Dublin, Jan. 23, 2025 (GLOBE NEWSWIRE) -- The "Low HP Tractor Market by Horsepower Type, Wheel Drive, Application, and Region 2025-2033" report has been added to ResearchAndMarkets.com's offering.
The global low HP tractor market size reached 2.80 million units in 2024. Looking forward, the market is projected to reach 4.22 million units by 2033, exhibiting a growth rate (CAGR) of 4.4% during 2025-2033. The thriving agriculture industry, rising adoption of horticulture, and the increasing development of innovative agriculture equipment represent some of the key factors driving the market.
At present, there is a rise in the development of innovative agriculture equipment to meet the surging demand for food around the world. This, along with the thriving agriculture industry, represents one of the key factors supporting the growth of the market. Besides this, the growing adoption of advanced technology by farmers, such as global positioning systems (GPS) and telematics, in their tractors to enhance agricultural productivity is positively influencing the market.
In addition, rising incidences of droughts, flash floods, unpredictable rainfall, and temperature fluctuations are catalyzing the demand for low HP tractors across the globe. Moreover, there is an increase in the adoption of precision farming by observing, measuring, and responding to inter and intra-field variability in crops. This, coupled with the growing trend of the pay as per use model in the agriculture industry that enables small-scale farmers to use innovative machines at affordable rates, is offering a favorable market outlook.
Apart from this, governing agencies of several countries are establishing custom hiring centers that help in the adoption of climate-resilient practices and technologies across farms. They are also focusing on promoting farm mechanization, which is strengthening the growth of the market. Additionally, the rising adoption of row-crop farming structure and horticulture, along with the increasing number of small-scale farmers across the globe, is bolstering the growth of the market.
According to the report, Asia-Pacific was the largest market for low HP tractors. Some of the factors driving the Asia-Pacific low HP tractor market included the growing demand for agriculture mechanization, increasing small farm sizes, and government initiatives promoting agricultural productivity.
Market Segmentation
This report provides an analysis of the key trends in each segment of the global low HP tractor market, along with forecasts at the global, regional, and country level from 2025-2033. The report has categorized the market based on horsepower type, wheel drive, and application.
Horsepower Type Insights:
- Below 40 HP
- Above 40 HP
According to the report, below 40 HP represented the largest segment.
Wheel Drive Insights:
- Two Wheel Drive
- Four Wheel Drive
According to the report, two wheel drive represented the largest segment.
Application Insights:
- Farming
- Horticulture
- Others
According to the report, farming represented the largest segment.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global low HP tractor market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Some of the companies include Action Construction Equipment Ltd., AGCO Corporation, Argo S.p.A., CNH Industrial N.V., Daedong Industrial, Deere & Company, Force Motors Ltd., Kubota Corporation, Mahindra & Mahindra Limited, Sonalika Group, Tractors and Farm Equipment Limited, Tumosan, Zetor Tractors a.s., etc.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Topics Covered
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Low HP Tractor Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Horsepower Type
6.1 Below 40 HP
6.2 Above 40 HP
7 Market Breakup by Wheel Drive
7.1 Two Wheel Drive
7.2 Four Wheel Drive
8 Market Breakup by Application
8.1 Farming
8.2 Horticulture
8.3 Others
9 Market Breakup by Region
9.1 North America
9.2 Asia-Pacific
9.3 Europe
9.4 Latin America
9.5 Middle East and Africa
10 Drivers, Restraints, and Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Action Construction Equipment Ltd.
14.3.2 AGCO Corporation
14.3.3 Argo S.p.A.
14.3.4 CNH Industrial N.V.
14.3.5 Daedong Industrial
14.3.6 Deere & Company
14.3.7 Force Motors Ltd.
14.3.8 Kubota Corporation
14.3.9 Mahindra & Mahindra Limited
14.3.10 Sonalika Group
14.3.11 Tractors and Farm Equipment Limited
14.3.12 Tumosan
14.3.13 Zetor Tractors a.s.
For more information about this report visit https://www.researchandmarkets.com/r/hbqri7
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