糖心vlog传媒

logo

North America Agricultural Tractors Market Size (2024 - 2029)

The North American agricultural tractor market is experiencing growth driven by advancements in farm mechanization and technology. The region, particularly the United States and Canada, benefits from large farm sizes and a high level of mechanization, which enhances productivity and reduces operational hazards. The market's expansion is supported by the increasing adoption of modern technologies, such as driverless tractors equipped with GPS and electronic sensors. This technological progression, along with the focus on research and innovation by key players, is crucial for addressing food security concerns and enhancing farm income, solidifying North America's position as a leading market for agricultural tractor technologies.

Home Market Analysis Agriculture Research Agricultural Machinery and Technology Research Agriculture Equipment Research Tractors Research Agricultural Tractor Research North America Agricultural Tractors Machinery Market Market Size

Market Size of North America Agricultural Tractors Industry

North America Agricultural Tractors Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 16.39 Billion
Market Size (2029) USD 21.32 Billion
CAGR (2024 - 2029) 5.40 %
Market Concentration High

Major Players

North America Agricultural Tractors Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Agricultural Tractors Market Analysis

The North America Agricultural Tractors Market size is estimated at USD 16.39 billion in 2024, and is expected to reach USD 21.32 billion by 2029, at a CAGR of 5.40% during the forecast period (2024-2029).

Farm mechanization such as tractors provides numerous advantages, including reduced time and labor requirements, decreased long-term crop production costs, minimized post-harvest losses, and increased crop yields and farm income. North America has emerged as the largest market for tractor technologies, primarily due to the rapid adoption of modern equipment in developed countries, facilitated by larger farm sizes and increased farmer awareness.

Despite agriculture's significance to the regional economy, the sector has experienced a substantial decline in employment, resulting in an annual labor shortage crisis. World Bank data indicates that employment in agriculture as a percentage of total employment in the United States decreased by 0.04%, reaching 1.62% in 2022. This labor shortage has led to increased wage rates, subsequently driving demand for farm tractors and contributing to market growth during the forecast period.

The growing need for sustainable farm operations has fueled demand for advanced and efficient tractors in recent years. According to the Association of Equipment Manufacturers (AEM), total farm tractor sales in the United States reached 250,265 units in 2023. Notably, sales of 4WD tractors increased by 31.7%, from 3,466 units in 2022 to 4,564 in 2023.

Government programs in North America have played a crucial role in promoting agricultural mechanization. These initiatives provide support and financing for purchasing agricultural tractors, as well as training for tractor operators. For instance, in March 2022, the Government of Canada invested over USD 860,000 in agricultural machinery innovation and technology to address industry challenges. These projects support Canadian agricultural technology companies in developing effective farm tractor solutions aimed at reducing waste, conserving resources, and improving efficiency.

North America Agricultural Tractors Industry Segmentation

A tractor is a type of agricultural vehicle used in farm operations to pull farm equipment and supply the energy required for that equipment to function. The North American agricultural tractor machinery market is segmented by type (below 40 HP, 40-100 HP, above 100 HP, and 4 WD farm tractors) and geography (United States, Canada, Mexico, and the Rest of North America). The report offers the market size and forecasts for volume in (Units) and value in (USD) for all the above segments.

Type
Below 40 HP
40-100 HP
Above 100 HP
4 WD Farm Tractors
Geography
United States
Canada
Mexico
Rest of North America
Need A Different Region Or Segment?
Customize Now

North America Agricultural Tractors Market Size Summary

The North American agricultural tractor market is experiencing significant growth, driven by advancements in farm mechanization and the adoption of sophisticated agricultural machinery. This evolution has led to increased productivity, improved product quality, and reduced operational hazards. The region, particularly the United States and Canada, benefits from large farm sizes and a high level of mechanization, making it a leading market for tractor technologies. The shift towards precision farming systems and GPS-controlled machinery is further propelling the market, as farmers seek to enhance efficiency and crop output. The demand for tractors with higher engine power is particularly strong, with major industry players like Deere & Company, AGCO Corp., and CNH Industrial NV focusing on integrating advanced technologies into their products.

The market's expansion is also fueled by labor shortages in agriculture, prompting farmers to adopt mechanization as a substitute for manual labor. Rising real wages for farm workers and a significant farm labor deficit in countries like Canada are contributing to this trend. The North American agricultural tractor market is characterized by a few dominant players who are investing in research and development, strategic partnerships, and technological innovations to maintain their competitive edge. These companies are enhancing product features, offering competitive pricing, and expanding their distribution networks to meet the evolving needs of farmers. Collaborations, such as John Deere's partnership with Microsoft and CNH Industrial's alliance with Monarch Tractor, highlight the industry's focus on sustainability and innovation, aiming to advance farming operations and achieve zero-emissions farming.

Explore More

North America Agricultural Tractors Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Adoption of Farm Mechanization and Shortage of Labor

      2. 1.2.2 Increasing Demand for Food Due to Population Growth

      3. 1.2.3 Government Support and Initiatives

    3. 1.3 Market Restraints

      1. 1.3.1 High Initial Investment and Maintenance Costs

      2. 1.3.2 Security Concerns in Modern Farming

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Below 40 HP

      2. 2.1.2 40-100 HP

      3. 2.1.3 Above 100 HP

      4. 2.1.4 4 WD Farm Tractors

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Mexico

      4. 2.2.4 Rest of North America

North America Agricultural Tractors Market Size FAQs

The North America Agricultural Tractors Market size is expected to reach USD 16.39 billion in 2024 and grow at a CAGR of 5.40% to reach USD 21.32 billion by 2029.

In 2024, the North America Agricultural Tractors Market size is expected to reach USD 16.39 billion.

North America Agricultural Tractor Machinery Market Report Snapshots

Agricultural Tractor Market In North America Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)