Mini Tractor Market Size, Key Trends, Dynamics, SWOT Analysis, Research Report 2032 | AGCO Corporation, CNH Industrial N. V., Agro Tractors S.p.A., Deere and Company
Apr 19, 2024
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Mini Tractor Market Outlook:
The estimated mini tractor market size will be valued at USD 8.1 billion by 2022. The global mini tractor industry is predicted to rise from $8.4 billion in 2023 to $11.7 billion by 2032, witnessing a compound annual growth rate (CAGR) of 4.20% during the forecast period of 2023–2032. Increased public expenditure on new infrastructure and construction projects will spur demand for tractors used in transportation.
According to the Association of Equipment Manufacturers (AEM)’s latest data, US combined sales rose by 10.6% from January to July 2022 . This is an important trend because mini tractors Market have been proved suitable for both small businesses and medium-sized businesses. So many forms of agriculture can be carried on successfully. Minis are also in high demand from small farms and have been one of the biggest drivers of Mini Tractor market growth as technology advances and mini farm machineries such as ag tractors, telematics are introduced.
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Key players identified in the Mini Tractor market include
AGCO Corporation,
CNH Industrial N. V.,
Agro Tractors S.p.A.,
Deere and Company,
Kubota Corporation,
Iseki and Co. Ltd.,
Deutz Fahr,
L.S. Tractors,
Yanmar Holdings Co. Ltd., Mahindra and Mahindra Ltd .
Support programs or government policies will not be as beneficial as they should be. Governments around the world have increasingly made available more funding through various channels. Within the USA, for instance, loan programs from USDA now specifically target support to small and medium-sized farmers. Compact tractor’s market revenue increases due to large farms, support programs and increased government’s policies and funding thus increasing its revenues.
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Market Segment:
Mini tractor market segmentation by power includes less than 20 HP, 21 to 30 HP, 31 to 40 HP, 41 to50 HP and 51 at60 hp; with the segment holding over half (58%) of ($4.69bn) income generated.
A hydrostatic or mechanical transmission is employed in the case of mini truck transmission markets.The machinery sector dominates the market with a share of almost sixty percent.
Mini Tractor Market Segmentation by Drive Type is Two Wheel Drive versus Four Wheel Drive driving types.Two-wheel drive accounts for six out every ten dollars spent in the industry.
The compact Mini Tractor market is segmented on an application basis into shallow cutting, agriculture,snow removal,and landscaping.With a share about sixty percent,the agricultural sector controls this line.
Regional analysis
North America has been divided into markets in North America, Europe, Asia-Pacific and Rest of the World. The growth of the North American market can be attributed to a number of important factors. Compact and versatile pieces of equipment such as mini tractors are preferred by North American farmers.
The Asia and Pacific region is expected to grow at the highest CAGR from 2023-2032. It has many countries including India in the Asia Pacific region which are growing rapidly. While, in contrast, small-scale agriculture as well as subsistence farming can be said to have grown. In India, a majority of rural households rely on agriculture for a livelihood; thus, about 70% are involved in this kind of activity. Importantly, small or marginal farmers make up 82% of all farmers across the country. Especially for these smaller nations, the merits of mini tractors, which are small and practical, become quite visible. The increased need for mechanization within such farming setups explains increasing demand for mini tractors. Additionally, among Asia Pacific countries that utilize mini tractors China’s market has taken up significant share while India ranks top with highest growth rate in mini tractor industry.
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