The global tractor market is estimated to reach $98 billion by 2028, growing at a CAGR of 4.4 percent during the forecast period of 2022-2028. The market is mainly driven by the increased demand for agricultural machinery, owing to the growth in the agricultural sector. Increasing farm mechanization rates, increasing automation in agriculture, rising labor costs, seasonal labor shortages, and shorter tractor replacement cycles are also contributing factors. Moreover, the market is also driven by demand for equipment from the construction and mining industries. However, the market is restrained by the high cost of tractor parts and components. The Tractor Parts and Components market is highly competitive with a large number of players.