Western Europe Tractor Market Insights Report 2024: Market to Reach 150,500 Units by 2029, Registering CAGR of 3.69% During 2023-2029

Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "Western Europe Tractor Market - Industry Analysis & Forecast 2024-2029" report has been added to * ResearchAndMarkets.com's* offering.

The Western Europe tractor market is expected to grow from 121,080 units in 2023, to reach 150,500 units in 2029, registering a CAGR of 3.69% from 2023-2029.

The Western Europe tractor market 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 market. The key competitive factors of the market players include efficiency, product reliability & availability, after-sales service, and price.

The key players in the Western Europe tractor market include John Deere, CNH Industrial, AGCO Corporation, and Kubota Corporation. These companies invest heavily in research and development to develop new and innovative tractor technologies. They are also expanding their presence in emerging markets to capitalize on the growing demand for agricultural tractors.

*KEY HIGHLIGHTS*

· The Western European tractor industry is expected to grow in the coming years, driven by increasing population, rising urbanization, and changing dietary patterns.
· The agricultural tractor market is highly concentrated, with the top players controlling most of the industry. Domestic and global brands, on the other hand, are equally represented in the industry.
· The Western Europe agricultural tractor market increased by 3% in 2023 from 2022. The increase in crop production and tractor sales was due to government support to farmers and favorable climate conditions.

*MARKET TRENDS & DRIVERS*

*Market Opportunities & Trends
*

· Increased Focus on Smart & Autonomous Tractors

· Swath Control & Variable Rate Technology (VRT)
· High Demand for Autonomous Equipment

· Use of Energy-Efficient Agriculture Tractors
· Shortage of Agricultural Laborers

· Fall in Farming Interest
· Youth Engagement

*Market Growth Enablers
*

· Government Subsidies & Credit Support Systems
· Growing Food Consumption & Export of Organic Products
· Increased Farm Mechanization

*Market Restraints
*

· Lack of Awareness of the Latest Agriculture Equipment Innovations

· Lack of Education Among Farmers

· High Demand for Used & Rental Tractors
· Detrimental Effects of Climate Change on Agriculture

*Technological Advances in Tractor Technology*

A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart 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.

*Rising Adoption of Energy-Efficient Tractors*

Governments, including Germany, France, Italy, the UK, and many more, target a 40% reduction in GHG emissions by 2030 and zero emissions by 2040. Electric tractors, driven by environmental concerns and automation, find increasing use, especially in developed nations, offering cost savings and reduced reliance on traditional diesel tractors.

*SEGMENTATION INSIGHTS*

*INSIGHTS BY HORSEPOWER*

The above 100 HP segment recorded a high market share in the Western Europe tractor market in 2023. The significant factors for the increasing growth of the high-power range of tractors are increasing farm size and consolidation, adoption of precision farming, availability of medium and large-sized farms, and operational flexibility.

Some of the trends driving above 100 HP range tractor sales in the Western Europe tractor market include:

· Increased Mechanization and Farm Consolidation: As farms get more extensive and labor becomes more expensive, farmers are turning to high-powered tractors to handle a wider range of tasks more efficiently.
· Demand for Higher Agricultural Productivity: Farmers are looking for ways to boost their yields to meet the growing demand for food. Powerful tractors enable them to plow larger areas, plant faster, and harvest more efficiently.
· Adoption of Precision Agriculture Technologies: High-HP tractors are often equipped with precision agriculture technologies such as GPS guidance and automatic steering, which improve accuracy and reduce waste.
· Government Initiatives: Many governments provide subsidies and other incentives to encourage farmers to adopt modern agricultural practices, including using high-powered tractors.
· Shift Towards Commercial Farming: The rise of commercial farming operations, which require large-scale equipment, also drives the demand for high-HP tractors.

*INSIGHTS BY DRIVE TYPE*

The Western Europe tractor market is dominated by low-range HP 2WD tractors. Among the several tractor models available in the country, 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, industry players try to redesign their 2WD tractors with more power and ease of handling features so that farmers can upgrade their tractors and buy new ones for their use.

*REGIONAL ANALYSIS*

France dominated the Western Europe tractor market, accounting for over 80% of the share in 2023. France is a prominent European agricultural hub and ranks globally as the sixth-largest agricultural producer. It encompasses approximately one-third of Europe's highly arable land, with half of its total land suitable for cultivation. Some factors that drove the adoption of mechanized agriculture are the consolidation of small farms and the higher mean size of farms offering economies of scale. Further, France exhibits the same characteristics as Germany and the UK markets, where the demand for high hp tractors is more than the entry-level. The sale of above 100 HP tractors will drive the agriculture tractor market in France during the forecast period.

*VENDOR LANDSCAPE*

*Key Company Profiles*

· Deere & Company
· CNH Industrial
· AGCO
· Mahindra
· Kubota

*Other Prominent Vendors*

· CLAAS
· Same Deutz-Fahr
· Yanmar
· TAFE
· SOLIS
· KIOTI
· Arbos Group
· Iseki
· Escorts Kubota
· Lovol
· ARGO Tractors
· Branson Tractors
· TYM Corp.
· LS Tractor
· VST Tillers Tractors Ltd.
· Zetor
· JCB
· BCS Group
· Captain Tractors
· Antonio Carraro

*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 209
Forecast Period 2023 - 2029
Estimated Market Value in 2023 121.08 Thousand Units
Forecasted Market Value by 2029 150.5 Thousand Units
Compound Annual Growth Rate 3.6%
Regions Covered Europe
*Report Segmentation*

*Segmentation by Horsepower*

· Less than 25 HP
· 25-35 HP
· 36-45 HP
· 46-65 HP
· 66-100 HP
· Above 100 HP

*Segmentation by Drive Type*

· 2-wheel Drive
· 4-wheel Drive

For more information about this report visit https://www.researchandmarkets.com/r/w7t1g9

*About ResearchAndMarkets.com*
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*Attachment*

· Western European Tractor Market

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