North America Compact Tractors Market Forecast to 2030

North America Compact Tractors Market Forecast to 2030

North America Compact Tractors Market Forecast to 2030 – Regional Analysis – by Capacity (Below 30 HP, 30 HP – 40 HP, and 40 HP – 60 HP), Drive Type (Two-Wheel Drive and Four-Wheel Drive), and End Use (Agriculture and Utility)

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Description

The North America compact tractors market is expected to grow from US$ 1,442.18 million in 2022 to US$ 2,090.88 million by 2030. It is estimated to grow at a CAGR of 4.8% from 2022 to 2030.

Increase in Technological Advancements in Agricultural Sector Drive North America Compact Tractors Market

Tractors are used in the agricultural sector for various tasks, including plowing, mowing, landscaping, planting, tilling, and hauling. Tractors are available in various sizes, including mini and medium and large tractors. Compact tractors are smaller and more beneficial for small-scale farming, fruit and nut yards, vineyards, gardens, and lawns. Compact tractors consume less fuel and can be adjusted in smaller spaces. The increasing technological advancement in the agricultural sector is a major driving factor due to compact tractors’ operational efficiency in smaller farms and cost efficiency in overall productivity. Nowadays, agricultural operations are executed differently from earlier. The involvement of advanced technological devices such as farming machinery and moisture or temperature sensors makes farming convenient, less time-consuming, and cost-effective. Compact tractors demonstrate higher efficiency and low prices for small-scale farming. In addition, small and marginal farmers are showing interest in compact tractors for meeting the operational requirements but in a cost-efficient way. The increasing advancement in the agricultural sector is boosting the market growth for compact tractors globally.

North America Compact Tractors Market Overview

The North America compact tractors market is further segmented into the US, Canada, and Mexico. The region has the presence of major tractor manufacturers such as John Deere, Solis Tractors, Brim Tractor Company, and Captain Tractors, which is driving the compact tractors market in the region. Moreover, the high demand for small scale agriculture farms across countries such as the US and Mexico is another major factor supporting the growth of the compact tractors market in the region. Further, the US is one of the region’s major producers and exporters of soybean, gold, corn, and wheat. Also, the government support for small-scale production of products such as soybean, wheat, corn, and other agricultural products is another major factor driving the compact tractors market in North America.

Another factor supporting the growth of the compact tractors market is the demand from the mining sector of the region. Mexico is one of the major producers of silver, gold, copper, lead, wood, and zinc. The demand for compact tractors in applications such as excavations or haulage of gravel or rubble on mining sites is driving the market in the region.

North America Compact Tractors Market Revenue and Forecast to 2030 (US$ Million)

North America Compact Tractors Market Segmentation

The North America compact tractors market is segmented into capacity, drive type, end use, and country.

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 the largest share of the North America compact tractors market in 2022.

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 a larger share of the North America compact tractors market in 2022.

Based on end use, the North America compact tractors market is bifurcated into agriculture and utility. The agriculture segment held a larger share of the North America compact tractors market in 2022.

Based on country, the North America compact tractors market is segmented into the US, Canada, and Mexico. The US dominated the North America compact tractors market in 2022.

AGCO Corp, Argo Tractors SpA, CNH Industrial NV, Deere & Co, Iseki and Co Ltd, Kubota Corp, Mahindra & Mahindra Ltd, and Yanmar Holdings Co Ltd are some of the leading companies operating in the North America compact tractors market.

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At 4.8% CAGR, the North America Compact Tractors Market is Speculated to be worth US$ 2,090.88 million by 2030, Says the Research Team

According to the Research Team’ 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.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America compact tractors market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America compact tractors market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution

