Latin America Agricultural Tractor Market Size & Outlook
Latin America agricultural tractor market, 2018-2030 (US$M)
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Latin America agricultural tractor market highlights
- The Latin America agricultural tractor market generated a revenue of USD 3,689.0 million in 2023.
- The market is expected to grow at a CAGR of 6.7% from 2024 to 2030.
- In terms of segment, more than 100 hp was the largest revenue generating engine power in 2023.
- 41 to 100 Hp is the most lucrative engine power segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 3,689.0 million |
| Market revenue in 2030 | USD 5,796.5 million |
| Growth rate | 6.7% (CAGR from 2023 to 2030) |
| Largest segment | More than 100 hp |
| Fastest growing segment | 41 to 100 Hp |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Less than 40 Hp, 41 to 100 Hp, More than 100 Hp |
| Key market players worldwide | AGCO Corp, CNH Industrial NV, Deere & Co, CLAAS, Kubota Corp, Mahindra & Mahindra Ltd DR, International Tractors Ltd, Yanmar, Escorts, Tractors and Farm Equipment |
Other key industry trends
- In terms of revenue, Latin America region accounted for 3.5% of the global agricultural tractor market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 26,559.3 million by 2030.
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Agricultural Tractor Market Scope
Agricultural Tractor Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America agricultural tractor market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to agricultural tractor market will help companies and investors design strategic landscapes.
More than 100 hp was the largest segment with a revenue share of 36.79% in 2023. Horizon Databook has segmented the Latin America agricultural tractor market based on less than 40 hp, 41 to 100 hp, more than 100 hp covering the revenue growth of each sub-segment from 2018 to 2030.
The Latin America agricultural tractors market has experienced significant growth, shaped by a confluence of factors that are reshaping the agricultural landscape in the region. Mechanization of farming practices has been a key driver, with tractors playing a pivotal role in enhancing efficiency and productivity.
Major market players, including AGCO Corporation, CNH Industrial, and Deere & Company, have introduced advanced tractor models tailored to meet the diverse needs of farmers in Latin America.
Increasing urbanization and growing population have intensified the demand for food, increasing pressure on farmers to adopt more efficient and modern agricultural practices. Governments across Latin American countries have implemented policies and subsidies to support the agriculture sector, fostering a favorable environment for the growth of the tractors market.
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Our clientele includes a mix of agricultural tractor market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America agricultural tractor market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America agricultural tractor market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America agricultural tractor market size, by country, 2018-2030 (US$M)
Latin America Agricultural Tractor Market Outlook Share, 2023 & 2030 (US$M)
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