Less than 50 HP segment accounted for the largest market share and is expected to grow at a CAGR of over 4% during the forecast period.
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
MARKET SIZE (2028)
317 thousand Units
MARKET SIZE (2021)
413 thousand Units
Horsepower, Drive Type, and Regions
LARGEST SEGMENT BY HORSEPOWER
Less Than 50 HP
LARGEST SEGMENT BY ZONE
John Deere, TAFE, CNH Industrial, AGCO, and Kubota
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.
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.
Other Prominent Vendors
Mahindra & Mahindra
Less Than 50 HP
Above 100 HP
Explore our automotive mobility profile to know more about the industry.
Read some of the top-selling reports:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
+1 302 469 0707
CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040 +1 302 469 0707