Crawler Tractor Market Research, 2031
The global crawler tractor market size was valued at $3.1 billion in 2021, and is projected to reach $5.1 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
A crawler tractor is an automobile that uses tracks to move rather than wheels. It can be used in a variety of ways, such as connecting to a bulldozer blade or a ripper and being used for engineering applications. In addition, it could be connected with a three-point hitch for use in farming applications.
Rise in demand for modern equipment from various end-user industries such as agriculture, construction, and mining are anticipated to drive the crawler tractor market growth. In addition, companies running in this industry are undertaking rigorous research to expand and enhance cutting-edge crawler tractor skills and programs. Moreover, continuous technology innovation and product launches allow corporations to take advantage of an aggressive part of the zone and boost their revenue. In addition, increase in renovation and installation operations for infrastructure rebuilding blended with street construction operations force the need for these devices across a couple of regions. Therefore, rise in quantity of infrastructure initiatives and fast urbanization is anticipated to boost the demand of the crawler tractor market.
Major factors that drive the development of crawler tractor market are rise in awareness of innovative farming methods. In addition, utilization of this machine saves time and helps in difficult work, so it can be utilized to perform different tasks. In addition, major players such as Deere & Company are focused on developing improved hardware that may be used to increase efficiency to greater levels. In addition, surge in awareness leads to rise in adoption of machinery, which ensures high productivity gains.
Major players have adopted various strategies such as product launches and acquisitions to sustain the competition and improve their product portfolios. For instance, in May 2022, AGCO Corporation acquired JCA Industries, Inc., a leader in the development of autonomous software for agricultural machines, implement controls, and electronic system components. This acquisition is expected to accelerate AGCO’s delivery of machine automation and autonomous systems that improve farmer productivity.
The crawler tractor market is segmented into Type, Business Type and End user industry and region.On the basis of product type, the market is divided into low HP and high HP. By business type, the market is divided into original equipment manufacturing (OEM) and aftermarket. On the basis of end-user industry, the market is divided into agriculture, construction, mining, and others. Region-wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe, (UK, France, Germany, Italy, Austria, Switzerland, Belgium, Norway, Portugal and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of type, the high HP segment generated the highest revenue in 2021 due to a rise in agricultural related activities such as sowing, planting, and crop cultivation in various countries such as India, Africa, and Indonesia propel the demand for high performance crawler tractors.
On the basis of region, North America registered the highest market share in global crawler tractor market share in 2021, due to rise in investment, increase in agriculture activities, and investments in infrastructure by the government. Furthermore, the majority of countries in the region are spending on agricultural sector for the growth of their economies.
On the basis of business type, the original equipment manufacturing (OEM) segment accounted for the highest revenue in the global market in 2021, owing to rise in adoption of technology to increase efficiency.
On the basis of end-user industry, the construction segment accounted for the highest revenue in the global market in 2021, owing to rise in government expenditure on developing infrastructure activities, which is expected to lead to rise in demand for crawler tractors for transport applications, thereby boosting the growth of the market.
The key players that operate in the crawler tractor market are AGCO Corporation, Branson Tractors, CLAAS KGaA mbH, John Deere, HBXG, Hitachi, Komatsu, Kubota Corporation, Liebherr Group, Liugong Dressta Machinery, Mahindra & Mahindra Ltd., Mitsubishi, New Holland, S.D.F s.p.a., Shantui Construction Machinery Co., Ltd., Terex Corporation, and YTO (Luoyang Howode Machinery Equipment Co., Ltd).
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging global crawler tractor market trends and dynamics.
- In-depth global crawler tractor market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of crawler tractor market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- Crawler tractor market forecast analysis from 2022 to 2031 is included in the report.
- The key players in the crawler tractor market overview are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of crawler tractor industry.
Crawler Tractor Market Report Highlights
By Business Type
By End user industry
Key Market Players
AGCO Corporation, Terex Corporation, Liebherr Group, Komatsu Limited, Mahindra & Mahindra Ltd., Hitachi Ltd, John Deere, Branson Tractors, Mitsubishi Corporation, New Holland, SHANTUI CONSTRUCTION MACHINERY CO., LTD., S.D.F s.p.a., CLAAS KGaA mbH, YTO (Luoyang Howode Machinery Equipment Co., Ltd)., HBXG, Liugong Dressta Machinery, Kubota Corporation
The crawler tractor market has observed huge demand in North America, Asia-Pacific, and Europe. North America is projected to register significant growth in the near future due to rise in urbanization and surge in investment in infrastructure by government authorities. Moreover, increase in awareness about the importance of technology in agriculture sector is expected to boost the demand for the crawler tractor market. Companies are focused on developing advanced machinery, which can be utilized to increase productivity. The high HP segment accounted for the majority of the market share in 2021, due to rise in adoption of technology in the agriculture sector.
Various market players have adopted strategies such as product launches, business expansion, acquisitions, and agreements to expand their businesses and strengthen their market positions. For instance, in December 2020, AGCO Corporation launched a new series of Crawler Tractor MT 800 with improved engine power and efficiency. This launch is expected to bring enrichment to its product line. This launch is expected to enrich the product portfolio of AGCO Corporation. As a result, such strategic moves are expected to provide lucrative growth opportunities in the global crawler tractor market.