The compact tractors market is estimated to cross a valuation of US$ 4.2 Bn through the period of forecasting between 2020 and 2030. The coronavirus pandemic however, is expected to restrain short term growth prospects in the compact tractors market. Disruptions in international supply chains and drop in dealership sales are likely to hurt market players. In addition, applications in construction sectors have also gone down. However, leasing businesses are likely to pick up pace, influencing market developments.
“Compact tractors are relatively affordable to conventional tractor models. Such farming equipment has achieved popularity due to low-weight, reduced fuel costs, and minimal damage to crops during operations, all of which will sustain sales through the assessment period,” says the Fact.MR report.
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Compact Tractors Market – Key Takeaways
- 20 to 40 hp tractors are witnessing increased sales, driven by interest for affordable mechanization from small and medium size farming businesses.
- Diesel powered compact tractors remain dominant, owing to lack of adequate electricity infrastructure in rural areas in developing economies.
- Asia Pacific remains a major market for compact tractors owing to growing labor costs and major importance of agrarian markets in national economies of the region, such as Australia, India, and China.
Compact Tractors Market – Driving Factors
- Investments into product development for multi-functional compact tractors, with harvesting, puddling, reaping, and hauling capabilities is boosting sales prospects.
- Rising migration of farm workers to urban areas, and the resultant shortage of labor resources contribute to sales.
Compact Tractors Market – Constraints
- Despite relative affordability of compact tractors, cost remains a major obstacle to sales, particularly in low-income farming communities in developing economies.
- Tariffs imposed by governments on international trade of compact tractors and components is holding back market growth.
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Anticipated Market Impact by Coronavirus Outbreak
The coronavirus pandemic has severely impacted international supply chains in the compact tractors sector. Also, the outbreak has reduced sales in dealerships, owing to lower disposable incomes among rural communities. Further, health concerns for factory workers has restricted operations in the manufacturing sector. On the other hand, market players are finding potential growth opportunities through virtual marketing and customer service resources, investments into precision agriculture, factory automation, and localization of supply and distribution networks.
Major manufacturers in the compact tractors market include but are not limited to Yanmar Co. Ltd., Deere & Co., LS Mtron, AGCO Corp., Argo Tractors S.p.A, Mahindra & Mahindra Ltd., Escorts Ltd., CNH Industrial N.V., Daedong Industrial Co. Ltd., and Tong Yang Moolsan.
Leading players in the compact tractors market are pushing for the expansion of product portfolios with launches of new offerings in multiple specifications to meet custom needs of end users.
For instance, John Deere has announced the release of 13 compact tractor models between 25 to 66 hp for 2020. Kubota Canada Ltd. has unveiled a new series of 3 open station and cab compact tractor models for commercial operations. Similarly, Bobcat Company has introduced 15 new compact tractor models ranging from 21 to 58 hp.
More on the Report
The FACT.MR’s market research report provides in-depth insights on compact tractors market. The market is scrutinized according to power (less than 20 hp, 21 to 30 hp, 31 to 40 hp, 41 to 50 hp, and less than 60 hp), transmission (hydrostatic and mechanical), and application (mowing, agriculture, snow clearing, landscaping and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East and Africa).
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