This has hindered the demand for compact tractors in South Asia and Oceania.įrom self-driving tractors to unmanned vehicles agricultural technology has undergone a drastic change over time. There were notable drops in sales for tractors along with slowdown in production on back of precautionary measures adopted by the manufacturers. However, compact agricultural tractors are seeing a visible shift in market dynamics due to the COVID-19 crisis. The need for high agricultural productivity and increasing labor costs is boosting the adoption of compact tractors for small framers in the region. The market is anticipated to grow and gain a size of USD 189.4 Billion by 2030. The total worth of agricultural equipment sales was USD 106 Billion in 2021. The recent pandemic of Covid-19 had an impact on supply chain disruption and has an impact on agricultural equipment sales. The compact tractors address demand from small farm sizes. This market is projected to gain growth and surpass the size of USD 8.2 Billion. The agricultural sector in Brunei has grown by 11.7% in 2020, while Singapore has seen a decrease in agricultural activities by 10% in the same year.Ĭhina seems to be a promising country in the upcoming period for compact tractors market size as the country’s tractors market valued at USD 5 billion in 2021. As per the survey on agricultural machines, In South Korea, the cultivator is the most common machine owned by farmer’s households.Ĭonsidering the growth rate projection in the APAC region is anticipated to open the scope for manufacturers in compact agricultural equipment. These tractor trucks carry tow large volumes into their attached trailers. In 2022, The total tractor trucks in japan recorded high sales of 116 thousand units.
In addition, farm mechanization has generated substantial opportunities for compact tractors manufacturers. Agriculture has been one of the major occupations in the region due to which demand for compact tractors has always been high. South Asia & Oceania accounted for around 33% share of the global compact tractors market during the historical period. Share Specifics with Me Compact Tractors Market Analysis by Region Further, the shortage of raw materials hinders the absorption of compact tractors in agriculture. The outbreak of the coronavirus pandemic has compelled most of the governments to enforce lockdowns leading to stalled production and operations of manufacturing plants and a subsequent dip in inventory. Moreover, compact tractors are equipped with small farm implements such as front-end loaders and back-hoes, enabling farmers to complete various tasks on fields. Small-scale framers are increasingly adopting compact tractors as they are lightweight and allow crops to be handled carefully, reducing damage. Agriculture is one of the major applications of compact tractors, holding more than 30% of the market share during the forecast period.
The agriculture segment is expected to grow 3.4% during the forecast period. 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.Ĭompact Tractors Market Analysis by Application Negligible demand is expected to hinder the growth of the compact tractors market in the next three fiscal quarters. This has caused latency in the market, dramatically lowering sales.Īccording to the Association of Equipment Manufacturers (AEM), in February 2020, 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. Imposition of lockdowns in many regions has restricted mobility and led to a closure of retail avenues. However, in the first quarter of 2020, the demand for compact tractors has witnessed a major downturn due to high volatility in the global market amid the COVID-19 pandemic. Compact Tractors Market Analysis by PowerĬompact 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.
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