Global Tractor Market 2026

MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
2016 – 2026
GLOBAL TRACTOR MARKET
FORECAST & OPPORTUNITIES

2
Scope of Report
Type of Interest (POI): Tractor
Review Period
2016 – 2019
Base Year
2020
Estimated Year
2021
Forecast Period
2022 – 2026
Year Range
TRACTOR MARKET DRIVE TYPE
REGION
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
• 2-Wheel Drive
• 4-Wheel Drive
A tractor is referred to tractor head which has a heavy duty towing engine designed to transport cargo. A
tractor head vary in size, power, and configuration and are majorly powered by diesel engines, followed by
gasoline, CNG, Electric & hybrid engines.
Market Segmentation
• Under 40 HP
• 40 HP & Under 100 HP
• 100 HP & Above
POWER OUTPUT
APPLICATION
• Agriculture
• Non-Agriculture

3
Ta b l e o f C o n t e n t s
S. No. Contents Page No.
1. Product Overview (Definition of product and major terminologies used in the report)
2.
Research Methodology (Detailed description of the methodology used to conduct the research,
Raw data backup, list of all secondary sources, List of respondents for primary surveys)
3. Executive Summary (This chapter covers summary of the complete study.)
4. Voice of Customer
4.1. Factors Influencing Purchase Decision
4.2. Influencer of Purchase
4.3. Unaided/Aided Brand Recall
4.4. Brand Satisfaction Level
5.
Global Tractor Market Outlook, 2016-2026F (This chapter includes a brief overview of the
product of interest market such as total market’s growth rate, expected growth rate, key growth
levers, leading region, top grossing product types, etc. It includes more of a qualitative
information about the market.)
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Power Output (Under 40 HP, 40 HP & Under 100 HP and 100 HP & Above)
5.2.2. By Drive Type (2-Wheel Drive & 4-Wheel Drive)
5.2.3. By Application (Agriculture & Non-Agriculture)
5.2.4. By Company
5.2.5. By Region
5.3. Product Market Map(By Drive Type)
Table of Contents

4
6. Asia-Pacific Tractor Market Outlook
6.2.4. By Country
6.4. Asia-Pacific: Country Analysis
6.4.1. India Tractor Market Outlook
6.4.1.1. Market Size & Forecast
6.4.1.1.1. By Value & Volume
6.4.1.2. Market Share & Forecast
6.4.1.2.1.
By Power Output (Under 40 HP, 40 HP & Under 100
HP and 100 HP & Above)
6.4.1.2.2. By Drive Type (2-Wheel Drive & 4-Wheel Drive)
6.4.1.2.3. By Application (Agriculture & Non-Agriculture)
6.4.1.3. Product Market Map(By Drive Type)
Table of Contents

5
6.4.2. China Tractor Market Outlook
6.4.2.2.1.
6.4.3. Japan Tractor Market Outlook
6.4.3.2.1.
Table of Contents

6
6.4.4. Australia Tractor Market Outlook
6.4.4.2.1.
7. Europe Tractor Market Outlook
7.2.4. By Country
7.4. Europe: Country Analysis
Table of Contents

7
7.4.1. Turkey Tractor Market Outlook
7.4.1.2.1.
7.4.2. Germany Tractor Market Outlook
7.4.2.2.1.
Table of Contents

8
7.4.3. France Tractor Market Outlook
7.4.3.2.1.
7.4.4. Italy Tractor Market Outlook
7.4.4.2.1.
Table of Contents

9
7.4.5. United Kingdom Tractor Market Outlook
7.4.5.2.1.
7.4.6. Spain Tractor Market Outlook
7.4.6.2.1.
Table of Contents

10
7.4.7. Portugal Tractor Market Outlook
7.4.7.2.1.
7.4.8. Belgium Tractor Market Outlook
7.4.8.2.1.
Table of Contents

11
7.4.9. Austria Tractor Market Outlook
7.4.9.2.1.
8. North America Tractor Market Outlook
8.2.4. By Country
8.4. Europe: Country Analysis
Table of Contents

12
8.4.1. United States Tractor Market Outlook
8.4.1.2.1.
8.4.2. Canada Tractor Market Outlook
8.4.2.2.1.
Table of Contents

13
8.4.3. Mexico Tractor Market Outlook
8.4.3.2.1.
9. South America Tractor Market Outlook
9.2.4. By Country
9.4. South America: Country Analysis
Table of Contents

14
9.4.1. Brazil Tractor Market Outlook
9.4.1.2.1.
9.4.2. Argentina Tractor Market Outlook
9.4.2.2.1.
Table of Contents

15
10. Middle East & Africa Tractor Market Outlook
10.2.4. By Country
10.4. Middle East & Africa: Country Analysis
10.4.1. South Africa Tractor Market Outlook
10.4.1.2.1.
Table of Contents

16
10.4.2. Kenya Tractor Market Outlook
10.4.2.2.1.
10.4.3. Saudi Arabia Tractor Market Outlook
10.4.3.2.1.
Table of Contents

