About this market
With the increasing number of product launches, there is a growing demand for agricultural compact tractors. Vendors in the global agricultural compact tractor market are concentrating on various product launches with improved features. For instance, KUBOTA UK launched the L1361 compact utility tractor, which is equipped with a 36.6-HP, three-cylinder KUBOTA D1803-M-E2 engine with manual or three-range hydrostatic transmission, and a 38-liter capacity tank. Technavio's analysts have predicted that the agricultural compact tractor market will register a CAGR of almost 4% by 2022.
Market Overview
Growing use of compact tractors by small-scale farmers
Compact tractors are being increasingly adopted by small-scale farmers as they much smaller in size than the average agricultural tractors and are priced much lower. Despite of the low cost, compact tractors can help the farmers accomplish many tasks with the help of farm implements like back-hoes and front-end loaders, and save the expenses on labor wages.
Consolidation of agricultural land
Agricultural land is becoming increasingly consolidated in regions like Europe and the Americas, which is leading to adoption of larger and higher capacity agricultural equipment and machinery and this factor may pose a challenge for the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the agricultural compact tractor market during the 2018-2022 period, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including AGCO and CNH Industrial the competitive environment is quite intense. Factors such as the increasing number of new product launches and growing use of compact tractors by small-scale farmers, will provide considerable growth opportunities to agricultural compact tractor manufactures. AGCO, CNH Industrial, Deere & Company, KUBOTA, and Mahindra & Mahindra are some of the major companies covered in this report.
