North America Agricultural Tractors Market Trends/Analysis, 2021-2022 & 2027 - Replacing Existing Machinery with Innovative Machinery is Expected to Generate Higher Demand - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "North America Agricultural Tractors Market Size, Share & Industry Trends Analysis Report By Driveline Type, By Engine Power, By Country and Growth Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The North America Agricultural Tractors Market is expected to witness market growth of 3.3% CAGR during the forecast period (2021 2027).

The US market dominated the North America Agricultural Tractors Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $12,042.5 million by 2027. The Canada market is estimated to grow at a CAGR of 5.7% during (2021 - 2027). Additionally, The Mexico market is expected to witness a CAGR of 4.8% during (2021 - 2027).

Population growth, water scarcity, a scarcity of arable land, and the loss of land fertility are all factors driving up consumer demand for food. In relation to meeting consumer demand, the agriculture industry has a number of challenges in terms of food production. Due to rapid industrialization, the majority of agricultural land around urban and rural communities is used for commercial purposes. This is mostly due to population migration from rural to urban areas.

Recently, the trends in the modern agricultural tractor industry to replace existing machinery with innovative machinery is expected to generate higher demand for agricultural tractors. To boost efficiency, self-driving or driverless tractors replace the drivers with multiple hardware and software components. Self-driving tractors reduce human effort while increasing productivity.

Traditionally, farming has been a labor-intensive form of agriculture. Farmers are highly deploying agricultural technology, particularly tractors, as a substitute for manual labour. According to the World Bank statistics, the agriculture sector employed 1.5 percent of the total workforce in the United States in 2019, up from 1.4 percent in 2016.

According to the Canadian Agriculture Human Resource Council, Canada's farm labor shortage is predicted to increase to 123,000 workers by 2029, accounting for one out of every three positions, as shortages continue to wreak havoc on the sector's bottom line. The rapid contraction of farm labor has boosted the tractor market, resulting in increased demand for tractors in the region.

Moreover, farming technologies have advanced dramatically as a result of changing industry trends that have led to the creation of more advanced agricultural technology. Sales of agricultural tractor machinery are driven by increased farm consolidation, a broad production base, and increased government assistance through subsidies.

Therefore, these factors are estimated to open new growth avenues for the players operating in the regional Agricultural Tractors Market during the forecasting period.

Key Market Players

• AGCO Corporation
• CNH Industrial N.V.
• Deere & Company
• CLAAS KGaA mbH
• Escorts Ltd.
• International Tractors Ltd.
• Yanmar Co., Ltd.
• Kubota Corp.
• Mahindra & Mahindra Ltd.
• Tractors and Farm Equipment Ltd.

Scope of the Study

By Driveline Type

• Two-wheel Drive
• Four-wheel Drive

By Engine Power

• Less than 40 HP
• 41 to 100 HP
• More than 100 HP

By Country

• US
• Canada
• Mexico
• Rest of North America

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