While Turkey will remain dominant in the European tractor market, Russia will witness fastest growth during 2017-2023.
Arizton’s recent market research report on the tractor market in Europe identifies Kubota, Deere & Compnay, Agco and CNH Industrial as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by horsepower type (<40 HP, 40-100 HP, 100+ HP, and 4 WD), by wheel drive (2 WD and 4 WD), and by region (UK, Germany, France, Poland, Netherlands, Spain, Russia, Turkey, Belgium, and Italy).
The European tractor market is projected to reach volumes of around 350 thousand units by 2023, growing at a CAGR of more than 5% during 2018-2023.
The European tractor market is divided into three major segments that consist of HP type, wheel drive, and countries.
Russia to grow at the fastest CAGR in the European tractor market during the forecast period
The European tractor market by countries is segmented into UK, Germany, France, Poland, Netherlands, Spain, Russia, Turkey, Belgium, and Italy. Russia occupied a portion of the market share in 2017, growing at a CAGR of over 8% during the forecast period. The government initiatives to increase Russia’s grain production to meet the rising food demand across the national and international cities will propel the growth of the region in the European market. Russia is one of the largest exporter of crops and gains across countries such as Egypt, Turkey, Iran, Saudi Arabia, Sudan, and Yemen in the European market.
The government of Russia allocated around $160 million to update and upgrade farm machinery thereby, creating lucrative opportunities for leading manufacturers operating in the European tractor market.
The increasing investments to promote farm mechanization, high-end HP tractors and the medium range of 40-100 HP tractors will transform the Russian market during the forecast period. Wheat accounts for over 70% of the total grain production in Russia.
4 WD segment to grow at a significant CAGR in the European tractor market during the forecast period
The wheel drive segment in the European tractor market is classified into 2 WD, and 4 WD. 4 WD dominated a significant market share in 2017, growing at a CAGR of approximately 7% during the forecast period. The growing demand for used tractors and rentals is providing an alternative to the farmers to rent and use these advanced machines in the European market. These 4 WD drive machines are fitted with duals or triples and modern rubber belts that are designed to offer greater traction and pulling power allowing the use of a larger amalgamation of implements that can operate a greater width and speeds in the market. The benefits of faster cultivation and quicker planting times of 4 WD tractors is propelling the growth of this segment in the European tractor market. The modern machines launched in the market have tires and tracks range from 250 HP to 500 HP resulting in higher demand in the European market. AGCO, Buhler-Versatile, Case-New Holland and John Deere are some of leading brands and companies operating in this segment in the European tractor market.
Above 100 HP type to grow at a considerable CAGR in the European tractor market during the forecast period
The European tractor market by horsepower type is divided into <40 HP, 40-100 HP, 100+ HP, and 4 WD. Above 100 HP occupied a significant market share in 2017, growing at a CAGR of around 6% during the forecast period. The implementation of latest agriculture machinery for efficient operations and increasing number of large size farms are driving the growth of this segment in the European market. The entrance of various corporations which are using vast farmlands to produce agriculture foods and products is one of the primary factors boosting the sales of 100+ HP machinery in the European market. Countries such as France, Germany, and Spain are the largest end-users of this machines in the European tractor market. For instance, in 2016 John Deere launched a very special tractor known as SESAM which is electric and can use two motors of 200 HP, or as a single drive unit, while the second motor to incorporate other functionality, like a hydraulic pump. Such innovative machines will boost revenues in the European tractor market.
The other prominent players in the European tractor market are SDF, Class, Argo Tractors, Lovol Arbos Group, Carraro, and Tumosan.
The complete overview of the latest market research report on Europe tractor market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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