, Massey Ferguson, and New Holland dominated the North American tractor market with a collective market share of over 30% in 2022. These brands have adopted several strategies to gain traction in the market.
- AGCO and John Deere provide direct financing to farmers to encourage them to buy agriculture equipment.
- The US witnessed high agricultural tractor sales in North America in the past few years. Leading vendors, such as John Deere and CNH Industrial, focus on the agricultural machinery market in the US and Canada.
- John Deere
- CNH Industrial
- AGCO
- Kubota
- SDF
- Mahindra & Mahindra
- JCB
- CLAAS
- KIOTI
- Foton Motor
- Yanmar
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
II. Segmentation by Wheel Drive
III. 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
1. What are the expected units sold in the North America agricultural tractor market by 2028?
2. What is the growth rate of the North America agricultural tractor market?
3. Which horsepower type segment will hold the largest market share by 2028?
4. Who are the key players in the North America agricultural tractor market?
Table of Contents
152 Pages
- 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
- 17.2.1 BUSINESS OVERVIEW
- 17.2.2 PRODUCT OFFERINGS
- 17.2.3 KEY STRATEGIES
- 17.2.4 KEY STRENGTHS
- 17.2.5 KEY OPPORTUNITIES
- 17.3 AGCO
- 17.3.1 BUSINESS OVERVIEW
- 17.3.2 PRODUCT OFFERINGS
- 17.3.3 KEY STRATEGIES
- 17.3.4 KEY STRENGTHS
- 17.3.5 KEY OPPORTUNITIES
- 17.4 KUBOTA
- 17.4.1 BUSINESS OVERVIEW
- 17.4.2 PRODUCT OFFERINGS
- 17.4.3 KEY STRATEGIES
- 17.4.4 KEY STRENGTHS
- 17.4.5 KEY OPPORTUNITIES
- 18 OTHER PROMINENT VENDORS
- 18.1 SDF
- 18.1.1 BUSINESS OVERVIEW
- 18.1.2 PRODUCT OFFERINGS
- 18.2 MAHINDRA
- 18.2.1 BUSINESS OVERVIEW
- 18.2.2 PRODUCT OFFERINGS
- 18.3 JCB
- 18.3.1 BUSINESS OVERVIEW
- 18.3.2 PRODUCT OFFERINGS
- 18.4 CLAAS
- 18.4.1 BUSINESS OVERVIEW
- 18.4.2 PRODUCT OFFERINGS
- 18.5 KIOTI
- 18.5.1 BUSINESS OVERVIEW
- 18.5.2 PRODUCT OFFERINGS
- 18.6 FOTON
- 18.6.1 BUSINESS OVERVIEW
- 18.6.2 PRODUCT OFFERINGS
- 18.7 YANMAR
- 18.7.1 BUSINESS OVERVIEW
- 18.7.2 PRODUCT OFFERINGS
- 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
Pricing
Currency Rates
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