The Europe Agricultural Tractors Market would witness market growth of 3.4% CAGR during the forecast period (2021-2027).
The agricultural tractor is a power-driven vehicle whose tractive power is determined by engineering functions. Additionally, tractors are now referred to as farm vehicles since they provide the necessary power and traction to automate agricultural operations. Factors such as the increased requirement for productivity and the implementation of smart farming are acting as growth catalysts for the industry. Moreover, market companies can anticipate high revenue from increased demand for precision agriculture equipment. On the other hand, the increase of the tractor rental sector is predicted to stifle market expansion.
Tractor demand is influenced by the country's agricultural activities, which is in turn influenced by monsoons and the minimum support price (MSP). In addition, the demand for agricultural tractors is predicted to rise as the requirement for operational efficiency grows and labor expenses rise. Due to technical developments in the farming and agricultural industry, the agricultural tractor market is gaining traction.
In practically every domain in Europe, technological innovation has gained a high appeal among the masses. Therefore, agriculture is no exception. In Europe, this has resulted in a need for autonomous and electrified tractors. In comparison, agricultural land in countries like Greece, Italy, and Lithuania is larger than in other regions. As a result, demand for agricultural tractors has increased in the region in order to save time. Moreover, the European government is concentrating on raising agricultural production rates.
Agriculture has long been a labor-intensive sector in the European Union, with a higher proportion of seasonal immigrant laborers working on farm fields in member states. However, the region's farm fields are currently experiencing a severe labor shortage. According to the German Association of Agricultural Employers (GLFA), the number of seasonal immigrant laborers in Germany has decreased dramatically in recent years, paving the way for a pilot project model that would allow German farmers to hire workers from Western Balkan nations until 2020.
The Germany market dominated the Europe Agricultural Tractors Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,872.5 million by 2027. The UK market is poised to grow at a CAGR of 2.6% during (2021 - 2027). Additionally, The France market would witness a CAGR of 4.2% during (2021 - 2027).
Based on Driveline Type, the market is segmented into Two-wheel Drive, and Four-wheel Drive. Based on Engine Power, the market is segmented into Less than 40 HP, 41 to 100 HP, and More than 100 HP. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Agricultural Tractors Market Size will Hit $81.4 Billion by 2027, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AGCO Corporation, CNH Industrial N.V., Deere & Company, CLAAS KGaA mbH, Escorts Ltd., International Tractors Ltd., Yanmar Co., Ltd., Kubota Corp., Mahindra & Mahindra Ltd., and Tractors and Farm Equipment Ltd.
By Driveline Type
By Engine Power
By Country
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