PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1181653
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1181653
The Europe tractor market size witnessed shipments of 158,231 units in 2022, which is expected to reach 200,449 units by 2028 growing at a CAGR of 4.02% during the forecast period.
MARKET TRENDS & OPPORTUNITIES
Increasing Use of Bioenergy in Tractors
Conventionally, farmers used diesel engine tractors known for their high power. Tractors are now more efficient and can complete tasks with fewer power requirements due to advances in machine technologies, fuel, and engines. The volatility in diesel prices hampers the budget management of farmers. Farm-produced bio-based energy can already be used to power several new, cutting-edge models of agricultural machinery.
Technological Advance in Tractor Technology
A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future in the Europe tractor market. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.
INDUSTRY RESTRAINTS
Lack of Awareness of the Latest Agricultural Equipment Innovations
There are many innovations and advances in the agricultural sector and agriculture tractors and machinery. Agriculture scientists develop ways to increase yield using innovative and efficient machinery. Implementing modern equipment and systems and adopting advanced scientific methods such as artificial intelligence help farmers make better decisions. The number of farmers unaware of the latest innovations in agriculture technologies and equipment is very high in Europe. This is mainly due to limited awareness and information among the farming community. The resistance from farmers to change and update their farming practices is another reason for the low adoption of the latest agricultural machinery. Such factors are expected to hamper the growth of the Europe tractor market during the forecast period.
SEGMENTATION INSIGHTS
Segmentation by Horsepower
Segmentation by Drive Type
GEOGRAPHICAL ANALYSIS
France holds the most prominent Europe tractor market share, with an overall 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 to recover from the drought-induced low in 2017 and the COVID-19 pandemic. Moreover, the country has to increase its production capacity manifolds to feed the ever-growing population, which stood at 67.4 million in 2021. The production of major crops in the country increased from 2020 compared to the last seven years. This increase can be attributed to the fact that French farmers have started to adopt farm mechanization practices and are improving their crop production by reducing the yield gap.
Germany held the second-largest Europe tractor market share in 2022, with overall sales of 33,676 units. The significant upcoming trend in the German agriculture scene is the feminization of agriculture due to the migration of men to urban cities, which drives the need to purchase tractors and other agricultural machinery to perform farming activities. Women are emerging in several roles, such as laborers, cultivators, and Agri- entrepreneurs. Tractors in the 50-100 HP power range likely be Germany's largest contributor to the tractor industry.
Segmentation by Geography
COMPETITIVE LANDSCAPE
Key Vendors
Other Prominent Vendors
WHY SHOULD YOU BUY THIS REPORT?
This Europe tractor market report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:
a) Segmentation by Horsepower
b) Segmentation by Wheel Drive
c) Segmentation by Geography
KEY QUESTIONS ANSWERED:
LIST OF TABLES