North America Tractor Market By Power Output (Under 40 HP, 40 HP - Under 100 HP and 100 HP & Above), By Drive Type (Two-Wheel Drive & Four-Wheel Drive), By Application (Agriculture & Non-Agriculture), By Country, Competition, Forecast and Opportunities, 2028F

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

A tractor is a machine used for agricultural purposes and other tasks in fields. There are a variety of horsepower segments available for agricultural tractors, ranging from less than 50 HP to 50–100 HP, and more than 100 HP.

The North America tractor market had shown growth in the past years, and it is anticipated to increase at a high rate in the forecast year 2023-2028. Tractors are the most common type of agricultural equipment in the United States, used on nearly four million farms and ranching operations. With an average age of more than 25 years, some of the most popular models are older than any other type of tractor in the country. Older tractor models are not as safe as newer models, and many of these older models are driven by people who are more likely to be injured or killed while operating a tractor. Tractor overturns are one of the leading causes of death and injury related to agricultural machinery. One of the most important safety devices for tractors is a rollover protection system (ROPS). Unfortunately, most tractors made before 1985 do not have ROPS. There have been years of efforts to reduce the number of fatalities and injuries related to tractor overturns, but a large portion of the tractors used in U.S. agriculture are older models that do not include ROPS and do not have seatbelts. These efforts include worker education / training programs and activities as well as ROPS design / engineering applications, as well as research on how to encourage older tractor owners to install ROPS.

Market Overview

The demand for agricultural tractors is expected to grow in the United States of America during the forecast period due to the increase in manual labor prices and the lack of workers to perform regular agricultural tasks. In addition, the initiatives of the Ministry of Agriculture to promote the use of agricultural machinery on large-and medium-sized farms are expected to support the agricultural tractors market in the United States. The government of the USA has made efforts to incorporate modern agricultural technologies to improve the agricultural sector’s knowledge and increase land production. The high expenses and low returns of agricultural production are the major internal obstacles to the agriculture industry. It is also the main obstacle to farmers’ ability to increase their income, which is leading to a decrease in the number of people working in agriculture.

In 2022, North America accounted for the largest market share of agriculture farming tractors and is expected to maintain its position throughout the forecast period. This market growth is mainly attributed to the growing research and development activities and the widespread adoption of agricultural tractors. In addition, the average land size in North America is very large compared to other regions like Asia-Pacific and Europe. This means that farmers in the United States and Canada have huge incomes which they can invest in technology. In developing countries, however, due to the smaller farm sizes and the overpopulation, farmers in these countries generate fewer profit margins which are then transferred into the operations, which limits the possibilities of investment. Also, the ongoing trend for automation is expected to have a major impact on the market growth.

Market Drivers

The North American country's agricultural tractor market is heavily reliant on raw material suppliers, who are responsible for ensuring the timely availability and quality of raw materials to produce equipment. Vendors must maintain strong relationships with their suppliers to remain competitive in the market. Agricultural equipment is composed of a variety of materials and components incorporated into the system, and material and component suppliers are of paramount importance in the value chain, as the industry is subject to a high level of compliance. Raw materials used in the production of agricultural equipment include iron, steel, plastics, metals, and rubber. The components of agricultural equipment, such as tractors, include batteries, gearboxes, engines, and other components.

Market Trends

As agriculture has embraced digital technology, it has opened a range of possibilities for a more intelligent agricultural future. Manufacturers of agricultural equipment are constantly striving to innovate and provide product differentiation at competitive prices. There is a wide range of technology-based equipment available on the market, including GPS and remote sensing, which make farming more precise and productive. The governments of North American countries are striving to enhance the wellbeing of those involved in the agricultural production process and to ensure that all raw materials are sourced in a sustainable manner. They have also declared their intention to reduce their overall greenhouse gas emissions by 40 percent by 2030 and to reach zero emissions by the year 2040. Adoption of agricultural equipment that is energy efficient will facilitate the achievement of these objectives. 

Market Opportunities

Tractors and other agricultural machinery are a major source of greenhouse gases (GHG) in the agriculture sector. These emissions are mainly caused by the burning of fossil fuels, like diesel or gasoline, to power the engines of agricultural machinery. The main GHG emissions related to tractors are CO2, methane, and nitrous oxide. To meet the requirements of the reduction of carbon emissions, the use of advanced agricultural equipment is being encouraged worldwide. Therefore, electric farm tractors are expected to play a major role in the development of modern agricultural practices within the agricultural industry in North America’s countries. Conventional agriculture relies on ideal climatic conditions, fertile land, and sufficient water availability.

Market Challenges

The initial cost of an advanced agriculture electric tractor is typically higher than that of a traditional tractor. This is due to the use of advanced technology, including electric motors, large-capacity batteries, and advanced power electronics. The high initial cost can be attributed to a variety of factors, such as the cost of battery technology, the cost of power electronics, the limited production volume of the tractor, the cost of charging infrastructure, as well as the cost of research and development. Battery technology, for example, is still relatively costly, accounting for approximately 25-40%. Although battery costs have decreased over the past few years, they remain a significant component of the overall cost for electric tractors.

