North America Tractor market is expected to Reach $23.2 billion by 2031-Allied Market Research

According to a new report published by Allied Market Research, titled, “North America Tractor market by power output, drive type, and application: opportunity analysis and industry forecast, 2022–2031,” the North America Tractor market size was valued at $16.7 billion in 2021, and is projected to reach $23.2 billion by 2031, registering a CAGR of 3.2% from 2022 to 2031.

Tractors help increase agricultural productivity with less time consumption. In addition, tractor requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operation but also helps save the cost incurred on manpower. In addition, advancements in machine technologies promote the growth of The North America tractor market.

In addition, agricultural equipment requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations but also saves costs incurred on manpower. Furthermore, advancements in machine technologies promote the North America tractor market growth. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases crop production, owing to lower downtimes and highly precise operations.

A rise in demand for tractors, owing to higher crop production, ploughing, and planting application in agricultural activities, drive the growth of The North America tractor market. Easy availability of finance, and high usage of tractors in farming application such as row crop, orchard, and garden, drive the growth of the North America tractor.

The North America tractor market is segmented into power output, drive type, application, and country. By power output, the market is categorized into less than 30 HP, 30-50 HP, 50-100 HP, and more than 100 HP. The 30-50 HP segment dominated the market in 2021.

By drive type, the market is bifurcated into 2 wheel drive and 4 wheel drive. The 2-wheel drive segment dominated the market in 2021. On the basis of application, it is classified into agriculture, construction, mining & logistics. The agriculture segment dominated the market in 2021. Country wise, the market is analyzed across the U.S., Canada, and Mexico).

Key players in the market offer a wide range of products to sustain the harsh competition in the market. In addition, product launch also plays a major role in the growth of the market. For instance, in June 2021, Kubota launched its two new models in its new LX Series, a line of versatile compact tractors under 40 HP, notably the 35HP LX-351 Rear ROPS and LX-351 Cab. The new LX tractor comes in four distinct versions and has a Stage V engine with CRS, EGR, and DPF. The LX-401 Rear ROPS and LX-401 Cab, with 40 hp and a 3-range HST transmission, as well as the LX-351 Rear ROPS and LX-351 Cab, both with 35 hp. This enables the company to market its capabilities.

However, various operations in the North America tractor market had to stop their business during the pandemic. This break directly impacted sales of companies involved in the tractor market. In addition, lack of manpower and raw power outputs constricted supply of raw materials for manufacturing various tractor components; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

Increasing demand for tractors due to increasing crop production, tillage and planting applications in agricultural activities is driving the growth of the tractor market. Ease of financing and high utilization of tractors in agricultural applications such as row crops, orchards and gardens, are driving the growth of the tractor market. In addition, increasing modernization of agricultural activities is a key factor behind the growth of the tractor market.

Competitive analysis and profiles of the major players in the North America tractor market include AGCO Corporation, ARGO SpA, CNH Industrial N.V, Class Group, Deere & Company, Deutz-Fahr, Kubota Corporation, Sonalika International limited, Mahindra and Mahindra Ltd. and YANMAR are provided in this report. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the North America tractor.

Key Findings of the Study

• The report provides an extensive analysis of the current and emerging North America tractor market trends and dynamics. 
• By power output, the 30-50HP segment dominated the North America tractor market, in terms of revenue in 2021 and more than 100 HP segment is projected to grow at a significant CAGR during the forecast period.
• By application, the construction, mining & logistics segment is anticipated to grow at a higher CAGR during the forecast period.
• Mexico is projected to register highest growth rate in the coming years.
• The key players within the North America tractor market share are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the North America tractor industry.
• The report provides an extensive analysis of the current trends and emerging North America tractor market opportunities. 
• In-depth North America tractor market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.