In this blog post, we will explore the latest statistics and trends in the Agricultural Tractors industry. We will delve into key metrics such as production numbers, sales figures, market share, and technological advancements shaping the landscape of this vital sector. Stay tuned to get a comprehensive overview of the Agricultural Tractors industry statistics.
The Latest Agricultural Tractors Industry Statistics Explained
As of 2016, the global agricultural tractor market size was valued at USD 60 billion.
The statistic indicates that as of 2016, the global agricultural tractor market was estimated to be worth USD 60 billion. This value represents the total worth of all agricultural tractors sold worldwide in that year. The market size serves as a key indicator of the economic importance and scale of the agricultural machinery industry. The value of USD 60 billion reflects the substantial investment and demand for agricultural tractors across different regions and countries, highlighting the reliance on mechanized equipment for farming activities. This statistic provides valuable insights into the overall health and growth potential of the agricultural machinery sector on a global scale.
This market is forecasted to grow at a CAGR of 6% between 2017 and 2025.
This statistic indicates that the market in question is projected to experience a Compound Annual Growth Rate (CAGR) of 6% over the period spanning from 2017 to 2025. CAGR is a useful measure for assessing the year-over-year growth rate of an investment or market. In this context, it means that the market is expected to expand at a steady annual rate of 6% on average during the specified timeframe. This forecast provides insight into the expected trajectory of the market’s growth, offering valuable information for businesses, investors, and other stakeholders to make informed decisions and strategic plans.
In 2020, the Asia-Pacific region held the largest market share in the agricultural tractors market.
The statement suggests that in 2020, the Asia-Pacific region dominated the agricultural tractors market by capturing the largest share of sales compared to other regions globally. This statistic implies that a significant portion of agricultural tractor sales occurred in countries located within the Asia-Pacific region during the specified year. Factors contributing to this could include an increase in agricultural mechanization, large-scale farming operations, government policies supporting agriculture, and population growth driving demand for food production. The prominence of the Asia-Pacific region in the agricultural tractors market underscores its importance in the global agricultural industry and highlights the region’s potential as a key player in meeting the growing agricultural needs and challenges facing the world.
Based on horsepower, the 100 to 200 HP tractors segment led the agricultural tractors market in 2020.
In 2020, the agricultural tractors market was dominated by the segment consisting of tractors with horsepower falling within the range of 100 to 200 HP. This suggests that tractors with engine power in this specific range were the most popular and widely used among agricultural producers during that year. The statistic implies that these tractors were in high demand and likely met the needs of a significant portion of farmers and other stakeholders in the agricultural industry, making them a key driver in the overall market performance for that period.
The usage of tractors over 300 horsepower is projected to grow at the fastest rate globally.
The statistic “The usage of tractors over 300 horsepower is projected to grow at the fastest rate globally” indicates that there is an expected increase in the adoption and utilization of high-power tractors around the world. This growth rate suggests a significant shift towards utilizing more powerful and efficient equipment in the agricultural sector. The projection may be driven by various factors such as the need for increased productivity to feed a growing global population, advancements in technology leading to more powerful and efficient tractors, as well as the expansion of modern farming practices that demand heavy-duty machinery. This trend highlights the importance of mechanization and technological advancements in modern agriculture to improve efficiency and productivity on a global scale.
As of 2020, the global OEM market for tractors was estimated to be 2 million units.
The statistic stating that as of 2020, the global Original Equipment Manufacturer (OEM) market for tractors was estimated to be 2 million units refers to the number of tractors produced by manufacturers and sold to customers worldwide that year. This figure serves as an indicator of the level of demand and activity within the agricultural machinery industry, showing the scale of production and consumption of tractors on a global scale. The OEM market represents tractors that are produced by original manufacturers and not by resellers or aftermarket suppliers. This statistic highlights the significant role that tractors play in modern agriculture and underscores the importance of the industry in supporting food production and agricultural activities around the world.
The tractor industry in India is expected to grow at a CAGR of 10% between 2019 and 2024.
The statistic indicates that the tractor industry in India is projected to expand at a Compound Annual Growth Rate (CAGR) of 10% over the period from 2019 to 2024. This implies a steady year-over-year growth rate of 10% during this timeframe. Such growth suggests increasing demand for tractors in the Indian market, which could be driven by factors such as rising agricultural mechanization, government initiatives to boost the agricultural sector, and improving rural infrastructure. This projection can be valuable for stakeholders in the tractor industry, including manufacturers, suppliers, and investors, as it provides insight into the expected growth trajectory and market opportunities within the Indian tractor sector over the specified period.
In 2021, the demand for below 40 HP tractors is the highest in the US in terms of volume.