Recent Development

Tractors have completely changed the agriculture industry over the last decade. In the past, tractors were mainly used to pull armed equipment and help in agriculture. But now, tractors are not just powerful machines, they are self-driving, application controlled, fuel efficient, and easy to use. The tractor industry is very competitive, and companies are always looking for ways to differentiate their products from their competitors at affordable prices. Tractors are equipped with advanced technologies that collect data and use it for analytics and real-world applications. GPS, remote sensing, and other technologies make farming more precise and productive. A new frontier of innovation has emerged in North America, as agriculture meets digital technology, opening various ways to a smart agriculture future. Tractor manufacturers are constantly looking for ways to innovate and ensure product differentiation at affordable price. There are state of the art technology-based tractors on the market today.

Recent Development

Alternative tractor development is the process of developing tractors that run on other fuels than traditional gasoline or diesel. Several alternative fuels are being explored, such as electricity, hydrogen, biofuel, natural gas, or propane. The development of alternative tractor engines is driven by several factors, such as concerns about the environmental impact, energy security and the reduction of foreign oil dependency. Tractors with alternative engines are emerging as a potential market. For example, electric tractors have limited range compared to traditional gasoline powered tractors. Battery technology has advanced the range of electric tractors, but they still have limited range. Hydrogen fuel cell (HFC) tractors are electric tractors that use hydrogen to generate electricity. The basic principle behind hydrogen cell technology is that hydrogen gas is converted into water, which then generates electricity. This electricity is used to power the electric motor that powers the tractor.

Market Segmentation

The North America tractor market is segmented based on power output, drive type, application, country, and competitional landscape. Based on the power output, the market is further divided into under 40 HP, 40 HP - under 100 HP, and 100 HP & above. Based on drive type, the market is further bifurcated into two-wheel drive & four-wheel drive. Based on application, the market is divided into semi-metallic and ceramic. Based on country, the market is further divided into the United States of America, Mexico, and Canada.

Company Profiles

Deere and Company, Escorts Limited, Tractors and Farm Equipment Ltd, Same Deutz-Fahr Deutschland GmbH, Kubota Corporation, Mahindra Tractors, Kverneland Group, Claas KGaA mbH, CNH Industrial NV, and AGCO Corporation are among the major market players in the market that lead the market growth of the North America tractor market.


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Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2021 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Power Output

Drive Type

Application

Region

Country Scope

United States of America, Mexico, Canada

Key Companies Profiled

Deere and Company, Escorts Limited, Tractors and Farm Equipment Ltd, Same Deutz-Fahr Deutschland GmbH, Kubota Corporation, Mahindra Tractors, Kverneland Group, Claas KGaA mbH, CNH Industrial NV, AGCO Corporation    

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the North America tractor market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • North America Tractor Market, By Power Output:
    • Under 40 HP
    • 40 HP - Under 100 HP
    • 100 HP & Above
  • North America Tractor Market, By Drive Type:
    • Two-Wheel Drive
    • Four-Wheel Drive 
  • North America Tractor Market, By Application:
    • Agriculture
    • Non-Agriculture
  • North America Tractor Market, By country:
  • Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North America tractor market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

North America Tractor Market an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]                

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on North America Tractor Market

4.1.  Impact Assessment Model  

4.1.1.    Key Segments Impacted

4.1.2.    Key Countries Impacted

5.    Voice of Customer Analysis

5.1.  Brand Awareness

5.2.  Factors Influencing Purchase Decision

5.3.  Brand Satisfaction Level

6.    North America Tractor Market Outlook, 2018-2028F

Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Power Output (Under 40 HP, 40 HP - Under 100 HP, and 100 HP & Above)

