The global farm tractor market is a crucial segment of the agricultural industry, with an expected total value of around $104 billion in 2023.
While specific rankings can vary slightly depending on methodology and data sources, here’s a comprehensive overview of the Top 10 tractor producers worldwide.
LIST OF TOP 10 TRACTOR MANUFACTURERS
Let’s have a brief look at companies that are known for manufacturing tractors and their revenues.
An iconic brand with a rich heritage, John Deere consistently is in the Top 10 tractor companies. They offer a diverse range of tractors for various applications, from compact utility models to high-horsepower machines.
According to John Deere’s Annual Report 2022, the company’s net sales and revenue were $52.58 billion. John Deere’s agricultural segment, known for its iconic green tractors and cutting-edge combines, brought in over $22 billion in revenue.
John Deere doesn’t report their total tractor sales figures separately.
Mahindra & Mahindra
This Indian giant has emerged as a major player, particularly in smaller and mid-range tractors. Their strong domestic market presence and strategic acquisitions contribute to their global standing.
The latest financial reports, as of December 31, 2023, indicate a Trailing Twelve Months (TTM) revenue of $16.61 billion, and the farm equipment sector achieved total sales of approximately $4.5 billion in the fiscal year 2023.
According to Mahindra Sales Report YTD March 2023, the company sold 407.545 units of farm equipment.
Owning renowned brands like Massey Ferguson and Fendt, AGCO works with a wide spectrum of needs. Their diverse product portfolio and global reach solidify their position among the leaders.
AGCO’s total revenue for 2023 was $14.41 billion. This information is based on their latest financial reports as of December 31, 2023. Their agricultural segment, which includes tractors, combines, implements, and other related equipment, generated approximately $11.5 billion in revenue in 2023.
Famous for compact tractors and specialty offerings, Kubota holds a strong position in several markets, particularly in Asia and North America. Their focus on innovation and quality has earned them a loyal customer base.
As of September 2023, Kubota’s revenue for the trailing twelve months was $22.428 billion, and $16.61 billion in revenue for their farm machinery segment. However, these figures don’t represent the whole financial year.
Kubota Corporation does not directly disclose the exact number of individual farm equipment units sold across their entire range in 2023.
This company owns popular brands like Case IH and New Holland, offering a wide range of tractors for diverse agricultural demands. Their global presence and focus on advanced technology keep them at the forefront.
CNH Industrial’s FY2023 revenue (TTM) reached $24.838 billion. CNH Industrial doesn’t mention specific sales figures within its financial reports.
CNH Industrial does not disclose the exact number of individual agricultural equipment units it sold in 2023.
Primarily known for harvesting machinery, Claas also manufactures high-performance tractors, particularly targeted towards large-scale European farms. Their focus on precision agriculture solutions adds to their value proposition.
According to the company’s annual report, the total revenue was $6.6 billion. CLAAS doesn’t disclose specific sales figures for the agricultural equipment sector.
CLAAS does not disclose the total number of units sold across their entire range of equipment.
Another German powerhouse, Deutz-Fahr serves specialized and high-horsepower tractor segments. Their strong dealer network and focus on emerging markets contribute to their global presence.
Deutz-Fahr hasn’t yet released its official financial statements for the full fiscal year 2023. However, based on their unaudited preliminary figures, Deutz-Fahr expects group revenue to exceed $2.38 billion for the first time in the company’s history.
Sonalika International Tractors Ltd.
This Indian manufacturer has witnessed rapid growth in recent years, offering value-oriented tractors across various segments. Their domestic market focus and strategic partnerships are driving their expansion and getting them into the top 10 tractor companies.
The company sold more than 100.000 tractors as of November 2023.
LS Mtron Ltd.
This South Korean manufacturer has gained traction in recent years, offering competitively priced tractors focusing on technology and innovation. Their growing export market presence is noteworthy.
According to the official statement of the company, total revenue in 2023 is projected to be more than $1 billion. The approximate number of tractors sold exceeds 100.000 units.
This Japanese company is known for its diesel engines, heavy machinery, and agricultural equipment such as tractors.
The total revenue in FY2023 is estimated to be around $6.6 billion.
Today, there is no data on the amount of tractors sold or agricultural equipment segment revenue.
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