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Report
Low HP Tractor Market by Horsepower Type (Below 40 HP, Above 40 HP), Wheel Drive (Two Wheel Drive, Four Wheel Drive), Application (Farming, Horticulture, and Others), and Region 2024-2032
Market Report I 2024-04-08 I 138 Pages I IMARC Group
The global low HP tractor market size reached 2,685.4 Thousand Units in 2023. Looking forward, IMARC Group expects the market to reach 4,087.7 Thousand Units by 2032, exhibiting a growth rate (CAGR) of 4.64% during 2024-2032. The thriving agriculture industry, rising adoption of horticulture, and the increasing development of innovative agriculture equipment represent some of the key factors driving the market.
Low horsepower (HP) tractors are used for mowing, plowing, and pulling small trailers in small lands, gardens, and yards. They comprise a spinning drive shaft that permits attachments, such as mowers, loaders, sprayers, drills, rotary sweepers, seed drills, and backhoes, to pull power from the engine to operate. They also include wide rear track widths and comfortable and adjustable chairs to trim trees and pick low-hanging fruits. Low HP tractors are specially designed to produce potato, cotton, paddy, rice, onion, apple, and mango. They are convenient to use and offer powerful engines to enhance small-scale field cultivation. They are highly versatile and improve work efficiency in clay soil to perform various tasks like bailing. As they are cheaper and safer for farmers due to less fuel consumption and easy maneuvering, the demand for low HP tractors is rising across the globe.
Low HP Tractor Market Trends:
At present, there is a rise in the development of innovative agriculture equipment to meet the surging demand for food around the world. This, along with the thriving agriculture industry, represents one of the key factors supporting the growth of the market. Besides this, the growing adoption of advanced technology by farmers, such as global positioning systems (GPS) and telematics, in their tractors to enhance agricultural productivity is positively influencing the market. In addition, rising incidences of droughts, flash floods, unpredictable rainfall, and temperature fluctuations are catalyzing the demand for low HP tractors across the globe. Moreover, there is an increase in the adoption of precision farming by observing, measuring, and responding to inter and intra-field variability in crops. This, coupled with the growing trend of the pay as per use model in the agriculture industry that enables small-scale farmers to use innovative machines at affordable rates, is offering a favorable market outlook. Apart from this, governing agencies of several countries are establishing custom hiring centers that help in the adoption of climate-resilient practices and technologies across farms. They are also focusing on promoting farm mechanization, which is strengthening the growth of the market. Additionally, the rising adoption of row-crop farming structure and horticulture, along with the increasing number of small-scale farmers across the globe, is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global low HP tractor market, along with forecasts at the global, regional, and country level from 2024-2032. Our report has categorized the market based on horsepower type, wheel drive, and application.
Horsepower Type Insights:
Below 40 HP
Above 40 HP
The report has provided a detailed breakup and analysis of the low HP tractor market based on the horsepower type. This includes below 40 HP and above 40 HP. According to the report, below 40 HP represented the largest segment.
Wheel Drive Insights:
Two Wheel Drive
Four Wheel Drive
A detailed breakup and analysis of the low HP tractor market based on the wheel drive has also been provided in the report. This includes two wheel drive and four wheel drive. According to the report, two wheel drive represented the largest segment.
Application Insights:
Farming
Horticulture
Others
A detailed breakup and analysis of the low HP tractor market based on the application has also been provided in the report. This includes farming, horticulture, and others. According to the report, farming represented the largest segment.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for low HP tractors. Some of the factors driving the Asia Pacific low HP tractor market included the growing demand for agriculture mechanization, increasing small farm sizes, and government initiatives promoting agricultural productivity.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global low HP tractor market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies include Action Construction Equipment Ltd., AGCO Corporation, Argo S.p.A., CNH Industrial N.V., Daedong Industrial, Deere & Company, Force Motors Ltd., Kubota Corporation, Mahindra & Mahindra Limited, Sonalika Group, Tractors and Farm Equipment Limited, Tumosan, Zetor Tractors a.s., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global low HP tractor market performed so far and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global low HP tractor market?
What are the key regional markets?
