Saturday, 25 May 2024

Agriculture Compact Tractors Market is expected to reach US$ 7,549.5 million by 2030

Published: Monday, 26 Feb 2024 by The Insight Partners Share on :

Increased Adoption of Compact Tractors in Vineyards Drives Agriculture Compact Tractors Market

According to our latest study on "Agriculture Compact Tractors Market Forecast to 2030 – Global Analysis – by Type, Capacity, and Application," the market was valued at US$ 5,572.4 million in 2022 and is projected to reach US$ 7,549.5 million by 2030; it is anticipated to record a CAGR of 3.9% from 2022 to 2030. The agriculture compact tractors report emphasizes the key factors impacting the market and mentions the developments of prominent players.

Agriculture compact tractors are extremely useful in vineyards, orchards, and greenhouses. They can be driven through narrow rows and dense plantations. An increasing number of vineyards across the world is one of the primary factors propelling the demand for agriculture compact tractors. According to Wines & Vines Analytics, the count of wineries in Mexico rose from ~100 in 2012 to nearly 400 by the end of 2022. The number of wineries in the US increased by 3% in 2022. According to the US government’s report, the US had 11,691 wineries as of 2022, showing the addition of 1,215 and 400, respectively, compared to the numbers in 2020 and 2021. Since 2019, the number of wineries in the US has increased by 4%, matching the rate of growth seen since 2010. Increased wine consumption positively impacts the demand and production of grapes, ultimately benefitting the agriculture compact tractors market. Many tractor manufacturers have launched compact tractors specifically designed for applications in vineyards and orchards. In November 2022, John Deere expanded its compact tractors portfolio for the vineyards and orchards by launching 5EN and 5ML Series. In November 2023, New Holland updated its T4V and T4N vineyard tractors range with a new cab suspension system. Further, developments in autonomous vehicle technology are expected to bring new agriculture compact tractors market trends in the coming years.

Agriculture Compact Tractors Market Share — by Region, 2023

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Source: The Insight Partners Analysis

The geographic scope of the agriculture compact tractor market report encompasses North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Asia Pacific is expected to account for approximately 40% of the global agriculture compact tractors market share.

High customization options and low cost of compact tractors are a few of the factors contributing to the expansion of the agriculture compact tractors market size. Farming requires a wide range of agricultural equipment, and tractors form an unintegral part of this set of equipment. Purchasing various farm equipment can be expensive, whereas low prices of a small tractor provide some relief to agriculturists and farm owners. Lower price is especially a primary factor driving the adoption of agriculture compact tractors in in agriculture-dominating economies such as China and India, which are home to numerous small and low-margin farmers. India is among the top agricultural producers globally, which makes it one of the most lucrative markets for compact tractors in the world. The burgeoning demand for food, increased spending abilities of farmers, the presence of a large number of small-scale farms, and various favorable government schemes in effect favor the agriculture compact tractors market growth.

According to the India Brand Equity Foundation, an initiative of the Government of India, India ranks second worldwide in terms of rice, wheat, cotton, sugarcane, farmed fish, lamb and goat meat, fruit, vegetables, and tea production. Agriculture is the primary source of income for approximately 55% of its population. As per the data published by the Government of India, India produced 330.5 million metric tonnes (MT) of food grains in 2022. In addition, by 2025, the Indian agriculture sector is projected to reach the value of US$ 24 billion. Thus, the above statistics show growth potential for domestic and international agriculture compact tractor manufacturers in India. The country is also the world's largest producer of milk, pulses, and spices; it has the world's largest cow herd (buffaloes) and crop area (wheat, rice, and cotton). As per the Government of India, the country is focusing on raising its agricultural product export value to US$ 100 billion by 2030. Thus, the government of India is heavily promoting and supporting the agriculture sector through various schemes and programs. For instance, the PM Kisan Tractor Scheme 2024 is a government project in India that assists farmers in purchasing tractors for agricultural use. Recognizing the importance of machinery in contemporary agriculture and the financial problems farmers face, this program offers a substantial subsidy for the purchase of new tractors. Under this initiative, farmers can get a 20–50% discount on the purchase of a new tractor. The subsidy amount is transferred directly to the beneficiary's bank account. Such government initiatives benefit the agriculture compact tractors market in India.

In Europe, a strong supply side is one of the primary factors favoring the agriculture compact tractors market growth. Solis, New Holland, and Landini are a few of the major companies operating in the market in this region. Further, the growing adoption of electric and autonomous tractors is projected to benefit the agriculture compact tractors market in Europe in the coming years. In April 2023, Yanmar launched a new line of its electric compact tractors in this region.

The agriculture compact tractors market analysis is carried out by identifying and evaluating key players in the market across different regions. John Deere, Kubota, Massey Ferguson, Mahindra, Case IH, Montana Tractors, Fendt, and Sonalika International are among the key market players profiled during this study. In addition, several other important companies have been studied and analyzed while preparing this agriculture compact tractors market report to get a holistic view of its ecosystem.

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