Europe Compact Tractors Market Revenue to cross US$ 2,533.87 million by 2030

At 4.7% CAGR, the Europe Compact Tractors Market is Speculated to be worth US$ 2,533.87 million by 2030, says Business Market Insights

According to Business Market Insights research, the Europe compact tractors market was valued at US$ 1,755.94 million in 2022 and is expected to reach US$ 2,533.87 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Increase in technological advancements in the agricultural sector and use of compact tractors in various end-use applications are among the critical factors attributed to the Europe compact tractors market expansion.

Compact tractors' small size and operational efficiency are boosting their application in different end-use applications in construction, mining, vineyards, orchards, and landscaping. Compact tractors between 15 HP (horsepower) and 30 HP are suitable for hauling. However, with technological advancements, compact tractors of more than 30 HP range also efficiently perform small-scale hauling tasks. In addition, transportation of farming equipment and assets from farm to workshop is also convenient with compact tractors. The application of compact tractors for snow removal or dirt road maintenance is fueling the demand for compact tractors.

In mining operations, compact tractors are used to excavate and haul rubble or gravel. Moreover, compact tractors can be utilized to spray herbicides and pesticides on farming lands to save crops from locusts and pests. The small size of compact tractors is ideal for vineyards and orchards as it can be fitted into narrow spaces. Compact tractors can perform routine duties such as transporting feed and hay or cleaning stalls for livestock, making the farmers' work easier. Compact tractors are also used for residential commercial landscaping of gardens. Attaching box scrapers, hydraulic tillers, blades, or cultivators can make compact tractors more efficient for landscaping. The increasing use of compact tractors in various end-use applications drives the compact tractors market.

On the contrary, operational limitations of compact tractors hamper the Europe compact tractors market.

Based on capacity, the Europe 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 57.3% share of Europe compact tractors market in 2022, amassing US$ 1,005.36 million. It is projected to garner US$ 1,412.77 million by 2030 to expand at 4.3% CAGR during 2022-2030.

Based on drive type, the Europe compact tractors market is bifurcated into two-wheel drive and four-wheel drive. The two-wheel drive segment held 76.0% share of Europe compact tractors market in 2022, amassing US$ 1,334.89 million. It is projected to garner US$ 1,877.05 million by 2030 to expand at 4.4% CAGR during 2022-2030.

Based on end use, the Europe compact tractors market is bifurcated into agriculture and utility. The agriculture segment held 67.6% share of Europe compact tractors market in 2022, amassing US$ 1,186.86 million. It is projected to garner US$ 1,673.01 million by 2030 to expand at 4.4% CAGR during 2022-2030.

Based on country, the Europe compact tractors market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 32.9% share of Europe compact tractors market in 2022. It was assessed at US$ 577.99 million in 2022 and is likely to hit US$ 831.62 million by 2030, exhibiting a CAGR of 4.7% during 2022-2030.

Key players operating in the Europe compact tractors market are AGCO Corp, Argo Tractors SpA, CNH Industrial NV, Deere & Co, Iseki and Co Ltd, Kubota Corp, Mahindra & Mahindra Ltd, Same Deutz-Fahr Italia SpA, and Yanmar Holdings Co Ltd, among others.