Pune, India., Oct. 12, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Compact Tractors Market Forecast and Global Analysis to 2030- by Capacity (Below 30 HP, 30 HP–40 HP, and 40 HP–60 HP), Drive Type (Two-Wheel Drive and Four-Wheel Drive), End Use (Agriculture and Utility), and Geography,” the market was valued at US$ 7.45 billion in 2022 and is projected to reach US$ 10.25 billion by 2030; it is expected to record a CAGR of 4.1% from 2022 to 2030.
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Tractors are 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 tractors. Compact tractors are smaller and more beneficial for small-scale farming, fruit and nut yards, vineyards, gardens, and lawns. The compact tractors consume less fuel and can be adjusted in smaller spaces. The increasing technological advancement in the agricultural sector is a major driving factor due to compact tractors' operational efficiency in smaller farms and cost efficiency in overall productivity. Nowadays, agricultural operations are executed differently from earlier. The involvement of advanced technological devices such as farming machinery and moisture or temperature sensors makes farming convenient, less time-consuming, and cost-effective. The compact tractors demonstrate higher efficiency and low prices for small-scale farming. In addition, small and marginal farmers are showing interest in compact tractors for meeting the operational requirements but in a cost-efficient way. For instance, the UK government recently funded ~US$ 15.5 million for robotics and automation in the Farming Innovation Program, a more than US$ 335 million initiative. Also, the UK has more than 0.22 million farm businesses operating across different parts.
Global Compact Tractors Market Scope:
| Market Size Value in | USD 7.45 Billion in 2022 |
| Market Size Value by | USD 10.25 Billion by 2030 |
| Growth rate | CAGR of 4.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, Type, End-User |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Compact Tractors Market: Competitive Landscape and Key Developments
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, several other important compact tractors market players have been studied and analyzed during the study to get a holistic view of the compact tractors market and its ecosystem.
In 2023, LS Mitron Ltd launched a premium compact tractor MT2 for returning farmers during the exhibition. The MT2 has a compact yet ergonomic design and precise technology to let prospective farmers work productively and conveniently. This product is designed for working in tight locations such as orchards, with features such as a dual pedal that allows the operator to move the vehicle forward and backward effortlessly; even novices can easily operate it.
In 2023, John Deere introduced a 4075R Compact Utility Tractor for MY24 that has been enhanced by heavy-duty front axles and technology-ready capabilities, LED light packages to the 3R, and heavy-duty 4M and 4R models.
Compact Tractors Market Analysis: End Use Overview
Based on end use, the compact tractors market size has been segmented into agriculture and utility. Compact tractors have extensive use in agriculture and utility applications due to their versatility and adaptability. They can be equipped with seeders and planters to efficiently sow seeds and plant crops. Compact tractors can handle tasks such as cutting, raking, baling, and transporting hay and forage materials. Their compact size is ideal for navigating within orchards and vineyards to prune, maintain, and harvest fruits. Compact tractors are versatile for general property maintenance tasks such as grading, debris removal, and fence repair. Compact tractors with attachments such as snow blowers and plows are used to clear snow from driveways, walkways, and parking areas. Compact tractors are versatile tools that excel in both agricultural and utility applications, making them valuable assets for a wide range of tasks.
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Several companies operating in the UK compact tractors market are focusing on the development of new and innovative products to cater to the growing demand from the country's agriculture sector. For instance, in June 2023, Farmtrac announced the release of its new electric compact tractor in the Great Yorkshire Show. Similarly, in November 2022, Escorts-Kubota launched its EK1-261 compact tractor in the UK's Saltex show. Such developments have been contributing to the growth of the UK compact tractors market. The increasing advancement in the agricultural sector is boosting the compact tractors market growth for compact tractors globally.
Germany's agriculture sector demands a range of compact tractor products to process farms. The country has a wide range of hills and terrains wherein farming comprises small pieces of land that can be processed through mini tractors for producing agricultural products. One of the companies responsible for supplying compact tractors in Germany is Solis, which produces a wide range of compact tractor products to cater to the challenge of diverse landscapes across the country. Another major company that operates in the Germany compact tractors market is Wassenberg GmbH. These companies have also been participating in several international companies to supply their products across different regions. For instance, in March 2021, Yanmar company announced that it had signed a dealership agreement with Wassenberg GmbH to supply its YANMAR YT and SA 22-60 HP series of compact tractors in Germany. Moreover, in August 2023, VST Tillers announced that it would launch three new compact tractor products in Germany by September 2023, including an electric tractor product. Such factors are driving the compact tractors market growth in Germany and are expected to offer lucrative opportunities for compact tractors market players during the forecast period.
Go through further research published by The Insight Partners:
Terminal Tractor Market - Global Analysis and Forecast to 2027
Autonomous Tractor Market- Global Analysis and Forecast to 2030
Sub-Compact Tractors Market - Global Analysis and Forecast to 2030
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