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United States Tractors Market Report (2022 to 2028) - Featuring John Deere, AGCO and Kubota Among Others

·8-min read
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U.S. Tractors Market

U.S. Tractors Market
U.S. Tractors Market

Dublin, Sept. 09, 2022 (GLOBE NEWSWIRE) -- The "U.S. Tractors Market - Industry Analysis & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

In 2021, the less than 50 HP segment accounted for the largest share due to its compact size and flexible operational capabilities.

North America accounts for almost 11% of the global agriculture tractor market in terms of volume. In North America, the United States represents a high level of farm mechanization. The U.S. is a global leader in agriculture exports. Despite its high population density, the country has more than half of its area under agricultural land, covering more than 900 million acres.

The region has been increasing its production capacity to feed the ever-growing population. This increase can be attributed to the fact that the country's farmers have started to adopt farm mechanization practices and are improving their crop production by reducing the yield gap. The region has witnessed a massive increase in farm mechanization, both in terms of agricultural and industrial productivity, over the past four decades, driven by the technological renaissance.

The government is also creating strategies to enhance the welfare of farmers by converting agriculture into a viable activity by paving the way for new machinery purchases. The awareness about advanced agriculture equipment to improve per hectare yield, reduce the overall cost of crop production, and increase the income-centric inclination of farmers is boosting the sale of new machinery in the country.

Key Highlights

  • The Agriculture Tractor Market in the country grew by 17.7% in 2020 compared to 2019. The increase in crop production and tractor sales was due to favorable monsoon rains in 2020 and 2021, which helped to recover post-COVID-19 pandemic.

  • The Government schemes and initiatives to facilitate credit and improve agriculture-related operations are the major drivers contributing to the growth of the overall value chain.

  • The United States exports agricultural products to developing countries such as China, where the food demand is relatively high due to its population. Therefore, the farm's income in the country is relatively more robust than in other parts of the world.

  • In 2020, almost $4 billion worth of tractors were exported from the US, accounting for nearly 8.7% of worldwide exports. Canada, Australia, and Germany were the top export markets for tractors in 2021.

  • In 2021, US-based manufacturer Solectrac announced the launch of its new 70 HP, 60 kWh electric tractor. Specially designed for heavy-duty farm and vineyard operations. The machine can run for up to eight hours on a single charge with a 60-kWh battery.

Market Trends & Opportunities

  • Agriculture has long been a significant source of income for the country's economy, and the government has been sustaining and empowering farmers. The government also launched several policies and missions to help farmers by providing them with financial assistance, better infrastructure, competitive crop prices, loan waivers, and subsidies such as USDA assistance and Agricultural loans.

  • The production of tractors for export accounts for a considerable share of the country. In 2020, almost $4 billion worth of tractors were exported from the US.

  • Increasing the number of technologically advanced tractors and implements is the solution to save money and time and increase yields. The government is keen on increasing the farm mechanization rate among farmers, boosting the demand and sales of new machines and equipment.

  • The corporations in the country are enabling small and medium-scale farmers to buy agricultural machinery for their farms on credit. Among the agriculture machinery, tractors represent more than 55% of the total machinery sold in the US.

  • Electric tractors are widely used in the industry for various indoor and outdoor applications. The rising trend of automation and increasing environmental concerns will accelerate growth. Farmers in developed countries are looking for these machines to reduce the cost of fuel and replace them with their standard machines.

Key Questions Answered:
1. What is the growth rate of the U.S. tractors market?
2. What are the expected units sold in the U.S. tractors market by 2028?
3. Who are the key players in the U.S. tractors market?
4. Which wheel drive holds the highest market shares in the U.S. region?
5. Which companies dominate the U.S. tractors market share?

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Report Highlights
7.1 Report Coverage in Terms of Data

8 Introduction
8.1 Overview
8.2 Increasing Adoption of Precision Farming
8.3 Government Support to Farmers
8.4 Role of Mechanization in the Agriculture Sector
8.5 Agricultural Land Holding Structures
8.6 Import & Export Analysis
8.7 Technological Advancements
8.8 Impact of COVID-19

9 Market Landscape
9.1 Market Overview
9.1.1 Major Labor Shortages in the Agriculture Sector
9.2 Market Size & Forecast

10 Horsepower
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Less Than 50 Hp
10.3.1 Market Overview
10.3.2 Market Size & Forecast
10.3.3 Less Than 50 Hp Agricultural Tractor Market by Region
10.4 50-100 Hp
10.4.1 Market Overview
10.4.2 Market Size & Forecast
10.4.3 50-100 Hp Agricultural Tractor Market by Region
10.5 Above 100 Hp
10.5.1 Market Overview
10.5.2 Market Size & Forecast
10.5.3 Above 100 Hp Agricultural Tractor Market by Region

