As per the survey on agricultural machines, In South Korea, the cultivator is the most common machine owned by farmer’s households.Ĭonsidering the growth rate projection in the APAC region is anticipated to open the scope for manufacturers in compact agricultural equipment. These tractor trucks carry tow large volumes into their attached trailers. In 2022, The total tractor trucks in japan recorded high sales of 116 thousand units. In addition, farm mechanization has generated substantial opportunities for compact tractors manufacturers. Agriculture has been one of the major occupations in the region due to which demand for compact tractors has always been high. South Asia & Oceania accounted for around 33% share of the global compact tractors market during the historical period. Share Specifics with Me Compact Tractors Market Analysis by Region
Further, the shortage of raw materials hinders the absorption of compact tractors in agriculture. The outbreak of the coronavirus pandemic has compelled most of the governments to enforce lockdowns leading to stalled production and operations of manufacturing plants and a subsequent dip in inventory. Moreover, compact tractors are equipped with small farm implements such as front-end loaders and back-hoes, enabling farmers to complete various tasks on fields. Small-scale framers are increasingly adopting compact tractors as they are lightweight and allow crops to be handled carefully, reducing damage.
Agriculture is one of the major applications of compact tractors, holding more than 30% of the market share during the forecast period. The agriculture segment is expected to grow 3.4% during the forecast period. Despite these trends, compact tractors of 31HP-40HP engines are projected to create an absolute dollar opportunity of US$ 1,595.0 Mn during the forecast period as market rebounds post pandemic.Ĭompact Tractors Market Analysis by Application
Negligible demand is expected to hinder the growth of the compact tractors market in the next three fiscal quarters. This has caused latency in the market, dramatically lowering sales.Īccording to the Association of Equipment Manufacturers (AEM), in February 2020, the sales of compact tractors below 40HP was down by 9.7% in the US while in Canada it dipped by 20.2% as compared to the previous year. Imposition of lockdowns in many regions has restricted mobility and led to a closure of retail avenues. However, in the first quarter of 2020, the demand for compact tractors has witnessed a major downturn due to high volatility in the global market amid the COVID-19 pandemic.
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Thank you for visiting on on the web, always feel free to call us with any question.Compact Tractors Market Analysis by PowerĬompact tractors with 31HP-40HP engines accounted for a majority of the market share in the global compact tractors market on back of its prolific advantages.
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Besides servicing your equipment we also stay fully stocked with parts for every brand we carry, plus many other brands of equipment. Our service department does everything from routine maintenance, to major repairs on all brands of equipment, and we offer pick-up service for repairs. Working efficiently and effectively, we will get the job done right the first time. We understand that when you work, you need your equipment ready to work - time is money! Therefore, our service and parts departments work hard to have exactly what you need. Also at the dealership, we have 3pt implements, including loaders, brush cutters, tillers, box scrapers, post hole diggers and many other implements. We sell most everything you need to care for your property, including the best selling tractor brands, Branson Tractor and LS Tractor. As your one-stop equipment provider, we have most everything you need for your property.
We have been in Business for 42 years, offering expert staff in sales, service, parts and financing. Thanks for visiting us here at Hobby Tractors & Equipment, serving all of Utah and surrounding States.
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