Norway Tractor Market - Industry Analysis & Forecast 2023-2028

List of Tables

The Norway tractor market is expected to grow at a CAGR of 2.54% from 2022-2028.

KEY HIGHLIGHTS

Norway has over 5.4 million food consumers. The country witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity.
The Norway tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the industry.
The Norwegian government plans schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the market.
The Norway tractor industry increased by 6% in 2022 from 2021. The increase in crop production and tractor sales was due to government support to farmers and favorable climate conditions.

MARKET TRENDS & OPPORTUNITIES

Increasing Use of Bioenergy in Agricultural Tractors

Conventionally, farmers used diesel engine tractors known for their high power. Tractors are now more efficient and can complete tasks with less power requirements due to advances in machine technologies and engines. The volatility in diesel prices hampers farmers' budget management. Thus, the Norway tractor market witnesses a considerable demand for tractors that run on different fuels, such as plant-oil and biogas-powered tractors.

Technological Advances in Tractor Technology

A new frontier of innovation emerged as agriculture met digital technology, opening various paths to an intelligent agricultural future. 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 industry. GPS and remote sensing make farming more accurate and productive.

SEGMENTATION INSIGHTS

INSIGHTS BY HORSEPOWER

The 101-130 HP segment recorded the highest Norway tractor market share in 2022. The significant factors for the increasing growth of the medium-power (101-130 HP) range of tractors are versatility and adaptability, cost-effectiveness, availability of medium-sized farms, and operational flexibility. Tractors in this HP range can easily handle large fields and heavy-duty mowing tasks. Further, trends driving medium HP range tractor sales in the Norway tractor industry are:

Crop Adaptability: Medium HP range tractors are favored by farmers due to their versatility across various crops, accommodating the diverse agriculture seen in Norway.
Sustainability Focus: Sustainable farming practices are a priority, and medium-sized tractors, with their efficient power-to-efficiency ratio, align well with eco-friendly approaches.
Cost-Effective Solutions: In Norway's competitive agricultural landscape, the medium HP range of tractors offers cost-effective alternatives to larger models, attracting budget-conscious farmers while delivering substantial performance.

Segmentation by Horsepower

Less Than 50 HP
50-70 HP
71-100 HP
101-130 HP
131-170 HP
171-200 HP
201-250 HP
Above 250 HP

INSIGHTS BY WHEEL DRIVE

The Norway tractor market is dominated by low-range HP 2WD tractors. 2WD tractors are the most favored by farmers. The low relative cost of ownership, the sufficiency of features and haulage power, and convention make 2WD tractors more popular among farmers. Furthermore, ease of driving and flexibility with light loads and in plain fields are significant factors that boost the demand for two-wheel-drive tractors. John Deere, New Holland, Fendt, and Valtra share most of the 2-wheel drive tractors segment.

Segmentation by Wheel Drive

2-Wheel-Drive
4-Wheel-Drive

REGIONAL ANALYSIS

In terms of region, the eastern and western regions have reportedly shown a higher demand for agricultural tractors than the other regions of the country. During the forecast period, the country's western region will strongly need tractors. Moreover, the Eastern region has a higher level of mechanization than any other country region. It has helped to hold the most prominent share of the Norway tractor market in 2022. Tractors in Eastern Norway typically range from small and compact models for smallholdings and hobby farms to larger, more powerful tractors for more extensive commercial operations. Different tractors are used for various agricultural activities, such as plowing, planting, harvesting, and transporting goods. The agriculture sector in Norway, including Eastern Norway, has been increasingly adopting modern technology in farming practices. Precision agriculture techniques, such as GPS-guided tractors and autonomous machinery, have gained popularity to optimize crop production.

Segmentation by Region

Norway
- Eastern
- Western
- Trøndelag
- Northern
- Southern

VENDOR LANDSCAPE

John Deere, Valtra (AGCO), Massey Ferguson (AGCO), and New Holland (CNH Industrial) dominated the Norway tractor market with a collective market share of over 70% in 2022. These brands have adopted several strategies to gain traction in the industry. The Norway tractor industry is characterized by various global vendors that account for most of the market share. Therefore, it would be difficult for new players to compete with well-established vendors in the industry. The key competitive factors of the Norway tractor industry players include efficiency, product reliability & availability, after-sales service, and price.

Key Company Profiles

John Deere
AGCO
CNH Industrial
Deutz-Fahr

Other Prominent Vendors

CLAAS
McCormick
Iseki
Branson
Escorts
Kubota
Solis
TYM Corporation
LS Tractor
KIOTI
Yanmar

Recent Developments in The Norway Tractor Market

In March 2023, John Deere announced MY24 updates for its 7, 8, and 9 Series Tractors lineup that will help prepare them for the future of precision agriculture.
In August 2022, AGCO launched the latest Fendt 700 Vario series tractors, featuring an upgraded powertrain with VarioDrive transmission and Fendt iD low engine speed concept. This new generation aims to enhance efficiency and productivity for customers.
In June 2022, The CLAAS AXION 900 series of large tractors for contractors and big farms the new AXION 900 series are equipped as standard with the updated, continuously variable ZF Terramatic transmission.
In March 2022, John Deere launched the new electric variable transmission (EVT) for select 8 Series Tractors and a new JD14X engine for 9 Series.
In February 2022, Massey Ferguson launched the MF 6S series tractors. This machine provides up to 180 HP with advanced technology.

