The market is driven by rising farm mechanization. In addition, technological advances will positively influence the growth of the agricultural compact tractor market.
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Agricultural Compact Tractor Market: Engine Capacity Segment
Based on the capacity, the market witnessed maximum demand for 20-40 HP agricultural compact tractors. This can be attributed to their lower cost, which makes them an affordable option for small and mid-sized farmers. The market growth in the segment will be significant over the forecast period.
Agricultural Compact Tractor Market: Geographic Landscape
62% of the market's growth originated from APAC in 2019. Factors such as the growth in the agricultural sector, the need to increase agricultural productivity, rising labor scarcity, and high labor costs are fueling the growth of the agricultural compact tractor market in APAC.
India, China, and Australia are the key markets for agricultural compact tractors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Five Agricultural Compact Tractor Market Vendors:
AGCO Corp.: The company offers agricultural compact tractors through its Massey Ferguson brand.
CNH Industrial NV: The company offers agricultural compact tractors through its New Holland brand.
Deere & Co.: The company offers 1 Series, 2 Series, and 3 Series models of agricultural compact tractors.
Doosan Corp.: The company offers agricultural compact tractors through its Bobcat brand.
Escorts Ltd.: The company offers agricultural compact tractors with engine capacity higher than 22 HP.
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