At 3.3% CAGR, the Asia Pacific Compact Tractors Market is projected to be worth US$ 4,325.32 million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific compact tractors market was valued at US$ 3,326.37 million in 2022 and is expected to reach US$ 4,325.32 million by 2030, registering a CAGR of 3.3% from 2022 to 2030. Increase in technological advancements in the agricultural sector and use of compact tractors in animal management, driveway maintenance, and lawn care are among the critical factors attributed to the Asia Pacific compact tractors market expansion.
The increasing application of compact tractors in different applications such as lawn care, driveway maintenance, and animal or livestock management is anticipated to provide major growth opportunities for the compact tractors market. Reducing human intervention and increasing machine applications for routine duties are boosting the usage of compact tractors. Compact utility tractors can be used for mowing, which is required in lawn care and maintenance. Transporting hay and feed and cleaning out pens are general tasks a compact tractor can manage. Dirt roads need maintenance, specifically after heavy storms. Compact tractors can be utilized for removing snow from the driveway. Increasing technological advancement is boosting the use of compact tractors for various end-user activities, which is anticipated to provide growth opportunities for the compact tractors market.
On the contrary, operational limitations of compact tractors hamper the Asia Pacific compact tractors market.
Based on capacity, the Asia Pacific compact tractors market is segmented into below 30 HP, 30 HP - 40 HP, and 40 HP - 60 HP. The 40 HP - 60 HP segment held 53.2% share of Asia Pacific compact tractors market in 2022, amassing US$ 1,769.61 million. It is projected to garner US$ 2,232.04 million by 2030 to expand at 2.9% CAGR during 2022-2030.
Based on drive type, the Asia Pacific compact tractors market is bifurcated into two-wheel drive and four-wheel drive. The two-wheel drive segment held 86.0% share of Asia Pacific compact tractors market in 2022, amassing US$ 2,859.52 million. It is projected to garner US$ 3,695.94 million by 2030 to expand at 3.3% CAGR during 2022-2030.
Based on end use, the Asia Pacific compact tractors market is bifurcated into agriculture and utility. The agriculture segment held 79.6% share of Asia Pacific compact tractors market in 2022, amassing US$ 2,646.64 million. It is projected to garner US$ 3,395.01 million by 2030 to expand at 3.2% CAGR during 2022-2030.
Based on country, the Asia Pacific compact tractors market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 45.1% share of Asia Pacific compact tractors market in 2022. It was assessed at US$ 1,499.93 million in 2022 and is likely to hit US$ 1,775.98 million by 2030, exhibiting a CAGR of 2.1% during 2022-2030.
Key players operating in the Asia Pacific compact tractors market are AGCO Corp, CNH Industrial NV, Deere & Co, Iseki and Co Ltd, Kubota Corp, LS Mitron Ltd, Mahindra & Mahindra Ltd, Same Deutz-Fahr Italia SpA, and Yanmar Holdings Co Ltd, among others.
In 2023, Mahindra OJA set to Transform Farming in India, with the launch of 7 Revolutionary Lightweight 4WD Tractors.
In 2023, Swaraj Tractors launched two models in the 20-30 HP (14.91 - 22.37kW) category under the Swaraj Target range. The price starts from Rs 5.35 lakhs ex-showroom. Its feature include powerful DI Engine with an 87 Nm torque to effortlessly pull trailed sprayers of up to 800 Liter even in the muddiest terrain, maximumlift capacity of 980Kg,PTO power in its class -17.9 kW (24 HP) 4WD, and Fully Sealed 4WD Portal Axle.
Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com
