Saturday, 25 May 2024

Utility Compact Tractors Market is expected to reach US$ 2,704.9 million by 2030

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

Increasing Adoption of Compact Tractors in Construction Industry Drives Utility Compact Tractors Market

According to our latest study on "Utility Compact Tractors Market Forecast to 2030 – Global Analysis – by Type, Capacity, and Drive Type," the market was valued at US$ 1,883.8 million in 2022 and is projected to reach US$ 2,704.9 million by 2030; it is anticipated to record a CAGR of 4.6% from 2022 to 2030. The utility compact tractors market report emphasizes the key factors impacting the market and showcases the developments of prominent players.

Construction, which includes real estate, infrastructure, and industrial structures, is the largest industry globally, accounting for 13% of the global GDP. Global construction activity is expected to expand by 1.2% in 2024, reaching a value of US$ 9.6 trillion. Total construction activity is expected to reach a value of US$ 9.9 trillion by 2025, with a growth rate of 3.6%; Further, it is estimated to reach US$ 10.1 trillion by 2028, growing at a CAGR of 2.2%. In many developing economies, the demand for residential housing is increasing rapidly owing to the urbanization in place. As per the data published by the United Nations in 2022, the world population is anticipated to reach 8.5 billion by 2030 and 9.7 billion by 2050. According to the National Association of Home Builders's analysis of census data in 2023, private residential building spending increased by 1.2% in the US in October 2023. Total private home building spending surged by 0.7% in 2023 compared to the previous year. The monthly increase in overall construction activity is mainly attributed to increased spending on single-family home building and upgrade projects.

Utility Compact Tractors Market Share — by Region, 2023

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Source: The Insight Partners Analysis

In October, spending on single-family buildings increased by 1.1%. Thus, owing to the increased population globally, the demand for housing is increasing rapidly, ultimately resulting in an upsurge in construction activities. Progress of the construction activity is directly proportional to the demand for utility compact tractors. Considering the increased adoption of compact tractors in construction, many tractor manufacturers have launched utility compact tractors specifically designed for the construction industry. For instance, in December 2022, KIOTI Tractor, a division of Daedong-USA, Inc., unveiled its latest innovation with the debut of its TL750 Compact tractor and SL750 Skid Steer Loader in North America. In April 2019, Kubota Tractor Corporation introduced the B01 Series compact tractors, including the B2301 and B2601 models for mowing lawns and operations in the construction industry. In addition, many manufacturers are focusing on developing semiautonomous and fully autonomous utility compact tractors. Such product development activities are expected to bring new utility compact tractors market trends in the coming years. Apart from the construction industry, increased demand and adoption from the mining industry is another factor driving the utility compact tractors market growth.

The geographic scope of the utility compact tractors market report entails 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), 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 35% of the global utility compact tractors market share. The growing demand for tractors from residential construction, mining, infrastructure, landscaping, and landmowing services contributes significantly to the utility compact tractors market size in this region. India is one of the notable markets for the construction industry in Asia Pacific. The Indian construction business is divided into two segments: real estate and urban development. The real estate section includes residential, office, retail, hotel, and leisure park properties. The urban development section includes water supply, sanitation, urban transportation, schools, and healthcare. Thus, owing to the inclusion of an extensive range of areas, the construction industry in India is predicted to reach a value of US$ 1.4 trillion by 2025.

As per data published by India's government, the Indian construction market is projected to become the third-largest market globally by 2025. Apart from residential construction investments, the Government of India is heavily investing in infrastructure development. In October 2021, the Dubai government and India entered into an agreement to develop infrastructure in Jammu and Kashmir, including industrial parks, IT towers, multifunctional towers, logistics centers, medical colleges, and specialty hospitals. Such factors are projected to drive construction activities in the country and region. Increased construction activities are directly affecting the demand and adoption of utility compact tractors. In addition, elevated disposable income supports the growth of the utility compact tractors market in Asia Pacific.

In Europe, a strong supply side benefits the utility compact tractors market growth. Solis, New Holland, and Landini are a few of the major companies operating in the region. Snowfall is common in several European countries, which indicates an elevated demand for snow removal equipment in the region. The need for snow removal equipment results in the expansion of the utility compact tractors market in Europe. In North America, especially in the US and Canada, these tractors are required in landscaping and property maintenance activities.

The utility compact tractors market analysis is carried out by identifying and evaluating key players in the market across different regions. Bobcat Company, Mahindra Tractors, Kubota, John Deere, Massey Ferguson, TYM, Yanmar, Kioti Tractors Solis, and New Holland are among the key utility compact tractors market players profiled during this study. In addition, several other important market players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

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