"Increasing demand for high capacity equipment and machinery in agriculture and construction industry is fueling the growth of the crawler tractors market"
Globally, the crawler tractors market is expected to grow with a CAGR of more than 7% during the forecast period from 2023 to 2030, starting from US$ 2.10 Bn in 2020. Globally, infrastructure development is at rise. This has generated demand for robust and sturdy machinery that would help conduct the activities at ease. Numerous government initiatives with an aim of upgrading the existing infrastructures generating a high demand for advanced machines in the construction sector. To conduct heavy ripping work, moving material or fine-grading, crawler tractors are perfect alternative. Moreover, growing installation & maintenance activities for the upgrade of infrastructure coupled with road construction activities are driving the need for these machines across several regions. Thus, rise in infrastructure projects and growing urbanization is expected to create positive impact on crawler tractors market. In addition to this, developments in the agricultural sector are also considered one of the primary factors contributing to the growth of this market. Advancements in the mechanical engineering industry is enabling the major players to modify the existing machinery in a way to make them even more progressive. Thus, product development and launches in this field is creating a competitive atmosphere and thus, driving market growth across various geographies. However, high cost associated with these machines, lack of skilled labor to use these big and bulky machines are likely to restrain the market growth during the forecast period.
"High HP segment is expected to Continue Dominating the Market"
By type, the crawler tractors market is segmented into high-horsepower and low horsepower tractors. High horsepower segment dominated the market by holding maximum market share on global level. Horsepower is the unit that defines the capacity of the tractor, and to achieve desirable results, high horsepower is the most adopted types of machine. Based on the working of crawler tractors, they require high capacity and longer working radius which is achieved by high HP machines, thus are used on a higher level. Based on the inputs of manufacturers, the sales of high HP crawler tractors are skyrocketing and thus contributing to the higher market size. This segment is also expected to grow at a higher CAGR and dominate the market during the forecast period.
"Asia Pacific to Register the Fastest Growth"
North America dominated the crawler tractors market. In 2020, the regional market accounted for maximum market share of the total revenue generated worldwide. Increasing adoption of advanced technologies to make human work easy is the major factor attributed to this high market size. Though this region is dominating the market, the growth in this region is projected to be steady. Most of the European countries and Asia-Pacific region is expected to witness a rapid growth in the global crawler tractors market.
Growing infrastructure activities emerging countries like India and China have led to several manufacturers to expand their presence in these country to increase their global footprint. Moreover, as most of the Asian countries are agriculture-driven, rapidly growing need for advanced equipment in the agriculture industry in this region is also increasing demand for these machines, thereby supporting the crawler tractors market growth.
Some of the prominent players operating in the Crawler Tractors Market include Liebherr Group, John Deere, Brandt, Caterpillar Inc., DEUTZ-FAHR, New Holland, Kubota, Case IH, CLAAS, AGCO Corporation, Shandong Rich Agriculture Machinery, ShanTui, among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Crawler Tractors market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
