Market Size of South America Agricultural Tractors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Agricultural Tractor Market Analysis
The South America Agricultural Tractor market is estimated to register a CAGR of 4.5%, during the forecast period (2020-2025). The recent growth observed in the sales of tractors in South America is evident in the pace of farm mechanization in the region. While sugarcane and soybean are the major crops driving the demand for tractors in the higher HP range, the major crops that require attached machinery for spraying purposes have also induced the demand for overall tractors in the region. Furthermore, the accelerating labor cost due to the rising unavailability of farm labor has also spurred the demand in recent years. Brazil is the major market for tractors in South America. In 2015, the Brazilian government launched the agricultural credit program, Moderfrota, in order to stimulate the modernization of tractors. Deere & Company is the most significant player occupying the highest share in the tractor market in Brazil, followed by AGCO Corporation and CNH Industrial NV. Deere & Company has various manufacturing plants in Catalão, Montenegro and Horizontina, whereas CNH Industrial NV manufactures tractors in Rio Verde, Curitiba, Piracicaba, and Sorocaba. The continual product developments by these players in introducing indigenously suited farm requirements in tractors have played a pivotal role in driving the market in recent years.
