Agricultural Tractors Market Overview
The global agricultural tractors market was valued at USD 60,468.9 million in 2020 and is projected to reach USD 81,909 million by 2026 while registering a CAGR of 5.2% over the forecast period (2021-2026). Row crop tractors are the largest agricultural tractor segment in the global market. Several major market players are spending in research and development, in order to produce cutting-edge equipment and retain a strong market position. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market, globally.
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Key Highlights of the Agricultural Tractors Market
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Agricultural Tractors Market – Geographical Overview
The Asia-Pacific dominates the agricultural tractors market during the forecast period
In the Asia Pacific, China, Japan, India leads in the number of tractors sold across countries. China has around 60.0% of its farm activities mechanized. The agriculture sector in India has witnessed a substantial decline in the use of animal and human power in the agriculture sector. A large number of these are driven by fossil fuel-operated vehicles, such as tractors and diesel engines. This has resulted in a shift from the traditional agriculture process to a more mechanized process. In order to increase the mechanization level, the Indian government is promoting ‘Balanced Farm Mechanization’, by providing subsidies on various equipment and supporting bulk buying through front-end agencies, which is expected to strengthen the tractors market in India. Thus, the implementation of programs by the governments in the region along with the increasing tractor usage across the region are expected to drive the market during the forecast period.
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List of Key Players in the Agricultural Tractors Market
*List Not Exhaustive
Mordor Intelligence has segmented the global agricultural tractors market on the basis of engine power, type, and geography:
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