The statistic that the demand for below 40 HP tractors is the highest in the US in terms of volume in 2021 indicates that there is a notable preference for smaller tractors among agricultural equipment buyers in the country. This could be attributed to various factors such as the size of farms, the types of crops grown, and economic considerations. Smaller tractors are typically more affordable, easier to maneuver in smaller fields, and may be adequate for the needs of many farmers. The high demand for below 40 HP tractors suggests a trend in the US agriculture sector towards a preference for smaller, more versatile equipment that caters to the specific needs of a significant portion of farmers in the country.
2-wheel drive tractors dominated the global tractor market with a share of over 85%.
The statistic that 2-wheel drive tractors dominated the global tractor market with a share of over 85% indicates that the majority of tractors being used worldwide are those with 2-wheel drive capabilities. This suggests that farmers and agricultural workers are mostly relying on tractors that have 2-wheel drive systems for their tasks in fields and farms. The high market share of 2-wheel drive tractors could be attributed to factors such as their affordability, versatility, and suitability for a wide range of agricultural activities. This statistic highlights the significant preference and popularity of 2-wheel drive tractors among users in the global agricultural industry.
Germany contributed to over 15% of the total volume of tractor sales in Europe in 2019.
The statistic indicates that Germany accounted for a significant portion of the total tractor sales in Europe in 2019, specifically contributing to over 15% of the overall volume. This highlights Germany’s prominence in the European tractor market, showcasing that a substantial portion of tractors sold in the region were attributed to German sales. The statistic suggests that Germany plays a vital role in the tractor industry within Europe, indicating its strong presence and influence in the market compared to other countries in the region.
Compact tractors are expected to account for over 15% of the total share in terms of revenue by 2025.
This statistic implies that compact tractors are projected to become a significant portion of the total revenue within the agricultural machinery industry by the year 2025. The expectation is that compact tractors will contribute more than 15% of the total revenue generated by all types of tractors. This suggests a growing demand for compact tractors, likely due to their versatility, efficiency, and cost-effectiveness compared to larger agricultural machinery. This trend could be indicative of a shift in market preferences towards smaller and more agile equipment for farming purposes. It also highlights the potential for manufacturers and retailers to focus on developing and promoting compact tractors to capitalize on this anticipated increase in market share.
In 2019, around 221,000 units of tractors were sold in China.
The statistic that states around 221,000 units of tractors were sold in China in 2019 provides valuable insight into the agricultural machinery industry in the country during that year. This figure signifies a substantial level of demand for tractors, reflecting the importance of mechanized agriculture practices in China. The data also suggests a thriving agricultural sector with significant investments in technology and modern equipment. Analyzing this statistic further can offer deeper insights into the economic conditions, farming practices, and technological advancements within the Chinese agricultural industry in 2019.
The agricultural tractor market revenue in the U.S. amounted to approximately $13.7 billion in 2019.
The statistic indicates that the total revenue generated in the agricultural tractor market in the United States in 2019 was approximately $13.7 billion. This figure represents the total amount of money spent on agricultural tractors by American consumers and businesses during that year. The revenue serves as a key indicator of the economic activity and size of the agricultural tractor market in the U.S. in 2019, reflecting the demand for these vehicles within the agricultural sector. The statistic also suggests that agricultural tractors are a significant component of the agricultural machinery industry in the U.S., playing a crucial role in farm operations and productivity.
In 2020, the global sales volume of tractors in 2020 was approximately 2 million units.
The statistic stating that the global sales volume of tractors in 2020 was approximately 2 million units indicates the total number of tractors sold worldwide during that year. This metric portrays the level of demand for tractors within the agricultural and commercial sectors, offering insight into the industry’s overall health and activity. The figure suggests a significant market size and may reflect trends in agricultural production, mechanization, and technology adoption. Analyzing this statistic alongside other variables such as regional sales distribution, market share data, and economic indicators can provide a more comprehensive understanding of the tractor market dynamics and its implications for the broader economy.
Approximately 217,300 units of 2WD tractors were sold in the European Union in 2018.
The statistic ‘Approximately 217,300 units of 2WD tractors were sold in the European Union in 2018’ indicates the total number of 2-wheel drive (2WD) tractors that were purchased within the European Union during the specified year. This figure serves as a crucial measure of the demand for agricultural machinery in the region, reflecting the level of agricultural activity and investment in the sector. The data point provides valuable insights for stakeholders in the agricultural industry, such as manufacturers, policymakers, and farmers, enabling them to assess market trends, plan production capacities, and make informed decisions related to technology adoption and resource allocation within the agricultural sector.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.statista.com
2. – https://www.www.techsciresearch.com
3. – https://www.www.globenewswire.com
4. – https://www.www.mordorintelligence.com
5. – https://www.www.prnewswire.com
6. – https://www.researchandmarkets.com