WHY SHOULD YOU BUY THIS REPORT?

This report is among the few in the market that offer outlook and opportunity analyses forecast in terms of:

Market Size & Forecast Volume (Units) 2020-2028

I. Segmentation by Horsepower

II. Segmentation by Drive Type

III. Segmentation by Region

Production and trade values
Major current and upcoming projects and investments
Competitive intelligence about the economic scenario, advantages in Norway, industry dynamics, and market shares
Innovative technologies
Company profiles of primary and other prominent vendors
Market shares of major vendors

KEY QUESTIONS ANSWERED:

1. What are the expected units sold in the Norway tractor market by 2028?

2. What is the growth rate of the Norway tractor market?

3. How big is the Norway tractor market?

4. Which region holds the largest Norway tractor market share?

5. Who are the key companies in Norway's tractor industry?

Product Code: ARZ231120

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION
- 4.1.1 INCLUSIONS
- 4.1.2 EXCLUSIONS
- 4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 MARKET OVERVIEW
6.2 REPORT OVERVIEW
6.3 SEGMENTAL ANALYSIS
6.4 REGIONAL ANALYSIS
6.5 COMPETITIVE ANALYSIS

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW
- 8.1.1 GOVERNMENT REGULATIONS AND POLICIES
- 8.1.2 TECHNOLOGICAL ADVANCES

9 MARKET OPPORTUNITIES & TRENDS

9.1 INCREASED FOCUS ON SMART & AUTONOMOUS TRACTORS
- 9.1.1 SWATH CONTROL AND VARIABLE RATE TECHNOLOGY (VRT)
- 9.1.2 HIGH DEMAND FOR AUTONOMOUS EQUIPMENT
9.2 SHORTAGE OF AGRICULTURAL LABORERS
9.3 INCREASING USE OF BIOENERGY IN AGRICULTURAL MACHINERY

10 MARKET GROWTH ENABLERS

10.1 GOVERNMENT SUBSIDIES & CREDIT SUPPORT SYSTEMS
10.2 GROWTH IN AGRICULTURAL PRODUCTIVITY AND EXPORTS
10.3 GROWING FARM MECHANIZATION
- 10.3.1 BENEFITS OF FARM MECHANIZATION
- 10.3.2 CHALLENGES OF FARM MECHANIZATION

11 MARKET RESTRAINTS

11.1 HIGH DEMAND FOR USED & RENTAL TRACTORS
11.2 UNFAVORABLE WEATHER CONDITIONS
11.3 LACK OF AWARENESS OF LATEST INNOVATIONS IN AGRICULTURAL TRACTORS
- 11.3.1 LACK OF EDUCATION AMONG FARMERS

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
- 12.3.1 THREAT OF NEW ENTRANTS
- 12.3.2 BARGAINING POWER OF SUPPLIERS
- 12.3.3 BARGAINING POWER OF BUYERS
- 12.3.4 THREAT OF SUBSTITUTES
- 12.3.5 COMPETITIVE RIVALRY

13 HORSEPOWER

13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 LESS THAN 50 HP
- 13.3.1 MARKET OVERVIEW
- 13.3.2 MARKET SIZE & FORECAST
- 13.3.3 MARKET BY REGION
13.4 50-70 HP
- 13.4.1 MARKET OVERVIEW
- 13.4.2 MARKET SIZE & FORECAST
- 13.4.3 MARKET BY REGION
13.5 71-100 HP
- 13.5.1 MARKET OVERVIEW
- 13.5.2 MARKET SIZE & FORECAST
- 13.5.3 MARKET BY REGION
13.6 101-130 HP
- 13.6.1 MARKET OVERVIEW
- 13.6.2 MARKET SIZE & FORECAST
- 13.6.3 MARKET BY REGION
13.7 131-170 HP
- 13.7.1 MARKET OVERVIEW
- 13.7.2 MARKET SIZE & FORECAST
- 13.7.3 MARKET BY REGION
13.8 171-200 HP
- 13.8.1 MARKET OVERVIEW
- 13.8.2 MARKET SIZE & FORECAST
- 13.8.3 MARKET BY REGION
13.9 201-250 HP
- 13.9.1 MARKET OVERVIEW
- 13.9.2 MARKET SIZE & FORECAST
- 13.9.3 MARKET BY REGION
13.10 ABOVE 250 HP
- 13.10.1 MARKET OVERVIEW
- 13.10.2 MARKET SIZE & FORECAST
- 13.10.3 MARKET BY REGION