17
11. Impact of COVID-19 on Global Tractor Market
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
14. Pricing Analysis
16. Competitive Landscape
14.1. Competition Outlook
14.2. Company Profiles
14.2.1. Company Details
14.2.2. Products & Services
14.2.3. Financials (As Reported)
14.2.4. Key Market Focus & Geographical Presence
14.2.5. Recent Developments
14.2.6. Key Management Personnel
15. Strategic Recommendations
16. About Us & Disclaimer
Table of Contents

19
Research Methodology
✓ Identifying Key Opinion
Leaders
✓ Questionnaire Design
✓ In-depth Interviews
Data
Collection
Developing List
of Respondents
Formulating
Questionnaire
Market
Profiling
Data
Validation
Data
Analysis
In-depth secondary
research was conducted to
determine top players in
the global tractor market,
overall market size and
segmental market size.
In order to conduct
industry experts’
interviews, TechSci
formulated a detailed
discussion guide.
List of industry
players and industry
specialists was
developed.
TechSci conducted
interviews with
industry experts and
industry players for
data collection and
verification.
Data obtained as a
result of primary
and secondary
research was
validated through
rigorous
triangulation.
The data was scrutinized
using MS-Excel, statistical
tools and internal
proprietary database to
obtain qualitative and
quantitative insights about
the global tractor market.
Data
Collection
Data Filter
& Analysis
Research &
Intelligence
Actionable
Insights
Business
Solution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing
Aspects/Dynamics
✓ Government Policies
✓ Final Conclusion
✓ Market Participants
✓ Key Strengths
✓ LinkedIn
✓ TechSci Internal
Database
✓ Factiva
✓ Hoovers
Paid Sources
✓ Company Websites
✓ Company Annual
Reports
✓ White Paper Study
✓ Financial Reports
✓ Investor
Presentations
✓ Regulatory Body
✓ Associations, etc.
Secondary
Research
Primary Research

20
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of global tractor market. The team has analyzed the
outlook of various segments of this market, while considering the major influencing factors such as surging demand for agricultural products,
increasing consumer inclination towards small-sized tractors. The study includes market forecasting, which would enable our clients to take
better decisions while planning their strategy to achieve sustainability in global tractor market.
Methodology Followed for Calculation of Market Size:
• Market Size by Value and Volume: Market size, in terms of value and volume, for the year 2020 was calculated based on information
collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as tractor
manufacturer and supplier companies, channel partners, market influencers & end users, industry experts, and other industry participants.
• The team interviewed more than 15 – 20 tractor manufacturers, supplier and distributor companies, 45 – 50 channel partners, 80 – 100 end
users, and 15 – 20 industry experts and other value chain stakeholders in the global tractor market to obtain the overall market size from
2016 to 2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out,
to arrive at the market size data during 2016-2020.

21
• Respondents were asked about the current and future market growth rates, market shares by power output, by drive type, by region and by
company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across
various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further
triangulated from other stakeholders.
Methodology Followed for Calculation of Market Shares:
Market shares shares by power output, by drive type, by region and by company were calculated based on the responses received through
primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various
segments of tractor market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders
after eliminating the outliers.
Methodology Followed for Forecasting:
• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in
SPSS/Tableau Software.
• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global
tractor market, TechSci Research used various forecast techniques such as:
✓ Moving Average
✓ Time Series Analysis
✓ Regression Analysis
✓ Econometric and Judgmental Analysis

22
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research
also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It
should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the
United States Dollar (USD), with the market size indicated in USD million.
Partial List of Companies Interviewed Key Secondary Sources
▪ Mahindra & Mahindra Ltd.
▪ Deere & Co. (John Deere)
▪ Tractors & Farm Equipments Ltd.
▪ Sonalika International Tractors Ltd.
▪ Escorts Ltd.
▪ Kubota Corporation
▪ CNH Industrial N.V. (New Holland)
▪ AGCO Group
▪ YTO Group (Dongfanghong)
▪ Dongfeng Agricultural Machinery Group Co.,
Ltd
▪ World Bank
▪ TechSci Research Proprietary Database & Knowledge
Repository
▪ Company Annual Reports
▪ Industry Magazines
▪ Industry Reports
▪ News Dailies
▪ Credible Paid Databases

