The historical data on Wheel Tractors Sales in the US demonstrate an initial peak in 2014, followed by a sharp decline through 2016, and a stabilization from 2017 onward. Particularly in 2023, the market stood at 8.7731 Billion US Dollars, with a notable slowing of value loss and marginal year-on-year growth of 0.025%. The Compound Annual Growth Rate (CAGR) over the past five years has stabilized around 0.026%, indicating a relatively mature market phase.
Key trends over a longer period show that after the significant drop between 2015 and 2016, the market entered a period of minimal volatility and slight growth, which is expected to continue. Going forward, the forecasted Compound Annual Growth Rate (CAGR) for the next five years is predicted to be around 0.02%, with a negligible cumulative growth rate of 0.09% by 2028.
Future Trends to Watch:
1. Technological advancements in agricultural machinery, such as automation and IoT integration.
2. Increasing governmental incentives for sustainable and eco-friendly farming equipment.
3. Shifts in agricultural practices and possible adjustments in farmer demand due to climate change.
4. Economic impacts and potential infrastructure developments influencing farm machinery investments.
