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Experts Predict Global Ag Tractor Sales to Rise in 2023
USAgNet - 05/19/2023
The "Agricultural Tractors Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global agricultural tractors market is expected to grow from $70.97 billion in 2022 to $74.71 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The agricultural tractors market is expected to grow to $90.15 billion in 2027 at a CAGR of
4.8%.
The growing demand for compact tractors is expected to propel the growth of the agricultural tractors market going forward. Compact tractors refer to the tiny farm-specific tractors that are designed for homeowners or hobby farmers with modest acreage. A
compact tractor is an agricultural tractor equipped with a 540-rpm PTO and a three-point hitch suited for Category 1 equipment only. Compact tractors assist in various agricultural activities.
For instance, in July 2021, according to a report shared by Compact Equipment Magazine, a US-based online publication for tractors and construction equipment, unit sales for farm tractors and self-propelled combine vehicles increased significantly in 2020
despite the previous year's severe challenges. Comparing December 2020 to December 2019, sales of all farm tractors in the United States increased by 26.8%. In 2021, this trend of double-digit growth has persisted.
In April 2021, compared to April 2020, the total number of farm tractors sold in the USA increased by 22.7%. Particularly compact tractors play a significant role in that expansion. In April 2021, compared to the previous year, mid-size 40 to 100 horsepower
engines saw a 28.8% increase, and the sub-40 horsepower class saw a 20.88% increase. Therefore, the growing demand for compact tractors is driving the growth of the agricultural tractors market.
Technological advancements are a key trend gaining popularity in the agricultural tractors market. Major companies operating in the agricultural tractors market are developing innovative technologies to strengthen their position in the market. For instance, in
December 2020, Monarch Tractors, a US-based developer of electric, automated, and smart tractors, launched the 634 Monarch Tractor, an innovative electric and smart tractor that offers enhanced data collection and autonomous operation.
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