At 4.8% CAGR, the North America Compact Tractors Market is Projected to be worth US$ 2,090.88 million by 2030, says Business Market Insights
According to Business Market Insights research, the North America compact tractors market was valued at US$ 1,442.18 million in 2022 and is expected to reach US$ 2,090.88 million by 2030, registering a CAGR of 4.8% from 2022 to 2030. Increase in technological advancements in agricultural sector and electrification of compact tractors are among the critical factors attributed to the North America compact tractors market expansion.
Several countries across the globe are focusing on electrifying compact tractors to reduce operation time and increase productivity by mechanizing the processes. The development of hybrid compact tractors is one of the market's major future trends. The growing concern of environmental pollution, soil pollution, and climate change is also boosting the development of electrified compact tractors, which are low on carbon emissions and more environment friendly.
Also, various economies are focused on net-zero emission policies, thus promoting the adoption of electric vehicles. It is likely to reduce the demand for traditional fuel-based tractors and boost the demand for electric tractors across the region. The mounting demand for sustainable and eco-friendly alternatives in the agricultural sector is expected to be a major growth factor for the compact tractors market.
On the contrary, operational limitations of compact tractors hamper the North America compact tractors market.
Based on capacity, the North America 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 61.9% share of North America compact tractors market in 2022, amassing US$ 893.32 million. It is projected to garner US$ 1,265.39 million by 2030 to expand at 4.4% CAGR during 2022-2030.
Based on drive type, the North America compact tractors market is bifurcated into two-wheel drive and four-wheel drive. The two-wheel drive segment held 80.7% share of North America compact tractors market in 2022, amassing US$ 1,164.23 million. It is projected to garner US$ 1,705.80 million by 2030 to expand at 4.9% CAGR during 2022-2030.
Based on end use, the North America compact tractors market is bifurcated into agriculture and utility. The agriculture segment held 68.3% share of North America compact tractors market in 2022, amassing US$ 985.64 million. It is projected to garner US$ 1,455.90 million by 2030 to expand at 5.0% CAGR during 2022-2030.
Based on country, the North America compact tractors market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 55.3% share of North America compact tractors market in 2022. It was assessed at US$ 797.64 million in 2022 and is likely to hit US$ 1,047.53 million by 2030, exhibiting a CAGR of 3.5% during 2022-2030.
Key players operating in the North America compact tractors market are AGCO Corp, Argo Tractors SpA, CNH Industrial NV, Deere & Co, Iseki and Co Ltd, Kubota Corp, Mahindra & Mahindra Ltd, and Yanmar Holdings Co Ltd, among others.
In 2023, John Deere introduced 4075R Compact Utility Tractor for MY24. It has been enhanced by heavy-duty front axles and technology-ready capabilities, LED light packages to the 3R, and heavy-duty 4M and 4R models.
In 2022, Argo Tractors had signed a partnership with xFarm Technologies, a technology firm committed to the digitalization of the agri-food sector, to address the difficulties of environmental and economic sustainability, as well as greater productivity, in present and future agriculture. The two firms had collaborated on a new digitization initiative, which was boosted by their expertise in cutting-edge agricultural mechanisation as well as data analysis, processing, and application.
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