Dublin, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The "Low HP Tractor Market by Horsepower Type, Wheel Drive, Application, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global low horsepower (HP) tractor market has experienced significant growth, with the market size reaching an impressive 2,550 thousand units in 2022. The market is poised for further expansion, and is anticipated to reach 3,303 thousand units by 2028. This remarkable growth is driven by a robust compound annual growth rate (CAGR) of 5.31% during the period from 2023 to 2028.
Low HP tractors, characterized by their versatility and efficiency, are essential tools for various agricultural and horticultural tasks. These tractors are commonly used for mowing, plowing, and towing small trailers in small-scale farming, gardens, and yards. They feature spinning drive shafts that enable the attachment of various implements such as mowers, loaders, sprayers, drills, rotary sweepers, seed drills, and backhoes.
Additionally, low HP tractors are specially designed for specific crops like potatoes, cotton, paddy, rice, onions, apples, and mangoes. They offer cost-effective solutions for farmers, consuming less fuel and providing ease of maneuverability, leading to increased demand worldwide.
Key Trends in the Low HP Tractor Market:
- Innovative Agriculture Equipment: The growing demand for food globally has led to increased development of innovative agriculture equipment. This, combined with a thriving agriculture industry, plays a pivotal role in driving market growth.
- Technology Adoption: Farmers worldwide are adopting advanced technologies, including global positioning systems (GPS) and telematics, in their tractors to boost agricultural productivity. This technology-driven approach positively influences market growth.
- Climate Resilience: Increasing instances of climate-related challenges such as droughts, flash floods, unpredictable rainfall, and temperature fluctuations are fueling demand for low HP tractors worldwide.
- Precision Farming: Precision farming, which involves observing, measuring, and responding to crop variability, is on the rise. Additionally, the "pay as per use" model in agriculture, making innovative machinery affordable for small-scale farmers, contributes to market growth.
- Government Initiatives: Governments in many countries are establishing custom hiring centers to promote climate-resilient practices and farm mechanization. These initiatives strengthen the market by encouraging technology adoption.
- Shift to Horticulture: The increasing adoption of row-crop farming structures and horticulture, along with the rising number of small-scale farmers worldwide, is bolstering market growth.
Key Market Segmentation:
The report provides a comprehensive analysis of the market, including trends and forecasts at the global, regional, and country levels from 2023 to 2028. The market is segmented based on horsepower type, wheel drive, and application.
Horsepower Type Insights:
- Below 40 HP
- Above 40 HP
The report details the low HP tractor market's segmentation based on horsepower type, with below 40 HP being the largest segment.
Wheel Drive Insights:
- Two Wheel Drive
- Four Wheel Drive
The market is analyzed based on wheel drive, with two wheel drive being the dominant segment.
Application Insights:
- Farming
- Horticulture
- Others
The report examines the market by application, with farming representing the largest segment.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the global low HP tractor market is thoroughly analyzed, including market structure, key player market share, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant. The report provides detailed profiles of major companies such as 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., and more.
Key Questions Answered in This Report:
- What was the size of the global low HP tractor market in 2022?
- What is the expected growth rate of the global low HP tractor market during 2023-2028?
- What factors are driving, restraining, and creating opportunities in the global low HP tractor market?
- Which regions are crucial in the global low HP tractor market?
- What are the dominant horsepower types in the low HP tractor market?
- What are the primary wheel drive types in the low HP tractor market?
- What are the key applications in the low HP tractor market?
- What is the competitive landscape of the global low HP tractor market?
- Who are the leading companies in the global low HP tractor market?
Companies Mentioned
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/hpikx4
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