Agricultural Tractors Market Demand To Reach 4,968 Thousand Units By 2030: Grand View Research, Inc.
Read 100 page market research report, "Agricultural Tractors Market Size, Share & Trends Analysis Report By Engine Power (Less Than 40 HP, 41 To 100 HP), By Driveline Type (2WD, 4WD), By Region (Asia Pacific, North America), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
In addition, increased demand for mini-compact tractors is likely to drive market growth over the forecast period. Also, the integration of sophisticated technology, such as Light Detection and Ranging (LiDAR) and Global Positioning System (GPS), and telematics coupled with the rising popularity of compact tractors are presumed to drive the market growth over the next few years. Increasing demand for medium horsepower (40 to 100 HP) tractors is likely to grow over the next few quarters of 2022.
It is attributed to greater convenience for farmers to operate in compact spaces and provide a better operational experience on different terrain. However, Original Equipment Manufacturers (OEMs) are witnessing supply chain disruptions, which may hamper the market growth. In addition, semiconductor shortages are likely to have production delays. Thus, new agricultural tractor sales are likely to see delayed delivery schedule, thereby hindering the market growth. The international commodity prices of base metals directly influence this market. A rise in raw materials costs of steel, aluminum, and others is likely to increase the price of agricultural tractors, which will eventually impact the market demand. The trend is expected to continue till Q4/2022. As a result, OEMs are expected to increase product prices by 22% in 2022. Such challenges may hinder the demand over the forecast period.
Market Segmentation:
Grand View Research has segmented the global agricultural tractors market based on engine power, driveline type, and region:
List of Key Players of Agricultural Tractors Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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