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rise in the wages of agricultural laborers has led farmers to focus on adopting modern methods of farming, thereby driving the growth of the tractor market.
WASHINGTON, DE, UNITED STATES, November 21, 2024 /EINPresswire.com/ -- According to a new report by Allied Market Research, titled "𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐓𝐫𝐚𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 by Power Output, Drive Type, and Application: Opportunity Analysis and Industry Forecast, 2022–2031," the North America tractor market, valued at $16.7 billion in 2021, is projected to reach $23.2 billion by 2031, growing at a CAGR of 3.2%.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/A74457
Tractors play a crucial role in enhancing agricultural productivity by reducing the time and labor required for operations. Advancements in technology, such as the implementation of automatic and semi-automatic machinery, are driving market growth by increasing crop production and reducing downtimes. The rising demand for tractors in plowing, planting, and other agricultural activities contributes significantly to market expansion. Additionally, easy access to financing and high tractor usage in applications like row crops, orchards, and gardens are further fueling growth.
The North America tractor market is segmented by power output, drive type, application, and country. The 30-50 HP segment dominated the market in 2021, while the 2-wheel drive segment led by drive type, and agriculture applications held the largest market share.
The COVID-19 pandemic initially impacted the market by halting operations, disrupting supply chains, and limiting labor availability. However, with the gradual recovery and introduction of vaccinations, key market players are quickly regaining momentum.
By Key Market Players
AGCO Corporation
ARGO SpA
CNH Industrial N.V
Class Group
Deere & Company
Deutz-Fahr
Kubota Corporation
Sonalika International
Mahindra and Mahindra Ltd
YANMAR
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/A74457
Key Findings:
The 30-50 HP power output segment dominated in 2021, with the >100 HP segment expected to grow significantly.
The construction, mining, and logistics segment is projected to grow at a higher CAGR.
Mexico is expected to register the highest growth rate in the coming years.
Major players are focusing on product innovation and strategic acquisitions to expand their market share.
The report offers comprehensive insights into the North America tractor market's trends, competitive landscape, and growth opportunities, with projections up to 2031.
David Correa
Allied Market Research
+1 800-792-5285
email us here
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