14 DRIVE TYPE

14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 2-WHEEL DRIVE
- 14.3.1 MARKET OVERVIEW
- 14.3.2 MARKET SIZE & FORECAST
- 14.3.3 MARKET BY REGION
14.4 4-WHEEL DRIVE
- 14.4.1 MARKET OVERVIEW
- 14.4.2 MARKET SIZE & FORECAST
- 14.4.3 MARKET BY REGION

15 REGION

15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 EASTERN
- 15.3.1 MARKET OVERVIEW
- 15.3.2 MARKET SIZE & FORECAST
- 15.3.3 MARKET BY HORSEPOWER
- 15.3.4 MARKET BY DRIVE TYPE
15.4 WESTERN
- 15.4.1 MARKET OVERVIEW
- 15.4.2 MARKET SIZE & FORECAST
- 15.4.3 MARKET BY HORSEPOWER
- 15.4.4 MARKET BY DRIVE TYPE
15.5 TRØNDELAG
- 15.5.1 MARKET OVERVIEW
- 15.5.2 MARKET SIZE & FORECAST
- 15.5.3 MARKET BY HORSEPOWER
- 15.5.4 MARKET BY DRIVE TYPE
15.6 NORTHERN
- 15.6.1 MARKET OVERVIEW
- 15.6.2 MARKET SIZE & FORECAST
- 15.6.3 MARKET BY HORSEPOWER
- 15.6.4 MARKET BY DRIVE TYPE
15.7 SOUTHERN
- 15.7.1 MARKET OVERVIEW
- 15.7.2 MARKET SIZE & FORECAST
- 15.7.3 MARKET BY HORSEPOWER
- 15.7.4 MARKET BY DRIVE TYPE

16 COMPETITIVE LANDSCAPE

16.1 COMPETITION OVERVIEW
- 16.1.1 RECENT DEVELOPMENTS BY TOP BRANDS
- 16.1.2 BRAND LOYALTY

17 KEY COMPANY PROFILES

17.1 JOHN DEERE
- 17.1.1 BUSINESS OVERVIEW
- 17.1.2 PRODUCT OFFERINGS
- 17.1.3 KEY STRATEGIES
- 17.1.4 KEY STRENGTHS
- 17.1.5 KEY OPPORTUNITIES
17.2 AGCO
- 17.2.1 BUSINESS OVERVIEW
- 17.2.2 PRODUCT OFFERINGS
- 17.2.3 KEY STRATEGIES
- 17.2.4 KEY STRENGTHS
- 17.2.5 KEY OPPORTUNITIES
17.3 CNH INDUSTRIAL
- 17.3.1 BUSINESS OVERVIEW
- 17.3.2 PRODUCT OFFERINGS
- 17.3.3 KEY STRATEGIES
- 17.3.4 KEY STRENGTHS
- 17.3.5 KEY OPPORTUNITIES
17.4 DEUTZ-FAHR
- 17.4.1 BUSINESS OVERVIEW
- 17.4.2 PRODUCT OFFERINGS
- 17.4.3 KEY STRATEGIES
- 17.4.4 KEY STRENGTHS
- 17.4.5 KEY OPPORTUNITIES

18 OTHER PROMINENT VENDORS

18.1 CLAAS
- 18.1.1 BUSINESS OVERVIEW
- 18.1.2 PRODUCT OFFERINGS
18.2 MCCORMICK
- 18.2.1 BUSINESS OVERVIEW
- 18.2.2 PRODUCT OFFERINGS
18.3 ISEKI
- 18.3.1 BUSINESS OVERVIEW
- 18.3.2 PRODUCT OFFERINGS
18.4 BRANSON
- 18.4.1 BUSINESS OVERVIEW
- 18.4.2 PRODUCT OFFERINGS
18.5 ESCORTS
- 18.5.1 BUSINESS OVERVIEW
- 18.5.2 PRODUCT OFFERINGS
18.6 KUBOTA
- 18.6.1 BUSINESS OVERVIEW
- 18.6.2 PRODUCT OFFERINGS
18.7 SOLIS
- 18.7.1 BUSINESS OVERVIEW
- 18.7.2 PRODUCT OFFERINGS
18.8 TYM CORP.
- 18.8.1 BUSINESS OVERVIEW
- 18.8.2 PRODUCT OFFERINGS
18.9 LS TRACTOR
- 18.9.1 BUSINESS OVERVIEW
- 18.9.2 PRODUCT OFFERINGS
18.10 KIOTI
- 18.10.1 BUSINESS OVERVIEW
- 18.10.2 PRODUCT OFFERINGS
18.11 YANMAR
- 18.11.1 BUSINESS OVERVIEW
- 18.11.2 PRODUCT OFFERINGS

19 REPORT SUMMARY

19.1 KEY TAKEAWAYS
19.2 STRATEGIC RECOMMENDATIONS

20 QUANTITATIVE SUMMARY

20.1 MARKET BY REGION
20.2 MARKET BY HORSEPOWER
20.3 MARKET BY DRIVE TYPE

21 APPENDIX

21.1 ABBREVIATIONS