Dublin, Oct. 16, 2023 (GLOBE NEWSWIRE) — The “Benelux Tractor Market – Industry Analysis & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The Benelux tractor market is expected to grow at a CAGR of 2.96% from 2022-2028.
Benelux boasts a substantial population of more than 29 million food consumers. This region has witnessed remarkable growth in farm mechanization, significantly enhancing agricultural and industrial productivity.
The governments of Benelux countries have implemented various schemes and initiatives aimed at facilitating credit and improving agricultural operations, thus contributing to the overall development of the industry’s value chain.
However, it’s worth noting that the Benelux tractor market experienced a modest decline of approximately 35% in 2022 compared to the previous year. This dip in both crop production and tractor sales can be attributed to adverse climate conditions and prolonged droughts.
Belgium emerged as the leading producer of agricultural and crop outputs within Benelux, commanding a substantial share of over 50% in the Benelux tractor market. The Belgian tractor industry comprises diverse stakeholders, including manufacturers, dealerships, distributors, and end-users.
Within Belgium, numerous international and domestic tractor manufacturers operate, offering a wide range of tractor models with varying specifications and features. Notable tractor brands available in Belgium include industry giants such as John Deere, New Holland, Case IH, Massey Ferguson, and Fendt.
The Benelux tractor market exhibits a high degree of concentration, with key players exerting significant control over the industry. Both domestic and global brands are well-represented in this competitive landscape.
Leading the pack are John Deere, New Holland, and Fendt, collectively commanding a substantial market share of over 40%. These industry leaders are driving innovation in the tractor sector, investing increasingly in the development of cutting-edge agricultural tractor technology, with a focus on precision farming and machine automation.
MARKET TRENDS & OPPORTUNITIES
The utilization of bioenergy in agricultural tractors is on the rise, signifying a notable shift from conventional diesel engine tractors that were renowned for their high power output. Advancements in machine technologies and engines have led to more efficient tractors that can accomplish tasks with reduced power requirements.
One of the significant factors driving this transition is the volatility observed in diesel prices, which often poses challenges for farmers in managing their budgets. Consequently, there is a substantial demand in the Benelux tractor market for tractors that operate on alternative fuels, such as those powered by plant oil and biogas.
Furthermore, the integration of technological advancements in tractor technology has paved the way for a new era of innovation in agriculture. This convergence of agriculture with digital technology has opened up diverse avenues towards a smarter agricultural future.
In this competitive landscape, tractor manufacturers continually strive to stay at the forefront of innovation while ensuring product differentiation at affordable price points. As a result, cutting-edge technology-based tractors have become readily available in the industry. Innovations like GPS and remote sensing have revolutionized farming practices, making them more precise and productive.
Recent Developments in the Benelux 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.
AGCO launched the latest Fendt 700 Vario series tractors in August 2022, 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, is equipped as standard with the updated, continuously variable ZF Terramatic transmission.
John Deere launched the new electric variable transmission (EVT) in March 2022 for select 8 Series Tractors and a new JD14X engine for 9 Series.
INSIGHTS BY HORSEPOWER
In 2022, the 50-100 HP segment recorded high growth in the Benelux tractor market. The major factor for the steady growth of the medium-power range of tractors is the increased business turnover among hobby and livestock farmers.
The sales of Above 100 HP tractors in the country are expected to remain steady during the forecast period as farm sales will likely remain the same in the coming years.
INSIGHTS BY DRIVE TYPE
The Benelux tractor market in Benelux 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. Ease of driving and flexibility with light loads and in plain fields are major factors that boost the demand for two-wheel-drive tractors. John Deere, New Holland, and Fendt hold most of the 2-wheel drive tractors segment shares.
KEY QUESTIONS ANSWERED:
- What are the expected units sold in the Benelux tractor market by 2028?
- What is the growth rate of the Benelux tractor market?
- How big is the Benelux tractor market?
- Which region holds the largest Benelux tractor market share?
- Who are the key companies in the Benelux tractor market?
|No. of Pages||147|
|Forecast Period||2022 – 2028|
|Estimated Market Value in 2022||6277 Units|
|Forecasted Market Value by 2028||7477 Units|
|Compound Annual Growth Rate||2.9%|
|Regions Covered||Belgium, Luxembourg, Netherlands|
Market Opportunities & Trends
- Increased Focus On Smart & Autonomous Tractors
- Swath Control And Variable Rate Technology (Vrt)
- High Demand For Autonomous Equipment
- Shortage Of Agricultural Laborers
- Increasing Use Of Bioenergy In Agricultural Tractors
Market Growth Enablers
- Government Subsidies & Credit Support Systems
- Strong Agricultural Commodity Prices Support Market
- Increased Farm Mechanization
- Lack Of Awareness Of Latest Innovations In Agricultural Tractors
- Lack Of Education Among Farmers
- Climate Change Adversely Impacts Agricultural Activities
- High Demand For Used & Rental Tractors
Value Chain Analysis
- Raw Material & Component Suppliers
- Technological Advances
Key Company Profiles
- John Deere
- CNH Industrial
- Steyr Traktoren
Other Prominent Vendors
- SAME Deutz-Fahr
- Arbos Group
For more information about this report visit https://www.researchandmarkets.com/r/6b18b4
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