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. 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.
Compact Tractors Market Analysis by Power
Compact tractors with 31HP-40HP engines accounted for a majority of the market share in the global compact tractors market on back of its prolific advantages. However, in the first quarter of 2024, the demand for compact tractors has witnessed a major downturn due to high volatility in the global market amid the COVID-19 pandemic. Imposition of lockdowns in many regions has restricted mobility and led to a closure of retail avenues. This has caused latency in the market, dramatically lowering sales.
According to the Association of Equipment Manufacturers (AEM), in February 2024, the sales of compact tractors below 40HP was down by 9.7% in the US while in Canada it dipped by 20.2% as compared to the previous year. Negligible demand is expected to hinder the growth of the compact tractors market in the next three fiscal quarters. Despite these trends, compact tractors of 31HP-40HP engines are projected to create an absolute dollar opportunity of US$ 1,595.0 Mn during the forecast period as market rebounds post pandemic.
Following Questions Answers Covered in the Report are:
- How will the global Compact Tractors Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Compact Tractors Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Compact Tractors Market?
- How will these strategies influence the market growth and competition?
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
The Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Compact Tractors Manufacturers: Key Imperatives
The compact tractors market is highly consolidated and competitive in nature. Leading players are focusing on new product developments to stimulate growth. For instance, in February 2024, leading compact tractors manufacturing company Deere & Company launched a heavy-duty compact utility tractors 4M which is available in 52 HP & 66 HP.
In the same month & year, another market leader Kubota Corporation launched B2401 compact tractors designed for tilling, rotary cutting and pulling carts applications. Other leading players in the global compact tractors market are AGCO Corporation, Mahindra & Mahindra Ltd., CNH Industrial N.V., Tong Yang Moolsan (TYM), Daedong Industrial Co., Ltd., Escorts Limited, Argo Tractors S.p.A., LS Mtron, and Yanmar Co., Ltd.
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