The agricultural compact tractor market size has the potential to grow by USD 296.78 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period, according to this TechAvio report
The market is concentrated with few established vendors. The vendors in the market are constantly investing in new product development to meet the growing demand. Product launches also allow vendors in the market to expand their product portfolio, thereby increasing their market share. Kubota Corporation, Mahindra & Mahindra Ltd., Sonalika International Tractors Ltd., Tractors and Farm Equipment Ltd., and Yanmar Holdings Co. Ltd. are some of the major market participants.
Although the rising farm mechanization across the world will offer immense growth opportunities, the availability of used and rental equipment will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this agricultural compact tractor market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this agricultural compact tractor market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- AGCO Corp.
- CNH Industrial NV
- Deere & Co.
- Doosan Corp.
- Escorts Ltd.
- Kubota Corp.
- Mahindra & Mahindra Ltd.
- Sonalika International Tractors Ltd.
- Tractors and Farm Equipment Ltd.
- Yanmar Holdings Co. Ltd.
Agricultural Compact Tractor Market: Segmentation by Region
APAC was the largest agricultural compact tractor market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Growth in the agricultural sector, the need to increase agricultural productivity, rising labor scarcity, and high labor costs will significantly influence agricultural compact tractor market growth in this region.
62% of the market’s growth will originate from APAC during the forecast period. India, China, and Australia are the key markets for agricultural compact tractors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Agricultural Compact Tractor Market: Segmentation by Engine Capacity
20-40 HP tractors require comparatively low capital investments, which makes them an affordable option for small and mid-sized farmers. This, along with their suitability for hilly or sloped regions and their lighter weight makes them an affordable option for small and mid-sized farmers and is driving the growth of 20-40 HP agricultural compact tractor market segment.
Market growth in this segment will be slower than the growth of the market in the below 20 HP segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the agricultural compact tractor market size.
Agricultural Compact Tractor Market: Key Drivers and Trends
The rising adoption of compact tractors by small-scale farmers is one of the primary factors driving agricultural compact tractor market growth. Compact tractors and mini tractors cost less as they are much smaller than the average tractor. Compact tractors are gaining wide popularity due to their lightweight as it allows crops like soya, cotton, and groundnut to be handled with care and reduce the damage to these delicate cash crops. Additionally, these agricultural compact tractors help farmers complete various tasks in the agricultural fields along with small farm implements, front-end loaders, and back-hoes. Such benefits fuel the demand for agricultural compact tractors.
The introduction of new products is one of the key agricultural compact tractor market trends, which will positively influence market growth. To capitalize on the market demand and to attract new customers, agricultural compact tractor vendors are launching similar products with improved features. As a result of such factors, the market will register a CAGR of over 4% during the forecast period.