North America's wheeled tractor machinery market is valued at USD 14.64 billion in 2023 and is anticipated to reach a valuation of USD 15.48 billion in 2024 from USD 24.19 billion by 2032, growing at a CAGR of 5.74% during the forecast period from 2024 to 2032.
A tractor is an engineering vehicle used in farming, designed to deliver high torque at slow speeds. Tractors are widely used in farming and even outside agricultural farms for other purposes. The tractors used for agricultural purposes contribute to the largest segment of the agricultural machinery market.
In North America, tractors are employed by farmers for agricultural as well as non-agricultural activities. Due to improvements in efficiency and effortless farming with the help of tractors, farmers are resorting to it. Increasing demand from emerging economies, where agriculture is a major revenue-creating sector, along with government support like subsidies provided for farming purchases, are fuelling the growth of the market. Some of the wheeled tractors cannot be used on rough lands, due to which farmers are resorting to other advanced machinery, constraining the sales and, thus, the market growth.
Orchard, utility, and row crop tractors are most extensively used all around the world and account for the largest share of the market.
Mahindra & Mahindra, Deere and Company, AGCO tractor, CNH Global NV, Massey Ferguson, Farmtrac Tractor, Escorts, Foton Loval, Goldani, Kukje, Lindner, L S Mtron, Machinery and Industrial Group NV, Shibaura, Tractorul UTB, VST Tillers, are some of the major market key players involved in the North America wheeled tractor machinery market.
Frequently Asked Questions
As of the latest available data, the North American wheeled tractor machinery market is estimated to be valued at 14.64 billion in 2023 and is expected to grow at a CAGR of 5.74% during the forecast period.
The United States and Canada are the primary drivers of demand for wheeled tractor machinery in North America, owing to the extensive agricultural activities in these countries.
Trends such as the adoption of precision agriculture, advancements in autonomous tractor technology, and the integration of telematics systems are shaping the wheeled tractor machinery market in North America.
Government subsidies in the United States, aimed at supporting the agricultural sector, positively influence the sales of wheeled tractor machinery by making them more affordable for farmers.
In Canada, wheeled tractor machinery is particularly in demand for the cultivation of crops such as wheat, canola, and barley, contributing to the overall market growth.
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