Rising Applications of Compact Tractors to Boost Compact Tractors Market Growth
According to our new research study on "Compact Tractors Market Forecast to 2030 – Global Analysis – by Capacity, Drive Type, and End Use," the market was valued at US$ 7,456.22 million in 2022 and is projected to reach US$ 10,254.43 million by 2030; it is expected to record a CAGR of 4.1% from 2022 to 2030.
Compact tractors, generally known as compact utility tractors, are primarily useful for small farms. The compact tractors are designed for small-scale farming requirements. Based on capacity, the compact tractors are categorized into below 30 HP (Horsepower), 30 HP–40 HP, and 40 HP–60 HP. In terms of drive type, the compact tractors market is segmented into two-wheel drive and four-wheel drive. The agricultural sector is the major application area of compact tractors, followed by utility-scale applications.
Compact Tractors Market Share – by Region, 2022
Compact Tractors Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Capacity (Below 30 HP, 30 HP-40 HP, and 40 HP-60 HP), Drive Type (Two-Wheel Drive and Four-Wheel Drive), and End Use (Agriculture and Utility) and Geography
Compact Tractors Market Trends, Size and Forecast to 2031
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Source: The Insight Partners Analysis
The increasing inclination toward small-scale farming is one of the key drivers for the compact tractors market. Tractors are mostly used in the agricultural sector for various tasks, including plowing, mowing, landscaping, planting, tilling, and hauling. Tractors are available in various sizes, including mini, medium, and large. Compact tractors are smaller and more beneficial for small-scale farming, fruit and nut yards, vineyards, gardens, and lawns. Compact tractors can be adjusted in smaller spaces, which is one of the major driving factors for the market.
The compact tractors market size is segmented based on capacity, drive type, end use, and geography. In terms of capacity, the market is categorized into below 30 HP, 30 HP–40 HP, and 40 HP–60 HP. Based on drive type, the compact tractors market is bifurcated into two-wheel drive and four-wheel drive. In terms of end use, the market is divided into agriculture and utility. Based on geography, the global compact tractors market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). AGCO Corporation, Agro Tractors S.p.A, CNH Industrial N.V., Deere and Company, Deutz Fahr, Iseki and Co. Ltd., Kubota Corporation, LS Tractors, Mahindra and Mahindra Ltd., and Yanmar Holdings Co. Ltd. are among the key compact tractors market players profiled during the market study.
Compact tractors are commonly categorized based on horsepower (HP) ratings, which vary widely. The compact tractor below 30 HP is termed a sub-compact tractor, commonly used for light-duty tasks in gardens, small farms, and residential properties for operations such as mowing, tilling, and landscaping. Further, the compact tractor between 30 HP and 40 HP power ratings offers more power and versatility than sub-compact models. These are suitable for a broader range of tasks, including small-scale farming and larger property maintenance. They can handle implements such as loaders, backhoes, and rotary cutters. The compact tractor with 40 HP to 60 HP power ratings provides increased power for medium-sized farms and more extensive property maintenance. They are capable of handling heavier instruments and attachments. According to The Insight Partners analysis, in 2022, the sales of compact tractors below 40 HP power ratings totaled 173,671 units. The sales of above 40 HP power ratings compact tractors were 75,400 units in 2022, which was a 10.7% increase compared to 2021.
AGCO Corporation, Agro Tractors S.p.A, CNH Industrial N.V., Deere and Company, Deutz Fahr, Iseki and Co. Ltd., Kubota Corporation, LS Tractors, Mahindra and Mahindra Ltd., and Yanmar Holdings Co. Ltd. are among the key compact tractors market players profiled during this study. In addition to these players, several other important companies were studied and analyzed during this market research study to get a holistic overview of the global compact tractors market.
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