23
Industry Brief
According to TechSci Research report, “Global Tractor Market By Power Output (Under 40 HP, 40 HP - Under 100 HP and 100 HP & Above), By Drive Type (Two-Wheel Drive & Four-Wheel Drive),
By Application (Agriculture & Non-Agriculture), By Region, Competition Forecast & Opportunities, 2016-2026F”, the global tractor market is anticipated to grow at a robust growth rate of 4.96% during
the forecast period, owing to the booming demand of agriculture products and increasing mechanization in agricultural industry. The global tractor market is expected to reach 2.80 million units till
2026. India, being the largest tractor producer and market in the world, is expected to reach 1.27 million units till 2026. According to the laid-out Union Budget, the Government of India is planning to
improve farm productivity and mechanization of agricultural practices, strengthen farmers’ income to ease the purchasing of tractors to sustain the growth in the country. China is the second largest
tractor market in the world. According to the National Bureau of Statistics, in 2020, China produced 669.49 million tons of grain which was an increase of 5.65 million as compared to 2019 statistics.
In the country, the wheat output also increased by 0.5%, soybean production edged up 8.3%, and rice output grew by 1.1%. All these hiked agricultural domestic as well as export demands have
increased the mechanization and utilization of tractors in the field, as a result an increase in tractor demand has been observed. To cope with such increasing agricultural demand of rising population,
tractor market is susceptible to withstand a robust growth in the forecast period.
The global tractor market is classified on the basis of application type, by power output, by drive type, and by region. Based on application type, the market is segmented into agriculture and non-
agricultural purposes. Tractors are designed to perform as all-purpose farming equipment for plowing, tilling, planting, etc. and hence is majorly used for such purposes. On the other hand, due to
limited application of tractors in heavy construction, mining, and logistics industries, they hold a small share in non-agricultural purposes but increased usage of tractors in domains such as haulage in
light construction and infrastructure projects, will further increase demand of tractors in the forecast period. In terms of engine power output, the tractor market is segmented in three categories. First,
rated engines under 40HP, secondly the tractors with rated engines of 40HP but below 100HP and lastly, tractors with rated engine of 100HP & above. On the basis of drive type, the market is
segmented among two-wheel drive and four-wheel drive. Tractors are significantly used or purchased by rural authorities/associations or farmers. For such communities, price of a tractor is a very
significant factor of making a purchase decision, and on the other hand, utilization & performance of machine for their all-round purposes are considered by them while making a purchase. Tractors
of engines with rated power output of 40HP to below 100HP and of two-wheel drive are most suitable to the consumers due to being relatively inexpensive as well as heavy enough to perform
mentioned farming activities and hence are in most demand all over the globe. However, with increasing utilization of tractor in heavy construction as well as large scale farming activities are aiding
the sales of heavy tractors with four-wheel drive and rated engine output of above 100HP.
In addition to that, by region, the market is distributed into Asia-Pacific, North America, Europe, South America, and Middle East & Africa. India and China are one of the largest exporters of Rice.
China has 7% of the arable land and with that, they feed 22% of the world’s population. Around 58% of Indian population is indulged in agricultural activities, the country has a total 96-million-hectare
irrigated area. Both the countries are the largest wheat producers in the world. Hence, to withstand such enormous agricultural needs, tractor demand in these countries is the most. Tractor market in
these two countries is expected to grow at a robust rate to reach around 1.30 million units cumulatively till 2026.
Due to the implementation of lockdown to prevent the spread of the COVID-19 pandemic, sales of tractors in the end of first quarter and in the starting month of second quarter slightly declined in
most of the countries. However, a very strong agricultural & food demand was followed afterwards in the remaining year of 2020, driving the year’s performance to a positive trend. India and China
witnessed a massive increase of 10.94% and 53.12% in 2020 as compared to 2019 sales. Nevertheless, some of the countries including Japan, France, Italy, United Kingdom, Spain, Belgium, etc.
witnessed a degrowth in the year 2020, mainly due to contraction of production units and halt on international trade. However, the market is seen to be recovering at a good pace and is expected to
overcome in the 2021-2022 period. Hence, giving positive outlook to the market eventually.
Mahindra & Mahindra Ltd. holds the largest share in global tractor market, followed by Deere & Co. (John Deere) and Tractor & Farm Equipments Ltd., which holds double-digit shares individually.
Other international leaders of the market are Sonalika International Tractors Ltd., Escorts Ltd., Kubota Corporation, CNH Industrial N.V, AGCO Corporation (with subsidiary brands: Massey
Fergusson, Valtra & Fendt), Case IH, CLAAS KGaA mbH, YTO Group (Dongfanhong), Deutz-Fahr GmbH, Dongfeng Agricultural Machinery Group Co., Ltd., etc. which holds single-digit shares.
“Mahindra & Mahindra Ltd. dominated the market in the year 2020, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive
technological demands of their customers as well as withstanding government’s safety and emission norms. The demand for tractors is anticipated to increase globally in the coming years, on
account of increased needs of mechanized farming and growing government’s focus on strengthening agriculture industry and improving productivity.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.

24
Sample Data - Snapshot
Global Tractor Market Size, By Value (USD Million) & By Volume (Million Units), 2016–2026F
5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00
10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00
2016 2020 2021E 2026F
By Value (USD Million)
By Volume ( Million Units)
CAGR By Value & Volume
XX%
CAGR By Value & Volume
YY%
Global Tractor Market Share, By Power Output, By Volume, 2016–2026F
33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
100 HP & Above
Under 40 HP
40 HP & Under
100 HP
Europe Tractor Market Share, By Drive Type, By Volume, 2016–2026F
50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
2-Wheel Drive
4-Wheel Drive

25
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Report Name: GLOBAL TRACTOR MARKET
FORECAST & OPPORTUNITIES
2016 – 2026
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The
proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,
accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers
reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or
omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this
report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market
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