6.2.2.    By Drive Type (Two-Wheel Drive & Four-Wheel Drive)     

6.2.3.    By Application (Agriculture & Non-Agriculture)

6.2.4.    By Country Market Share Analysis

6.2.4.1.        United States of America Market Share Analysis

6.2.4.2.        Mexico Market Share Analysis

6.2.4.3.        Canada Market Share Analysis

6.2.5.    By Company Market Share Analysis (By Value, 2022)

6.3.  North America tractor market Mapping & Opportunity Assessment

6.3.1.    By Power Output Market Mapping & Opportunity Assessment

6.3.2.    By Drive Type Market Mapping & Opportunity Assessment

6.3.3.    By Application Market Mapping & Opportunity Assessment

6.3.4.    By Country Market Mapping & Opportunity Assessment

7.    United States of America Tractor Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Volume and Value

7.2.  Market Share & Forecast

7.2.1.    By Power Output Market Share Analysis

7.2.2.    By Drive Type Market Share Analysis

7.2.3.    By Application Market Share Analysis

8.    Mexico Electric Truck Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Volume and Value

8.2.  Market Share & Forecast

8.2.1.    By Power Output Type Market Share Analysis

8.2.2.    By Drive Type Market Share Analysis

8.2.3.    By Application Market Share Analysis

9.    Canada Electric Truck Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Volume and Value

9.2.  Market Share & Forecast

9.2.1.    By Power Output Type Market Share Analysis

9.2.2.    By Drive Type Market Share Analysis

9.2.3.    By Application Market Share Analysis   

10. Market Dynamics

10.1.             Drivers

10.2.             Challenges

11. Market Trends & Developments

11.1.             Advancements in Technology

11.2.             Government Support

11.3.             Addition of new products in the market

12. Porter’s Five Forces Model

12.1.             Competition Landscape

12.2.             Buyer Power

12.3.             Supplier Power

12.4.             Threat of New Entrants

12.5.             Threat of Substitutes

13. Competitive Landscape

13.1.             Competition Outlook

13.1.1. Deere and Company  

13.1.1.1.     Company Details

13.1.1.2.     Products & Services

13.1.1.3.     Key Market Focus & Geographical Presence

13.1.1.4.     Recent Development

13.1.1.5.     Key Management Personnel

13.1.2. Escorts Limited

13.1.2.1.     Company Details

13.1.2.2.     Products & Services

13.1.2.3.     Key Market Focus & Geographical Presence

13.1.2.4.     Recent Development

13.1.2.5.     Key Management Personnel

13.1.3. Tractors and Farm Equipment Ltd    

13.1.3.1.     Company Details

13.1.3.2.     Products & Services

13.1.3.3.     Key Market Focus & Geographical Presence

13.1.3.4.     Recent Development

13.1.3.5.     Key Management Personnel

13.1.4. Same Deutz-Fahr Deutschland GmbH   

13.1.4.1.     Company Details

13.1.4.2.     Products & Services

13.1.4.3.     Key Market Focus & Geographical Presence

13.1.4.4.     Recent Development

13.1.4.5.     Key Management Personnel

13.1.5. Kubota Corporation  

13.1.5.1.     Company Details

13.1.5.2.     Products & Services

13.1.5.3.     Key Market Focus & Geographical Presence

13.1.5.4.     Recent Development

13.1.5.5.     Key Management Personnel

13.1.6. Mahindra Tractors

13.1.6.1.     Company Details

13.1.6.2.     Products & Services

13.1.6.3.     Key Market Focus & Geographical Presence

13.1.6.4.     Recent Development

13.1.6.5.     Key Management Personnel

13.1.7. Kverneland Group   

13.1.7.1.     Company Details

13.1.7.2.     Products & Services

13.1.7.3.     Key Market Focus & Geographical Presence

13.1.7.4.     Recent Development

13.1.7.5.     Key Management Personnel

13.1.8. Claas KGaA mbH  

13.1.8.1.     Company Details

13.1.8.2.     Products & Services

13.1.8.3.     Key Market Focus & Geographical Presence

13.1.8.4.     Recent Development

13.1.8.5.     Key Management Personnel

13.1.9. CNH Industrial NV   

13.1.9.1.     Company Details

13.1.9.2.     Products & Services

13.1.9.3.     Key Market Focus & Geographical Presence

13.1.9.4.     Recent Development

13.1.9.5.     Key Management Personnel

13.1.10.              AGCO Corporation  

13.1.10.1.  Company Details

13.1.10.2.  Products & Services

13.1.10.3.  Key Market Focus & Geographical Presence

13.1.10.4.  Recent Development

13.1.10.5.  Key Management Personnel

14. MAT Auto Group

14.1.             Key Focus Areas

14.2.             Target Regions & Countries

14.3.             Target Type

14.4.             Target Category

 (Note: The companies list can be customized based on the client requirements.)

15.  Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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In the power output, the segment 40 HP - Under 100 HP has the highest share in the North America tractor market.

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In the application type agriculture has the highest market share as the tractors are mostly used in agriculture sector.

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Some of the driving factor for the tractors in the North America’s country is that the rising food demand, labour shortage, and high income of farmers which they invest in at the time of farming, has increased the demand for the tractors in the North America’s country.

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Some of the major companies in North America tractor market are Deere and Company, Escorts Limited, Tractors and Farm Equipment Ltd, Same Deutz-Fahr Deutschland GmbH, Kubota Corporation, Mahindra Tractors, Kverneland Group, Claas KGaA mbH, CNH Industrial NV, and AGCO Corporation.

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Srishti Verma

Business Consultant
Press Release

Agriculture Sector is Expected to Dominate the North America Tractor Market by 2028

Oct, 2023

The rising demand for advanced farming might drive the demand for tractors in the forecast period.

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