Which countries represent the most attractive low HP tractor markets?
What is the breakup of the market based on the horsepower type?
Which is the most attractive horsepower type in the low HP tractor market?
What is the breakup of the market based on the wheel drive?
Which is the most attractive wheel drive in the low HP tractor market?
What is the breakup of the market based on the application?
Which is the most attractive application in the low HP tractor market?
What is the competitive structure of the global low HP tractor market?
Who are the key players/companies in the global low HP tractor market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Low HP Tractor Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Horsepower Type
6.1 Below 40 HP
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Above 40 HP
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Wheel Drive
7.1 Two Wheel Drive
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Four Wheel Drive
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Application
8.1 Farming
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Horticulture
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
10.1 Overview
10.2 Drivers
10.3 Restraints
10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Action Construction Equipment Ltd.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.2 AGCO Corporation
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Argo S.p.A.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 CNH Industrial N.V.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Daedong Industrial
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.6 Deere & Company
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Force Motors Ltd.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.8 Kubota Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Mahindra & Mahindra Limited
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Sonalika Group
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 Tractors and Farm Equipment Limited
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Tumosan
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.13 Zetor Tractors a.s.
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Low HP Tractor Market: Major Drivers and Challenges
Figure 2: Global: Low HP Tractor Market: Volume Trends (in 000 Units), 2018-2023
Figure 3: Global: Low HP Tractor Market Forecast: Volume Trends (in 000 Units), 2024-2032
Figure 4: Global: Low HP Tractor Market: Sales Value (in Billion US$), 2018-2023
Figure 5: Global: Low HP Tractor Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 6: Global: Low HP Tractor Market: Breakup by Horsepower Type (in %), 2023
Figure 7: Global: Low HP Tractor Market: Breakup by Wheel Drive (in %), 2023
Figure 8: Global: Low HP Tractor Market: Breakup by Application (in %), 2023
Figure 9: Global: Low HP Tractor Market: Breakup by Region (in %), 2023
Figure 10: Global: Low HP Tractor (Below 40 HP) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Low HP Tractor (Below 40 HP) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Low HP Tractor (Above 40 HP) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Low HP Tractor (Above 40 HP) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Low HP Tractor (Two Wheel Drive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Low HP Tractor (Two Wheel Drive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Low HP Tractor (Four Wheel Drive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Low HP Tractor (Four Wheel Drive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Low HP Tractor (Farming) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Low HP Tractor (Farming) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Low HP Tractor (Horticulture) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Low HP Tractor (Horticulture) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Low HP Tractor (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Low HP Tractor (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: North America: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: North America: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: United States: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: United States: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Canada: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Canada: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Asia-Pacific: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Asia-Pacific: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: China: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: China: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Japan: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Japan: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: India: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: India: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: South Korea: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: South Korea: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Australia: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Australia: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: Indonesia: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: Indonesia: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Others: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Others: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Europe: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Europe: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Germany: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Germany: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: France: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: France: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: United Kingdom: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: United Kingdom: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: Italy: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: Italy: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: Spain: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: Spain: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Russia: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Russia: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: Others: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: Others: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Latin America: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Latin America: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Brazil: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Brazil: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Mexico: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Mexico: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Others: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Others: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Middle East and Africa: Low HP Tractor Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Middle East and Africa: Low HP Tractor Market: Breakup by Country (in %), 2023
Figure 72: Middle East and Africa: Low HP Tractor Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Global: Low HP Tractor Industry: Drivers, Restraints, and Opportunities
Figure 74: Global: Low HP Tractor Industry: Value Chain Analysis
Figure 75: Global: Low HP Tractor Industry: Porter's Five Forces Analysis
Table 1: Global: Low HP Tractor Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Low HP Tractor Market Forecast: Breakup by Horsepower Type (in Million US$), 2024-2032
Table 3: Global: Low HP Tractor Market Forecast: Breakup by Wheel Drive (in Million US$), 2024-2032
Table 4: Global: Low HP Tractor Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 5: Global: Low HP Tractor Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Low HP Tractor Market: Competitive Structure
Table 7: Global: Low HP Tractor Market: Key Players
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