Initially pegged at US$ 28.3 billion in 2024 and expected to add value worth US$ 10.8 billion during the forecast period, the compact tractors market is slated to show a bearish trend at a CAGR of 3.3% amid the COVID-19 pandemic.
Fact.MR’s analytical research estimates that the market will witness acute dormancy due to the anticipated global economic slowdown and nationwide lockdowns to halt the spread of the virus. Landscaping companies are staring at a bleak future with shuttered facilities and stilted operations.
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This has generated significant shortfalls in demand and consumption of compact tractors market. A tighter supply chain has led to dwindling output. Based on these trends, the global compact tractors market is anticipated to expand at a snail’s pace in the short-term forecast period. Growth is anticipated to accelerate with the implementation of containment strategies.
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Key Takeaways of the Compact Tractors Market Study:
- The global compact tractors market is expected to grow at a CAGR of 3.1% in terms of volume and is anticipated to expand by 1.4X from 2024 through 2030.
- Compact tractors with engine power between 31HP- 40HP will hold maximum share in terms of value and are projected to create an absolute dollar opportunity of US$ 1.6 billion during the forecast period.
- Compact tractors with hydrostatic transmissions are expected to grow at a CAGR of 3.0% in terms of value, and are slated to experience a share erosion of 188 BPS by the end of the forecast period.
- By application, agriculture is expected to account for a major chunk of share in terms of value, and is projected to create an absolute $ opportunity of more than US$ 1.2 billion during the forecast period.
- South Asia & Oceania are poised to be potential market disruptors and are slated to hold maximum share in terms of value. The region is expected to gain 247 BPS on its market share in terms of value by the end of forecast period.
“Demand for compact tractors will witness a sharp dip in the foreseeable future with the COVID-19 pandemic continuing to ravage economies. However, manufacturers are strategizing on the development of new products which will inject growth in the compact tractors market in the second half of the forecast period.” Says the Fact.MR analyst.
Rebound Strategies to be the First Line of Defence for Key Market Players
Not having the financial cushion to absorb an economic shock of this magnitude, stakeholders are scrambling to find a solution to circumvent monetary distress caused by the pandemic. The global compact tractors market is highly competitive in nature. Key players are focusing on research and development in order to develop new models to obviate slump caused by a slackening demand. Market players are also keeping a close eye on the supply chain.
More Valuable Insights on the Compact Tractors Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global compact tractors market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges essential insights on the compact tractors market on the basis of power (less than 20HP, 21Hp-30HP, 31HP-40HP, 41HP-50HP, and less than 60HP), transmission (hydrostatic, and mechanical), and application (mowing, agriculture, snow clearing, landscaping and others) across six major regions.
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