Agricultural Tractor Market in North America by Engine Capacity and Geography - Forecast and Analysis 2022-2026

Published: Jan 2022 Pages: 120 SKU: IRTNTR72221

The agricultural tractor market share in North America is expected to increase to 25.98 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.43%.

This agricultural tractor market in North America research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the agricultural tractor market in North America segmentation by the following:

  • Engine capacity - Low power, mid-power, and high power 
  • Geography - US, Canada, and Mexico

The agricultural tractor market in North America report also offers information on several market vendors, including AGCO Corp., CLAAS KGaA mbH, CNH Industrial NV, Deere and Co., Escorts Ltd., Kubota Corp., Kverneland AS, Mahindra & Mahindra Ltd., SDF SpA, and Tractors and Farm Equipment Ltd. among others.

What will the Agricultural Tractor Market Size in North America be During the Forecast Period?

Download the Free Report Sample to Unlock the Agricultural Tractor Market Size in North America for the Forecast Period and Other Important Statistics

 

Agricultural Tractor Market in North America: Key Drivers, Trends, and Challenges

The introduction of driverless agricultural tractors is notably driving the agricultural tractor market growth in North America, although factors such as the availability of agricultural tractors on a rental basis may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the agricultural tractor industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Agricultural Tractor Market Driver in North America

  • The introduction of driverless agricultural tractors is one of the key drivers supporting the agricultural tractor market growth in North America. 
  • The global population has seen rapid growth, accompanied by greater environmental awareness, and therefore farmers must produce more food more sustainably with the same amount of land. Ultimately, autonomous technology will make a difference in the years to come. 
  • The factors that will drive the adoption of autonomous tractors are freeing up skilled labor, which can be redeployed, 24/7 working capability, advanced obstacle detection, and others. Such factors are expected to drive market growth during the forecast period.

Key Agricultural Tractor Market Trend in North America

  • The use of telematics in tractors is another factor supporting the agricultural tractor market growth in North America. 
  • Telematics allows farmers to collect information regarding the operations of their tractors, the exact location of the vehicle, and the distance traveled to calculate the total utilization rate of the fleet.
  • Tractor companies are integrating telematics services in tractors to provide increased utility to buyers. Software companies are developing software that allows farmers to understand and manage data from telematics. 
  • Trimble Inc. developed Connected Farm software, which uses Farm Works software to manage the data received from the tractor's telematics.
  • The software uses wireless technology or cellular technology to effectively transfer the data in real-time. such developments are expected to drive market growth during the forecast period.

Key Agricultural Tractor Market Challenge in North America 

  • The availability of agricultural tractors on a rental basis is hindering the agricultural tractor market growth in North America. 
  • Renting agricultural equipment is a global trend based on the needs of the farmers.
  • The purchase of high-cost machinery is not an option for small-scale farmers who use tractors for a period of three to six months. This is because the average time a tractor is used on the field is 120 days per year. Therefore, it is much more feasible for a small-scale farmer to rent the equipment instead of purchasing it.
  • As more farmers opt for agricultural tractors on a rental basis, it curtails the growth prospects of new units of agricultural tractors.

This agricultural tractor market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Agricultural Tractor Market Vendors in North America?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • AGCO Corp.
  • CLAAS KGaA mbH
  • CNH Industrial NV
  • Deere and Co.
  • Escorts Ltd.
  • Kubota Corp.
  • Kverneland AS
  • Mahindra & Mahindra Ltd.
  • SDF SpA
  • Tractors and Farm Equipment Ltd.

 

This statistical study of the agricultural tractor market in North America encompasses successful business strategies deployed by the key vendors. The agricultural tractor market in North America is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.

Product Insights and News

  • AGCO Corp. - The company offers agricultural tractor machinery under the brand name of Fendt.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The agricultural tractor market in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Parent Market Analysis

Technavio categorizes the agricultural tractor market in North America as a part of the global agricultural and farm machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the agricultural tractor market in North America during the forecast period.

Agricultural Tractor Market in North America Value Chain Analysis

Our report provides extensive information on the value chain analysis for the agricultural tractor market in North America, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Agricultural Tractor Market in North America?

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77% of the market's growth will originate from the US during the forecast period. The US is the key market for the agricultural tractor market in North America. Market growth in this region will be slower than the growth of the market in other regions.

The high level of farming activities in 2021 will facilitate the agricultural tractor market growth in the US over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In early 2020, with the outbreak of COVID-19, lockdowns were issued by the US government that severely affected the production and supply chain of agricultural products. For instance, in September 2021, the USDA announced an investment of $3 billion to support drought resilience and response, animal disease prevention, market disruption relief, and purchase of food for school nutrition programs, which will be made available through Commodity Credit Corporation (CCC). Such support will, in turn, have a positive impact on the regional agriculture tractor market.

What are the Revenue-generating Engine Capacity Segments in the Agricultural Tractor Market in North America?

