Mini Tractors Market: Introduction
- Rise in global population coupled with an increase in the demand for agriculture products is likely to compel farmers to adopt tractors to increase their productivity. Introduction of various innovative agricultural equipment, such as rotavators, harvesters, and seed transplanters, is expected to help farmers save labor costs and boost agriculture production, which in turn driving the global mini tractors market.
Key Drivers of Mini Tractors Market
- Enhanced productivity and efficiency of the agriculture sector and tractors, respectively, is expected to propel the global mini tractors market. Depending on the power output, several kinds of mini tractors are able to perform various farming operations including harvesting, sowing, fertilization, and scarifying independently. Therefore, tractors perform uniformly throughout the agriculture land and reduce human efforts.
- High rate of adoption of new agriculture based technology in developed countries is expected to be a prominent factor boosting the global mini tractors market. The rate of adoption of technology is high in Europe and North America, owing to high per capita income among farmers in these regions. Availability of land for agriculture is declining consistently across the globe, which in turn is likely to prompt farmers to adopt new technologies in order to enhance yield and generate maximum revenue.
- Most farmers have limited spending on labor for large grasslands and agriculture, thus spending on labor can be reduced by adoption of mechanized systems, such as tractors and harvesters, which can reduce human efforts and errors. This, in turn, is likely to further boost the market mini tractors market.
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Impact of COVID-19 pandemic on Mini Tractors Market
- The coronavirus pandemic has hampered the sales of tractor sales globally. For instance, in April 2020, a prominent tractor manufacturer based in India, Mahindra & Mahindra (M&M), which accounts for over 40% of the total tractor in India, reported a decline of 8% sales to 291,901 units in FY 2020, as compared to 316, 742 units in FY 2019. Moreover, Tafe Group reported the steepest decline in tractor sales of 17%, at 120,151 units, during the year under review in April 2020.
- The mini tractors market is also unravelling with the corona pandemic which in turn is hampering supply chains catering to the global mini tractors market, which in turn is compelling tractors’ manufacturing companies to either halt production or operate in reduced capacity. For instance, In April 2020, a leading compact tractor manufacturer, Kubota Corporation, suspended all operations at its Georgia, U.S. plant. This has severely hampered demand for compact tractors in the first two quarters of 2020.
Asia Pacific to hold prominent share of global mini tractors market
- In terms of region, the global automotive active roll stabilization market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific has presence of robust expanding economies including China, Thailand, Malaysia, India, and South Korea. Asia Pacific accounts for a significantly large population as compared to that in other regions. Therefore, agricultural activities across Asia Pacific are expected to increase during the forecast period in order to cater to the increasing demand for agricultural products across the region.
- Increasing awareness about several benefits offered by mechanical farming equipment, such as saving time and labor costs coupled with government subsidies on farming equipment, is expected to drive the mini tractors market in Asia Pacific. All the factors mentioned above have led Asia Pacific to account for a prominent share of the global mini tractors market.
Key Players Operating in Mini Tractors Market
The global automotive active roll stabilization market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global mini tractors market are:
- AGCO Corporation
- Argo Tractors S.p.A.
- CNH Industrial N.V.
- Daedong Industrial Co., Ltd.
- Deere & Company
- Escorts Limited
- Kubota Corporation
- LS Mtron
- Mahindra & Mahindra Ltd.
- Tong Yang Moolsan (TYM)
- Yanmar Co., Ltd.
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Global Mini Tractors Market: Research Scope
Global Mini Tractors Market, by Power Output
- Below 20HP
- Less than 60HP
Global Mini Tractors Market, by Farming Application
- Snow Cleaning
Global Mini Tractors Market, by Transmission
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