Crawler Tractor Market Expected to Reach $5.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Crawler Tractor Market," The crawler tractor market size was valued at $3.1 billion in 2021, and is estimated to reach $5.1 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.

Crawler tractor has established themselves as the solution for heavy-duty applications. It uses heavy-duty tracks instead of pneumatic tires for many of the activities that standard tractors. This allows to distribute the weight much more evenly across the ground and reach areas where rubber tires would not work. The large surface area provides much more stability, runs slower than average tractor and sinks significantly less on soft surfaces. Crawler tractors have the advantage of longer reach and weight distribution over wheeled tractors.

Increase in awareness about the importance of innovative farming methods in agriculture sector is one of the major factors for the growth of the agriculture crawler tractor market. In addition, the use of this equipment saves time and manual labor, which increases efficiency and productivity. In addition, rise in demand for modern equipment from various end-user industries such as agriculture, construction, and mining is anticipated to drive the crawler tractor market growth.

Major players have adopted product launches, agreements and acquisitions as a key strategy to sustain the competition and improve the product portfolio. For instance, in December 2021, KUBOTA Corporation completed process of making AgJunction, a company of the Kubota Group. This is expected to help the company in the development and sale of hardware and software necessary for automated machine control applications.

North America accounting for the highest share of the global crawler tractor market share in terms of revenue in 2021, due to the rise in urbanization and growth of agriculture sector.

However, during the COVID-19 pandemic, various manufacturers in the crawler tractor market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of crawler tractor companies. In addition, lack of manpower and raw materials constrained the supply of equipment of crawler tractor market, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of crawler tractor companies.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global crawler tractor market trends and dynamics. 
• Depending on type, the High HP segment has dominated the crawler tractor market, in terms of revenue in 2021 and Low HP is projected to grow at a significant CAGR during the forecast period.
• By end-user industry, the construction segment has registered the highest revenue in 2021.
• North America is projected to register the highest growth rate in the coming years.
• The key players within the global crawler tractor market overview are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the crawler tractor industry.
• The crawler tractor market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global crawler tractor market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.