The global agricultural compact tractor market 2018-2022 is expected to post a CAGR of close to 4% during the forecast period, according to the latest market research report by Technavio
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Technavio predicts the global agricultural compact tractor market to post a CAGR of close to 4% by 2022. (Graphic: Business Wire)
A key factor driving the growth of the market is growing use of compact tractors by small-scale farmers. Compact tractors are smaller than the average tractor and thus cost less. Farmers can complete various tasks in the agriculture fields by using compact tractors along with small farm implements, front-end loaders, and small backhoes, without depending on farm laborers. This is one of the key reasons for the growing adoption of compact tractors especially by small and mid-size farmers, for whom getting enough financial capital is a major challenge.
This market research report on the global agricultural compact tractor market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the investment in the development of the agriculture sector as one of the key emerging trends in the global agricultural compact tractor market:
Global agricultural compact tractor market: Investments in the development of the agriculture sector
Agriculture industry constantly invests in various R&D activities to develop new technologies that not only benefit farmers but also make it possible to differentiate themselves from their competitors. These new technological innovations include drones, robots, self-driving tractors, and others.
"The technological advancements in the agricultural tractor sector include the inclusion of IoT sensors, wireless communication, cloud apps, and steering wheel replacements. Some technologies can also measure the amount of pressure being exerted on each seed while sowing. Such technological advancements will drive the market," says a senior analyst at Technavio.
Global agricultural compact tractor market: Segmentation analysis
This market research report segments the global agricultural compact tractor market by engine capacity (20-40 HP agricultural compact tractor market and below 20 HP agricultural compact tractor market) and geographical regions (APAC, EMEA, and the Americas).
APAC led the market in 2017 with a market share of more than 57%, followed by the Americas and EMEA respectively. The dominance of APAC can be attributed to the growing focus on the development of the agriculture sector in developing countries like India, China, and others as well as the increase in agriculture mechanization.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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