Market Size of North America Agricultural Tractors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 16.39 Billion |
| Market Size (2029) | USD 21.32 Billion |
| CAGR (2024 - 2029) | 5.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Agricultural Tractors Market Analysis
The North America Agricultural Tractors Market size is estimated at USD 16.39 billion in 2024, and is expected to reach USD 21.32 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).
- With changing industry trends and the development of more sophisticated agricultural machinery, farming methods have taken a giant leap forward. Farm mechanization increased productivity, improved the quality of the product, and reduced the hazards of operations. However, with developing technology in the future, driverless tractors, which use GPS maps and electronic sensors, may come into play. The United States and Canada are the major markets in the region due to large farm sizes and the adoption of high mechanization.
- Farm mechanization saves time and labor, cuts down crop production costs in the long run, reduces post-harvest losses, and boosts crop output and farm income. Larger farms and awareness among farmers lead to the quick adoption of modern technologies in developed countries compared to developing nations. This factor makes North America the largest market for tractor technologies.
- The increasing benefits of tractors and food security concerns across the world are paving the way for the agricultural tractor market. The increasing focus on research, innovations, and partnerships to develop advanced technologies by key market players leads to the market's growth in the region.
