Global Compact Tractor Market Opportunities and Forecast 2023-2030

Compact Tractor Market Overview

Currently, Industry is trending with the combination of Light-weight materials, fuel-sipping engines, hybridization, advanced energy storage capabilities, and therefore the use of worldwide positioning systems and telematics developed to form the foremost of costly equipment are increasingly found in compact tractors that help equipment owners reduce fuel use to manage costs but also conserve energy resources and reduce greenhouse gas emissions, and, more importantly, improve air quality for everybody.

The widespread electrification of farm tractors and machinery would have little impact on agriculture’s global carbon emissions. The extent of emissions from farming machinery is small by comparison, so trying to reduce the emissions produced by agricultural machinery are going to be helpful, as they won’t have a major impact on total emissions from the world.

The larger manufacturers offer two or more lines of subcompact and compact tractors with several models in each line. With a small frame and huge frame tractors within each model line with two or three horsepower sizes within each frame size. The result is often a bewildering array of models from which to decide on. Some will be tempted to select the least expensive tractor; on the opposite hand, some people are also tempted to shop for the most important, most powerful tractor. Most customers got to decide what specifications and features you actually need based on the way you propose to use the tractor.

Researchers are now looking towards the conclusion of autonomous agricultural vehicles. The primary stage of development, automatic vehicle guidance, the robotics industry has developed a good range of remarkable robots. Within the near future, farmers are going to be using affordable, dependable autonomous vehicles in compact segments.
 
Covid-19 Impact on Compact Tractor Market:

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Compact Tractor Market Segment Overview

Compact tractors with 31HP-40HP engines accounted for a majority of the market share within the global compact tractors market on the back of its prolific advantages. However, within the half-moon of 2020, the demand for compact tractors has witnessed a significant downturn because of high volatility within the global market amid the COVID-19 pandemic. The imposition of lockdowns in many regions has restricted mobility and led to a closure of retail avenues. This has caused latency within the market, dramatically lowering sales.

Small-scale farmers are increasingly adopting compact tractors as they are lightweight and allow crops to be handled carefully, reducing damage. Moreover, compact tractors are equipped with small farm implements like front-end loaders and back-hoes, enabling farmers to finish various tasks on fields.

The outbreak of the coronavirus pandemic has compelled most of the governments to enforce lockdowns resulting in stalled production and operations of producing plants and a subsequent dip in inventory. Further, the shortage of raw materials hinders the absorption of compact tractors in agriculture.

Market Analysis, Insights and Forecast – By Power
·       Less than 20 HP
·       21HP-30HP
·       31HP-40HP
·       41HP-50HP
·       Less than 60HP

Market Analysis, Insights and Forecast – By Application
·       Mowing
·       Agriculture
·       Snow Clearing
·       Landscaping
·       Others

Compact Tractor Market Regional Overview

Region-wise, in terms of regions, South Asia & Oceania accounted for around 33% share of the worldwide compact tractors market during the period. Agriculture has been one among the main occupations within the region because of which demand for compact tractors has always been high. Additionally, farm mechanization has generated substantial opportunities for compact tractors manufacturers.

The need for top agricultural productivity and increasing labor costs is boosting the adoption of compact tractors for little farmers within the region. However, compact agricultural tractors are seeing a visible shift in market dynamics because of the COVID-19 crisis. There have been notable drops in sales for tractors alongside a slowdown in production on the rear of precautionary measures adopted by the manufacturers. This has hindered the demand for compact tractors in South Asia and Oceania.

Compact Tractor Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Compact Tractor Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Compact Tractor are highlighted below.

·        In April 2020, one among the leading compact tractor manufacturing company Kubota Corporation suspended all operations at its Georgia, US plant. This has annihilated demand for compact tractors within the first two quarters of 2020.

Compact Tractor Market, Key Players

·       AGCO Corp.
·       CNH Industrial NV
·       Deere & Co.
·       Doosan Corp.
·       Escorts Ltd.
·       Kubota Corp.
·       Mahindra & Mahindra Ltd.
·       Sonalika International Tractors Ltd.,
·       Tractors and Farm Equipment Ltd.
·       Yanmar Holdings Co. Ltd