Chicago, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the U.S. tractors market is expected to grow at a CAGR of over 3.5% during 2022-2028. The agricultural tractor market in the US is currently in the growth stage, and manufacturers are looking for capacity augmentation in the country. Farm mechanization is still minimal in the Northeast and West of the country, and vendors can explore these regions with a portfolio of small tractors suitable for wet climates.
U.S. Tractors Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2028) | 317 thousand Units | |
| MARKET SIZE (2021) | 413 thousand Units | |
| CAGR (2022-2028) | 3.82% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| MARKET SEGMENTS | Horsepower, Drive Type, and Regions | |
| LARGEST SEGMENT BY HORSEPOWER | Less Than 50 HP | |
| LARGEST SEGMENT BY ZONE | Midwest Region | |
| KEY VENDORS | John Deere, TAFE, CNH Industrial, AGCO, and Kubota | |
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Development of Smart and Autonomous Tractors
The world is changing rapidly, increasing innovation, and the extensive use of robotics and AI are transforming every aspect of life. Within the next ten years, the current farming method will be completely transformed using autonomous tractors and agricultural robots that will perform time-consuming tasks in a much more efficient and effective manner. Autonomous tractors are driverless, and they operate with minimum or without any human intervention. The autonomous tractor technology is in its development stage and is expected to be an initiative to increase automation in agriculture and farming. Some leading autonomous tractor players globally are AGCO, CNH, Mahindra & Mahindra, John Deere, and Kubota.
Key Insights
- 2-Wheel-Drive segment accounted 98.9% of the market share in the overall tractor market. The less than 50 HP segment, which accounts for the majority of market share, is expected to grow at a CAGR of 4.22 percent during the forecast period.
- With more than 60% share, tractors are the largest segment of agricultural equipment in the US. In addition, the US is the largest exporter of tractors in the North America. The number of tractors manufactured in The US accounts for around two-third of the total number of tractors manufactured in North American countries.
- U.S. government schemes and initiatives to facilitate credit to improve agriculture-related operations are the major drivers contributing to the growth of the overall value chain in the US agricultural sector. The US being one of the major countries in the North America, the market scenario is expected to change and was likely to grow from 2020 due to an improvement of the country’s economy because of (The American Rescue Plan Act, 2021) economic stimulus package of $1.9 trillion rolled out by the government.
- Government strategies to enhance the welfare of farmers by converting agriculture into a viable activity are paving the way for new tractor purchases. The awareness of advanced agriculture equipment to improve per hectare yield, reduce the overall cost of crop production, and increase the incomes of farmers is boosting the sales of new tractors in the U.S.
- The U.S., a new frontier of innovation is emerging as agriculture meets digital technologies, opening various paths to a smart agricultural future. The smart agriculture will happen with the help of various technologies such as self-driving or autonomous tractors and GPS technology, among others. Self-driving or autonomous tractors can help farmers reduce working hours, however, there is a huge potential for data monitoring.
- The US market witnessed an unexpected rise in tractor sales in 2021 and maintained it until now. Interestingly, the highest growth in the US tractor market was seen in the low HP power segments.
- The key players in the US agriculture tractor market are John Deere, Massey Ferguson, and New Holland. In terms of units sold, John Deere and Massey Ferguson are the market leaders which accounted for more than 40% of overall the US agriculture tractors market in 2021.
Key Vendors
- John Deere
- TAFE
- CNH Industrial
- AGCO
- Kubota
Other Prominent Vendors
- Mahindra & Mahindra
- Deutz-Fahr
- Yanmar
- ISEKI
- ACE
- SDF
- Escorts
Horsepower
- Less Than 50 HP
- 50−100 HP
- Above 100 HP
Drive Type
- 2-Wheel-Drive
- 4-Wheel-Drive
Regions
U.S.
- Northeast
- Midwest
- South
- West
Explore our automotive mobility profile to know more about the industry.
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