11 Drive Type
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 2-Wheel-Drive
11.3.1 Market Overview
11.3.2 Market Size & Forecast
11.3.3 2-Wheel-Drive Agricultural Tractor Market by Region
11.4 4-Wheel-Drive
11.4.1 Market Overview
11.4.2 Market Size & Forecast
11.4.3 4-Wheel-Drive Agricultural Tractor Market by Region

12 Region
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Northeast
12.3.1 Market Overview
12.3.2 Market Size & Forecast
12.3.3 Market by Horsepower
12.3.4 Market by Drive Type
12.4 Midwest
12.4.1 Market Overview
12.4.2 Market Size & Forecast
12.4.3 Market by Horsepower
12.4.4 Market by Drive Type
12.5 South
12.5.1 Market Overview
12.5.2 Market Size & Forecast
12.5.3 Market by Horsepower
12.5.4 Market by Drive Type
12.6 West
12.6.1 Market Overview
12.6.2 Market Size & Forecast
12.6.3 Market by Horsepower
12.6.4 Market by Drive Type

13 Market Opportunities & Trends
13.1 High Local Production Capacities in the US
13.2 Development of Smart and Autonomous Tractors
13.3 Increasing Potential for Electric Tractors

14 Market Growth Enablers
14.1 Fiscal Support to Farmers Through Loans & Subsidies
14.2 Reducing Workforce Boosting Farm Mechanization
14.3 Growth in Agricultural Productivity & Exports
14.4 Socio-Demographic Changes in the US

15 Market Restraints
15.1 Climate Change Adversely Impacting Agricultural Activities
15.2 Volatility in the Cost of Raw Materials
15.3 Rising Demand for Used & Rental Tractors

16 Five Forces Analysis
16.1.1 Threat of New Entrants
16.1.2 Bargaining Power of Suppliers
16.1.3 Bargaining Power of Buyers
16.1.4 Threat of Substitutes
16.1.5 Competitive Rivalry

17 Competitive Landscape
17.1 Competition Overview
17.1.1 Recent Developments by Top Brands
17.1.2 Brand Loyalty
17.1.3 Sales & Exports

18 Key Company Profiles
18.1 John Deere
18.1.1 Business Overview
18.1.2 John Deere in the Agricultural Tractor Market
18.1.3 Product Offerings
18.1.4 Key Strategies
18.1.5 Key Strengths
18.1.6 Key Opportunities
18.2 Tafe
18.2.1 Business Overview
18.2.2 Tafe in the Agricultural Tractor Market
18.2.3 Product Offerings
18.2.4 Key Strategies
18.2.5 Key Strengths
18.2.6 Key Opportunities
18.3 Cnh Industrial
18.3.1 Business Overview
18.3.2 Cnh Industrial in the Agricultural Tractor Market
18.3.3 Product Offerings
18.3.4 Key Strategies
18.3.5 Key Strengths
18.3.6 Key Opportunities
18.4 Agco
18.4.1 Business Overview
18.4.2 Agco in the Agricultural Tractor Market
18.4.3 Product Offerings
18.4.4 Key Strategies
18.4.5 Key Strengths
18.4.6 Key Opportunities
18.5 Kubota
18.5.1 Business Overview
18.5.2 Kubota in the Agricultural Tractor Market
18.5.1 Product Offerings
18.5.2 Key Strategies
18.5.3 Key Strengths
18.5.4 Key Opportunities

19 Other Prominent Vendors
19.1 Mahindra & Mahindra
19.1.1 Business Overview
19.1.2 Product Offerings
19.2 Deutz-Fahr
19.2.1 Business Overview
19.2.2 Product Offerings
19.3 Yanmar
19.3.1 Business Overview
19.3.2 Product Offerings
19.4 Iseki
19.4.1 Business Overview
19.4.2 Product Offerings
19.5 Ace
19.5.1 Business Overview
19.5.2 Product Offerings
19.6 Sdf
19.6.1 Business Overview
19.6.2 Product Offerings
19.7 Escorts
19.7.1 Business Overview
19.7.2 Product Offerings

20 Report Summary
20.1 Key Takeaways
20.2 Strategic Recommendations

21 Quantitative Summary
21.1 Market by Horsepower
21.2 Market by Drive Type
21.3 Market by Region

22 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/nn2kwn

Attachment

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