Outlook on the Tractor Market in Europe to 2028 – High Demand for Used & Rental Tractors Drives Growth
DUBLIN, Jan. 20, 2023 /PRNewswire/ — The “Europe Tractor Market – Industry Analysis & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
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 and 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.
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.
- John Deere and New Holland dominated the Europe agriculture tractor market with a collective industry share of over 25% in 2022. The threat of rivalry is high in the Europe tractor market since more than 40% of the share is held by the top five players.
- 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.
- Massey Ferguson launched the MF 6S series tractors in February 2022. This machine provides up to 180 HP with advanced technology.
- Massey Ferguson launched the MF 8S series tractors in July 2020. A guard-u install engine and a neo-retro design distinguish this series of tractors. These tractors are designed to advance smart farming technologies.
- In March 2021, CNH Industrial partnered with Monarch Tractors, a US-based agri-technology company, to improve long-term sustainability and raise awareness of the importance of zero-emission agriculture among farmers.
- John Deere
- CNH Industrial
Other Prominent Vendors
- Mahindra & Mahindra
- Foton Motor
- MTW Holdings
- Arbos Group
Key Questions Answered:
1. How big is the Europe tractor market?
2. What is the growth rate of the Europe Tractor Market?
3. What are the expected units sold in the Europe tractor market by 2028?
4. Who are the key players in the Europe tractor market?
5. Which wheel drive holds the highest Europe tractor market share?
6. Which country dominates the Europe tractor market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
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 Market at a Glance
7 Premium Insights
8.2 Value Chain Analysis
8.2.2 Raw Material & Component Suppliers
8.3 Common Agricultural Policy & Eu Agricultural Expenditure
8.4 Increasing Adoption of Precision Farming
8.5 Technological Advances
9 Market Opportunities & Trends
9.1 Technological Advances in Tractor Technology
9.1.1 Gps Technology
9.1.2 High Demand for Autonomous or Self-Driving Tractors
9.2 Shortage of Agricultural Laborers
9.3 Increasing Use of Bioenergy in Agricultural Machinery
10 Market Growth Enablers
10.1 Assistance to Farmers Through Loans & Subsidies
10.2 Strong Agricultural Commodity Prices Support Market
10.3 Growing Food Consumption & Export of Organic Products
11 Market Growth Restraints
11.1 Lack of Awareness of Latest Agricultural Equipment Innovations
11.1.1 Lack of Education Among Farmers
11.2 High Demand for Used & Rental Tractors
11.3 Climate Change Adversely Impacting Agricultural Activities
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 by 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 Geography
13.4 50 Hp-100 Hp
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Above 100 Hp
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
14 by Wheel-Drive
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
16 Competitive Landscape
16.1 Competition Overview
17 Key Company Profiles
18 Other Prominent Vendors
19 Report Summary
19.1 Key Takeaways
19.2 Strategic Recommendations
20 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/is9d2m
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/outlook-on-the-tractor-market-in-europe-to-2028—high-demand-for-used–rental-tractors-drives-growth-301726689.html
SOURCE Research and Markets
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.