forestry and agricultural tractor market REPORT OVERVIEW
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The global forestry and agricultural tractor market size is predicted to value at USD 91.500 billion in 2021 and is projected to touch USD 119.93 billion by 2028, exhibiting a Compound annual growth rate (CAGR) of 3.9% during the forecast period.
Forestry and agricultural tractor is a high-power-driven vehicle. The vehicle has at least two axles. It is specifically designed to function on its tractive power. Including pushing, pulling, actuating, or carrying certain machines, implements, or trailers, which are extensively used for agriculture or forestry work.
Growing demand for advanced machinery in agricultural and forestry sector is estimated to surge market growth. Increasing population boosts food demand, which is anticipated to accelerate equipment demand. Growing pressure on the agriculture sector is expected to accelerate market expansion. Increasing technological advancement and growing farm productivity are projected to drive market growth. High demand to reduce manual labor in agricultural and forest activities are anticipated to propel market expansion. Growing government regulation to convert manual method to technical and mechanized method. However, high cost of the equipment is predicted to restrict market expansion in the coming years.
COVID-19 Impact: Lower Demand for Agricultural Activities to Hamper Market Growth
Halt in agricultural activities to affect market growth. Closure of automotive industry and lockdown restrictions to minimize market growth. The forestry and agricultural tractor market is observed supply and chain disruption. Lower demand for the equipment among end-users reduced market progress. Fluctuation of raw material prices hamper market growth through the pandemic period.
LATEST TRENDS
"Increasing Demand for Agricultural Work to Foster Market Expansion "
Growing need for agriculture work is anticipated to surge market growth. High demand for the tractor in agriculture field for cultivating crops is expected to fuel market progress. Growing demand to expand land cultivability is predicted to accelerate market progress. Growing adoption of the equipment for agricultural activities is anticipated to accelerate market growth. Increasing population rate and growing demand for foods globally are projected to drive market progress. Tractors are used in agricultural filed to increase productivity and efficiency. Such advantages of the equipment are predicted to fuel market growth during the forecast period. High demand to make farming convenient is estimated to expand market progress. Growing demand for the equipment among farmers is predicted to boost product demand. High demand to improve crop quality is projected to boost equipment adoption. Growing shift of human food habits is expected to surge forestry and agricultural tractor market growth.
forestry and agricultural tractor market SEGMENTATION
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- By Type
Based on type, the market is divided into 4WD and 2WD.
4WD is expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into agricultural and forestry.
Agricultural is expected to be the leading part of the application type.
DRIVING FACTORS
"Rising Government Regulation to Stimulate Market Progress"
Government initiatives to adopt modern mechanism is anticipated to accelerate market growth. High demand to reduce human labor is projected to drive market growth. Rising need to convert manual farming into mechanized ways is estimated to surge market expansion. Growing need for advanced machinery in the agricultural and forestry sector is estimated to surge forestry and agricultural tractor market growth. Rapid research and development (R&D) activities are predicted to expand market growth. Growing importance of machines and technologies for farming practice is projected to drive market growth in the forthcoming years.
"Benefits Associated with Equipment to Stimulate Market Growth"
The benefits associated with equipment are expected to surge market growth. It helps to push, pull, actuate or carry specific machines, implements, or trailers, which are extensively used for agriculture or forestry work. Increasing demand for efficiency is projected to drive market growth. High order to increase cropping intensity is predicted to boost market growth. Growing need for comfortable tractor is anticipated to surge market growth. A small or compact tractor is capable of digging work and landscaping. Such advantages of the equipment are projected to drive market growth. The vehicle has the power and versatility to perform multiple works. Increasing urbanization and growing investment by major key players are predicted to expand forestry and agricultural tractor market growth during the forecast period.
RESTRAINING FACTORS
"High Cost Associated with Equipment to Hamper Market Growth"
High cost associated with equipment is estimated to hamper market growth. Increasing demand to maintain tractor and growing maintenance price is predicted to restrict market growth in the coming years. Lack of skill and expertise among farmers or workers is anticipated to reduce product demand.
forestry and agricultural tractor market REGIONAL INSIGHTS
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"Growing Awareness Among Farmers in Asia Pacific to Drive Market Share "
Asia Pacific is estimated to dominate largest forestry and agricultural tractor market share due to growing awareness among farmers. Increasing number of population and growing demand for food is anticipated to accelerate market growth. High per capita income in the region is predicted to accelerate market expansion. Growing pressure on the agriculture sector is expected to accelerate market expansion. Increasing technological advancement and growing farm productivity are projected to drive market growth. High demand to reduce manual labor in agricultural and forest activities is anticipated to propel market forestry and agricultural tractor expansion.
North America is anticipated to witness considerable market growth due to the high demand for a tractor in agriculture filed for cultivating crops is expected to fuel market progress. Growing demand to expand land cultivability is predicted to accelerate market progress. Growing adoption of the equipment for agricultural activities is anticipated to accelerate market growth.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Deere (U.S.)
- New Holland (U.S.)
- Kubota (Japan)
- Mahindra (India)
- Kioti (South Korea)
- CHALLENGER (Australia)
- Claas (Germany)
- CASEIH (U.S.)
- JCB (U.K.)
- AgriArgo (U.K.)
- Same Deutz-Fahr (Italy)
- V.S.T Tillers (India)
- BCS (U.K.)
- Zetor (Czech Republic)
- Tractors and Farm Equipment Limited (India)
- Indofarm Tractors (India)
- Sonalika International (India)
- YTO Group (China)
- LOVOL (China)
- Zoomlion (China)
- Shifeng (China)
- Dongfeng Farm (China)
- Wuzheng (China)
- Jinma (China)
- Balwan Tractors (Force Motors Ltd.) (India)
- AGCO (U.S.)
- Grillp Spa (Italy)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 91.5 Billion in 2021 |
Market Size Value By |
US$ 119.93 Billion by 2028 |
Growth Rate |
CAGR of 3.9% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Types & Application |
Regional Scope |
Global |
Frequently Asked Questions
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How big is the forestry and agricultural tractor market?
The global forestry and agricultural tractor market is expected to reach USD 119.93 billion by 2028.
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At What CAGR the forestry and agricultural tractor market is expected to grow in the forecast period?
The forestry and agricultural tractor market is expected to exhibit a CAGR of 3.9% by 2028.
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What factors are driving the forestry and agricultural tractor market?
Drivers of this forestry and agricultural tractor market are increasing government regulation and benefits associated with equipment.
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Who are the key players in the forestry and agricultural tractor market across the world?
Deere, New Holland, Kubota, Mahindra, Kioti, CHALLENGER, Claas, CASEIH, JCB, AgriArgo, Same Deutz, Fahr, V.S.T Tillers, BCS, Zetor, Tractors and Farm Equipment Limited, Indofarm Tractors, Sonalika International, YTO Group, LOVOL, Zoomlion, Shifeng, Dongfeng Farm, Wuzheng, Jinma, Balwan Tractors (Force Motors Ltd.), AGCO, and Grillp Spa.