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The agricultural tractor market share growth in North America by the low power segment will be significant during the forecast period. On average, a low-power agricultural tractor with 24 hp consumes about one liter of fuel per hour. This is opposed to 14 liters of fuel consumption in tractors with 150 hp. This efficiency attracts various small and mid-sized farmers to purchase low-power agricultural tractors. Thus, the popularity of low-hp agricultural tractors has increased over the years and is expected to drive market growth during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the agricultural tractor market in North America size and actionable market insights on post COVID-19 impact on each segment.

 

Agricultural Tractor Market Scope in North America 

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 2.43%

Market growth 2022-2026

25.98 th units

Market structure

Fragmented

YoY growth (%)

1.59

Regional analysis

US, Canada, and Mexico

Performing market contribution

US at 77%

Key consumer countries

US, Canada, and Mexico

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AGCO Corp., CLAAS KGaA mbH, CNH Industrial NV, Deere and Co., Escorts Ltd., Kubota Corp., Kverneland AS, Mahindra & Mahindra Ltd., SDF SpA, and Tractors and Farm Equipment Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Agricultural Tractor Market in North America Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive agricultural tractor market growth in North America during the next five years
  • Precise estimation of the agricultural tractor market size in North America and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the agricultural tractor industry in North America across the US, Canada, and Mexico
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of agricultural tractor market vendors in North America 

We can help! Our analysts can customize this report to meet your requirements. Get in touch

***1. Executive Summary                         

***2. Market Landscape                            

               **2.1 Market ecosystem             

                              *Exhibit 01: Parent market

               **2.2: Market Characteristics

                           * Exhibit 02: Market Characteristics

               **2.2 Value chain analysis           

                              *Exhibit 03: Value chain analysis: Agricultural and farm machinery

                              *2.2.1 Input

                              *2.2.2 Inbound logistics

                              *2.2.3 Operations

                              *2.2.4 Distribution and logistics

                              *2.2.5 Marketing and sales

                              *2.2.6 After-sales services

                              *2.2.7 Innovations

***3. Market Sizing                      

               **3.1 Market definition

                              *Exhibit 04: Offerings of vendors included in the market definition

               **3.2 Market segment analysis  

                              *Exhibit 05: Market segments

               **3.3 Market size 2020 

               **3.4 Market outlook: Forecast for 2020 - 2025 

                              *3.4.1 Estimating growth rates for emerging and high-growth markets

                              *3.4.2 Estimating growth rates for mature markets

                              *Exhibit 06: North America - Market size and forecast 2021 - 2026 (thousand units)

                              *Exhibit 07: North America market: Year-over-year growth 2021 - 2026 (%)

***4. Five Forces Analysis                         

               **4.1 Five Forces Summary         

                              *Exhibit 08: Five forces analysis 2021 & 2026

               **4.2 Bargaining power of buyers            

                              *Exhibit 09: Bargaining power of buyers

               **4.3 Bargaining power of suppliers        

                              *Exhibit 10: Bargaining power of suppliers

               **4.4 Threat of new entrants     

                              *Exhibit 11: Threat of new entrants

               **4.5 Threat of substitutes          

                              *Exhibit 12: Threat of substitutes

               **4.6 Threat of rivalry   

                              *Exhibit 13: Threat of rivalry

               **4.7 Market condition 

                              *Exhibit 14: Market condition - Five forces 2021

***5 Market Segmentation by Engine capacity                

               **5.1 Market segments

                              *The segments covered in this chapter are:

  • *Low power
  • *Mid power
  • *High power

 

                              *Exhibit 15: Engine capacity - Market share 2021-2026 (%)

               **5.2 Comparison by Engine capacity     

                              *Exhibit 16: Comparison by Engine capacity

               **5.3 Low power - Market size and forecast 2021-2026  

                              *Exhibit 17: Low power - Market size and forecast 2021-2026 (thousand units)

                              *Exhibit 18: Low power - Year-over-year growth 2021-2026 (%)

               **5.4 Mid power - Market size and forecast 2021-2026  

                              *Exhibit 19: Mid power - Market size and forecast 2021-2026 (thousand units)

                              *Exhibit 20: Mid power - Year-over-year growth 2021-2026 (%)

               **5.5 High power - Market size and forecast 2021-2026 

                              *Exhibit 21: High power - Market size and forecast 2021-2026 (thousand units)

                              *Exhibit 22: High power - Year-over-year growth 2021-2026 (%)

               **5.6 Market opportunity by Engine capacity     

                              *Exhibit 23: Market opportunity by Engine capacity

***6 Customer landscape                         

               **6.1 Overview

                              *Exhibit 24: Customer landscape

***7 Geographic Landscape                     

               **7.1 Geographic segmentation

                              *Exhibit 25: Market share by geography 2021-2026 (%)

               **7.2 Geographic comparison    

                              *Exhibit 26: Geographic comparison

               **7.3 US - Market size and forecast 2021-2026   

                              *Exhibit 27: US - Market size and forecast 2021-2026 (thousand units)

                              *Exhibit 28: US - Year-over-year growth 2021-2026 (%)

               **7.4 Canada - Market size and forecast 2021-2026         

                              *Exhibit 29: Canada - Market size and forecast 2021-2026 (thousand units)

                              *Exhibit 30: Canada - Year-over-year growth 2021-2026 (%)