TABLE OF CONTENTS

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Compact Tractors Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers/Component Suppliers
4.3.2 Compact Tractors Manufacturer
4.3.3 End User
5. North America Compact Tractors Market – Key Industry Dynamics
5.1 North America Compact Tractors Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Technological Advancements in Agricultural Sector
5.2.2 Use of Compact Tractors in Animal Management, Driveway Maintenance, and Lawn Care
5.2.3 Increase in Number of Small-Scale Agricultural Farms
5.3 Market Restraints
5.3.1 Operational Limitations of Compact Tractors
5.4 Market Opportunities
5.4.1 Use of Compact Tractors in Various End-Use Applications
5.5 Future Trends
5.5.1 Electrification of Compact Tractors
5.6 Impact of Drivers and Restraints:
6. Compact Tractors Market – North America Market Analysis
6.1 North America Compact Tractors Market Revenue (US$ Million), 2022 – 2030
6.2 North America Compact Tractors Market Forecast and Analysis
7. North America Compact Tractors Market Analysis – Capacity
7.1.1 North America Compact Tractors Market, By Capacity (2022 and 2030)
7.2 Below 30 HP
7.2.1 Overview
7.2.2 Below 30 HP: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
7.3 HP – 40 HP
7.3.1 Overview
7.3.2 HP – 40 HP: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
7.4 HP – 60 HP
7.4.1 Overview
7.4.2 HP – 60 HP: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Compact Tractors Market Analysis – Drive Type
8.1.1 North America Compact Tractors Market, By Drive Type (2022 and 2030)
8.2 Two-Wheel Drive
8.2.1 Overview
8.2.2 Two-Wheel Drive: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Four-Wheel Drive
8.3.1 Overview
8.3.2 Four-Wheel Drive: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
9. North America Compact Tractors Market Analysis – End Use
9.1.1 North America Compact Tractors Market, By End Use (2022 and 2030)
9.2 Agriculture
9.2.1 Overview
9.2.2 Agriculture: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Utility
9.3.1 Overview
9.3.2 Utility: North America Compact Tractors Market, Revenue and Forecast to 2030 (US$ Million)
10. North America Compact Tractors Market – Country Analysis
10.1 North America
10.1.1 North America Compact Tractors Market Revenue and Forecasts and Analysis – By Country
10.1.1.1 US: North America Compact Tractors Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.1.1 US: North America Compact Tractors Market Breakdown by Capacity
10.1.1.1.2 US: North America Compact Tractors Market Breakdown by Drive Type
10.1.1.1.3 US: North America Compact Tractors Market Breakdown by End Use
10.1.1.2 Canada: North America Compact Tractors Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.2.1 Canada: North America Compact Tractors Market Breakdown by Capacity
10.1.1.2.2 Canada: North America Compact Tractors Market Breakdown by Drive Type
10.1.1.2.3 Canada: North America Compact Tractors Market Breakdown by End Use
10.1.1.3 Mexico: North America Compact Tractors Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.3.1 Mexico: North America Compact Tractors Market Breakdown by Capacity
10.1.1.3.2 Mexico: North America Compact Tractors Market Breakdown by Drive Type
10.1.1.3.3 Mexico: North America Compact Tractors Market Breakdown by End Use
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Argo Tractors SpA
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Iseki and Co Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Yanmar Holdings Co Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 AGCO Corp
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 CNH Industrial NV
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Deere & Co
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Kubota Corp
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Mahindra & Mahindra Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About the Research Team

LIST OF TABLES

Table 1. North America Compact Tractors Market Segmentation
Table 2. North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million) – Capacity
Table 4. North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million) – Drive Type
Table 5. North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million) – End Use
Table 6. US: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By Capacity
Table 7. US: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By Drive Type
Table 8. US: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By End Use
Table 9. Canada: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By Capacity
Table 10. Canada: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By Drive Type
Table 11. Canada: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By End Use
Table 12. Mexico: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By Capacity
Table 13. Mexico: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By Drive Type
Table 14. Mexico: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn) – By End Use

LIST OF FIGURES

Figure 1. North America Compact Tractors Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: North America Compact Tractors Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. North America Compact Tractors Market Revenue (US$ Million), 2022 – 2030
Figure 6. North America Compact Tractors Market Share (%) – Capacity, 2022 and 2030
Figure 7. Below 30 HP: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. HP – 40 HP: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. HP – 60 HP: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. North America Compact Tractors Market Share (%) – Drive Type, 2022 and 2030
Figure 11. Two-Wheel Drive: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Four-Wheel Drive: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. North America Compact Tractors Market Share (%) – End Use, 2022 and 2030
Figure 14. Agriculture: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Utility: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. North America Compact Tractors Market, By Key Country – Revenue (2022) (US$ Million)
Figure 17. North America Compact Tractors Market Breakdown by Country (2022 and 2030)
Figure 18. US: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 19. Canada: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 20. Mexico: North America Compact Tractors Market Revenue and Forecasts To 2030 (US$ Mn)

The List of Companies – North America Compact Tractors Market

1. AGCO Corp
2. Argo Tractors SpA
3. CNH Industrial NV
4. Deere & Co
5. Iseki and Co Ltd
6. Kubota Corp
7. Mahindra & Mahindra Ltd
8. Yanmar Holdings Co Ltd

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