Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
Demand for small-scale farming and growing urbanization to drive the compact tractor market growth.
The surge in urbanization and the subsequent growth of small-scale farming ventures have significantly increased the demand for compact tractors. With more people moving to urban areas, the need for fresh, locally-grown produce has escalated, leading to a rise in small farms and community gardens. The United Nations projects that by 2050, 68% of the global population will be living in urban areas. Compact tractors, with their nimbleness and ability to accommodate various attachments, are perfectly suited for these ventures, making them indispensable tools for small-scale farmers and urban agriculture enthusiasts.
Technological progress has revolutionized compact tractors, rendering them more efficient, user-friendly, and attractive to tech-savvy farmers and contractors. Numerous models now boast hydrostatic transmissions, power steering, and other enhancements that amplify operator comfort and efficiency. The incorporation of precision farming technologies like GPS guidance and telematics has also propelled compact tractors' acceptance.
Request Sample Report:
Segmentation Overview:
The compact tractor market has been segmented into power range, drive type, application, and region.
20 HP – 40 HP is the leading segment
- Based on the market segmentation by power range, the 20 HP – 40 HP segment held the largest market share in 2023. This can be attributed to the versatility and wide range of applications that tractors in this power range offer, making them suitable for various tasks in small-scale farming, landscaping, and construction.
Landscaping is the fast-growing segment attributed to the rise in urbanization
- Based on the market segmentation by application, agriculture held the market share in 2023. Compact tractors have become essential tools for small-scale farming operations, enabling farmers to perform various tasks efficiently, such as tilling, planting, and harvesting. The landscaping segment is anticipated to hold the fastest growth rate during the forecast period. As urbanization continues and the demand for professional landscaping services increases, compact tractors are becoming more popular among landscaping contractors.
Ask For Discount
Compact Tractor Market Report Highlights:
- The compact tractor market growth is anticipated at a CAGR of 4.9% by 2032.
- Rising urbanization and technological advances drive the compact tractor market.
- North America is a large growing market for compact tractors due to the wide availability of farming equipment.
- Some prominent players in the compact tractor market report include John Deere, Kubota Corporation, Mahindra & Mahindra Ltd., CNH Industrial N.V., AGCO Corporation, Yanmar Co., Ltd., Tractors and Farm Equipment Limited (TAFE), LS Tractor USA, Doosan Bobcat Inc., Branson Tractors, and Volvo Construction Equipment.
Looking Exclusively For Region/Country Specific Report?
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Light Gauge Steel Framing Market
Micro Irrigation and Mechanized Systems Market
Middle East Feeder and Distribution Pillar Market
