European tractor market size saw shipments of 158,231 units in 2022, which is expected to reach 200,449 units by 2028.
Growing at a compound annual growth rate of 4.02% over the forecast period. Market trends and opportunities. Increased use of bioenergy in tractors. Traditionally, farmers used tractors with diesel engines known for their high power.
NEW YORK, Jan. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Europe Tractor Market – Industry Analysis and Forecasts 2023-2028” – https://www.reportlinker.com/p06380011/?utm_source=GNW
Growing at a compound annual growth rate of 4.02% over the forecast period.
Market trends and opportunities
Increased use of bioenergy in tractors
Traditionally, farmers used tractors with diesel engines known for their high power. Tractors are now more efficient and can complete tasks with lower power requirements due to advances in machine, fuel and engine technologies. Diesel price volatility hinders budget management for farmers. The bioenergy produced on the farm can already be used to power many new and advanced models of agricultural machinery.
Technological advances in tractor technology
New frontiers of innovation emerged when agriculture met digital technology, opening different paths for a smart agricultural future in the tractor market in Europe. Tractor manufacturers enjoy competition, and companies constantly strive to innovate and ensure product differentiation at reasonable prices. Modern tractors based on technology are currently available in the market. GPS and remote sensing make farming more accurate and productive.
Lack of awareness of the latest agricultural equipment innovations
There are many innovations and developments in the sector of agriculture, tractors and agricultural machinery. Agronomists develop ways to increase yields using innovative and efficient machines. The application of modern equipment and systems and the adoption of advanced scientific methods such as artificial intelligence helps farmers to make better decisions. The number of farmers who are not aware of the latest innovations in farming techniques and equipment is very high in Europe. This is mainly due to the limited awareness and information among the farming community. The resistance of farmers to change and modernize their agricultural practices is another reason for the low adoption of the latest agricultural machinery. These factors are expected to hamper the growth of the tractor market in Europe during the forecast period.
• The tractor market in Europe is categorized into segments based on the tractor engine capacity: Less than 50 HP, 50-100 HP, and Over 100 HP. In 2022, the 50-100 HP segment in Europe has the highest growth, with a market share of 40.9% in 2022. The main factor for the steady growth of the range of medium-powered tractors is the increase in business turnover among hobby and livestock farmers. Sales of tractors over 100 HP in the country are expected to remain flat over the forecast period as farm sales are likely to remain unchanged in the coming years.
• Mid-range HP 2WD tractors dominate the tractor market in Europe. Among the many models of tractors available in the region, two-wheel drive tractors are the most preferred by farmers. The relative low cost of ownership, sufficiency of features and hauling power, and compactness make two-wheel drive tractors more popular with farmers. Tractor market players in Europe are trying to redesign their 2WD tractors with more power and easy handling features so that farmers can upgrade their tractors and buy new ones as per their use. Features such as fuel efficiency, added convenience for working in confined spaces, and light loading work are expected to be needed in many agricultural economies. John Deere, New Holland, and Fendt hold the majority of shares in the two-wheel drive tractor segment.
hash by hp
• Less than 50 HP
• 50-100 HP
• Above 100 HP
Segmentation by drive type
• Two-wheel drive
• 4 wheel drive
France holds the largest share of the tractor market in Europe, with a total unit registration of 36,423 units by November 2022. The increase in crop production and tractor sales resulted from favorable monsoon rains in 2020 and 2021, which helped the country recover from a drought-causing decline in 2017 and the COVID-19 pandemic. Moreover, the country has to increase its diversified production capacity to feed the ever-growing population, which reached 67.4 million in 2021. The production of major crops in the country has increased as of 2020 compared to the past seven years. This increase can be attributed to the fact that French farmers have begun to adopt agricultural mechanization practices and improve their crop production by reducing the yield gap.
Germany held the second largest tractor market share in Europe in 2022, with total sales of 33,676 units. An upcoming important trend in the German agricultural landscape is the feminization of agriculture due to the migration of men to urban cities, which prompts the purchase of tractors and other agricultural machinery to perform agricultural activities. Women appear in several roles, such as workers, farmers, and agricultural contractors. Tractors in the 50-100 hp power range are probably Germany’s largest contributor to the tractor industry.
Division by geography
• John Deere and New Holland dominate the agricultural tractor market in Europe with a collective industrial share of more than 25% in 2022. The risk of competition is high in the European tractor market given that more than 40% of the share is owned by the five largest players.
• In March 2022, John Deere launched the Electric Variable Transmission (EVT) for select 8 Series tractors and a new JD14X engine for the 9 Series.
• Massey Ferguson launched the MF 6S series tractor in February 2022. This machine delivers up to 180 HP with advanced technology.
• Massey Ferguson launched the MF 8S series of tractors in July 2020. A guard-u mount engine and a new modern design characterize this series of tractors. These tractors are designed to advance smart farming technologies.
• In March 2021, CNH Industrial partnered with Monarch Tractor, a US-based agricultural technology company, to improve long-term sustainability and raise awareness of the importance of zero-emission farming among farmers.
• John Deere
• CNH Industrial
Other notable sellers
Mahindra and Mahindra
• MTW Holdings
Why should you buy this report?
This Europe Tractors Market report is among the few in the market that offers outlook analytics forecasts and opportunities in terms of:
• Market Size and Forecast Volume (Units) 2020-2028
a) Division by horse
b) splitting by wheel drive
c) Division by geography
• Production and trade values
• Current and upcoming major projects and investments
• Competitive information about the economic scenario and advantages in Europe, industry dynamics and market shares
• Latest innovative technology
• Analysis of the impact of COVID-19 on the industry
• Company profiles of key vendors and other notable vendors
• Industry shares of leading vendors
Key questions answered:
1. How big is the tractor market in Europe?
2. What is the growth rate of the tractor market in Europe?
3. What are the expected units sold in the European tractor market by 2028?
4. Who are the key players in the European Tractor Market?
5. Which drive has the highest tractor market share in Europe?
6. Which country dominates the tractor market in Europe?
Read the full report: https://www.reportlinker.com/p06380011/?utm_source=GNW
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