               **7.5 Mexico - Market size and forecast 2021-2026         

                              *Exhibit 31: Mexico - Market size and forecast 2021-2026 (thousand units)

                              *Exhibit 32: Mexico - Year-over-year growth 2021-2026 (%)

               **7.6 Market opportunity by geography

                              *Exhibit 33: Market opportunity by geography (thousand units)

***8 Drivers, Challenges, and Trends                   

               **8.1 Market drivers      

                              *8.1.1 Introduction of driverless agricultural tractors

                              *8.1.2 Government initiatives to support sustainable agriculture practices

                              *8.1.3 Growing use of compact tractors by small-scale farmers

               **8.2     Market challenges          

                              *8.2.1 Availability of agricultural tractors on a rental basis

                              *8.2.2 Product recalls

                              *8.2.3 Small size farmlands encourage the use of manual workers

                              *Exhibit 34: Impact of drivers and challenges

               **8.3 Market trends      

                              *8.3.1 Use of telematics in tractors

                              *8.3.2 Increased popularity of small tractors

                              *8.3.3 Investments in the development of the agriculture sector

***9. Vendor Landscape                            

               **10.1   Competitive scenario     

               **10.2   Vendor landscape           

                              *Exhibit 35: Vendor Landscape

               **10.3   Landscape disruption     

                              *Exhibit 36: Landscape disruption

               **10.4   Industry risks     

                              *Exhibit 37: Industry risks

***11.   Vendor Analysis                             

               **11.1   Vendors covered             

                              *Exhibit 38: Vendors covered

               **10.2 Market positioning of vendors   

                              *Exhibit 39: Market positioning of vendors

                              *10.3     AGCO Corp.

                              *Exhibit 40: AGCO Corp. - Overview

                              *Exhibit 41: AGCO Corp. - Business segments

                              *Exhibit 42: AGCO Corp. - Key offerings

                              *Exhibit 43: AGCO Corp. - Segment focus

               **10.4 CLAAS KGaA mbH             

                              *Exhibit 44: CLAAS KGaA mbH - Overview

                              *Exhibit 45: CLAAS KGaA mbH - Product and service

                              *Exhibit 46: CLAAS KGaA mbH - Key offerings

                              *Exhibit 47: CLAAS KGaA mbH - Segment focus

               **10.5 CNH Industrial NV            

                              *Exhibit 48: CNH Industrial NV - Overview

                              *Exhibit 49: CNH Industrial NV - Business segments

                              *Exhibit 50: CNH Industrial NV - Key offerings

                              *Exhibit 51: CNH Industrial NV - Segment focus

               **10.6 Deere and Co.    

                              *Exhibit 52: Deere and Co. - Business segments

                              *Exhibit 53: Deere and Co. - Key offerings

                              *Exhibit 54: Deere and Co. - Segment focus

               **10.7 Escorts Ltd.         

                              *Exhibit 55: Escorts Ltd. - Overview

                              *Exhibit 56: Escorts Ltd. - Business segments

                              *Exhibit 57: Escorts Ltd. - Key offerings

                              *Exhibit 58: Escorts Ltd. - Segment focus

               **10.8 Kubota Corp.      

                              *Exhibit 59: Kubota Corp. - Overview

                              *Exhibit 60: Kubota Corp. - Business segments

                              *Exhibit 61: Kubota Corp. - Key offerings

                              *Exhibit 62: Kubota Corp. - Segment focus

               **10.9 Kverneland AS    

                              *Exhibit 63: Kverneland AS - Overview

                              *Exhibit 64: Kverneland AS - Product and service

                              *Exhibit 65: Kverneland AS - Key offerings

               **10.10 Mahindra & Mahindra Ltd.        

                              *Exhibit 66: Mahindra & Mahindra Ltd. - Overview

                              *Exhibit 67: Mahindra & Mahindra Ltd. - Product and service

                              *Exhibit 68: Mahindra & Mahindra Ltd. - Key offerings

               **10.11 SDF SpA             

                              *Exhibit 69: SDF SpA - Overview

                              *Exhibit 70: SDF SpA - Business segments

                              *Exhibit 71: SDF SpA - Key offerings

                              *Exhibit 72: SDF SpA - Segment focus

               **10.12 Tractors and Farm Equipment Ltd.         

                              *Exhibit 73: Tractors and Farm Equipment Ltd. - Overview

                              *Exhibit 74: Tractors and Farm Equipment Ltd. - Product and service

                              *Exhibit 75: Tractors and Farm Equipment Ltd. - Key offerings

***12. Appendix                           

               **12.1 Scope of the report         

                              *12.1.1 ????Market definition

                              *12.1.2 ????Objectives

                              *12.1.3 ????Notes and caveats

               **12.2 Currency conversion rates for US$            

                              *Exhibit 76: ?Currency conversion rates for US$?

               **12.3 Research Methodology   

                              *Exhibit 77: ?Research Methodology

                              *Exhibit 78: ??Validation techniques employed for market sizing?

                              *Exhibit 79: ??Information sources

               **12.4 List of abbreviations        

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Key Questions Answered

  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?

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