Feb 21, 2024   SOURCE: BusinessWire

Norway Tractor Market Forecast Shows Growth at a CAGR of 2.54% (2022-2028) with Technological Advancements and Sustainable Agriculture Practices Driving Trends - ResearchAndMarkets.com

The "Norway Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

Norway tractor market report details the prospects from 2023 to 2028, with a specific emphasis on the adoption of sustainable practices and advanced technological developments within the sector. The analysis covers various aspects of the market, including horsepower segmentation, wheel drive preferences, regional demand patterns, and in-depth insights into the competitive landscape.

A highlighted trend within the Norwegian agricultural sector is the increasing use of bioenergy in agricultural tractors, a response to the volatility of diesel prices and an emphasis on sustainable farming practices. Technological innovations, such as GPS and remote sensing, are propelling the industry forward, with cutting-edge tractors enhancing the accuracy and productivity of farming.

The report outlines the segmentation of the Norway tractor market by horsepower, revealing that the 101-130 HP segment dominated market share in 2022. This segment's versatility and adaptability to diverse agricultural needs, coupled with cost-effectiveness, have favored its growth. Sustainable farming and budgetary considerations have influenced trends, leading to the prevalence of medium-range tractors on Norwegian farms.

In terms of wheel drive, the market is predominantly occupied by low-range HP 2WD tractors, with preference given to their affordability, sufficient features, and ease of operation, especially within plain field conditions.

The regional analysis indicates that the western and eastern regions of Norway have exhibited a higher demand for agricultural tractors, with Eastern Norway holding a prominent market share in 2022. The growing adoption of precision agriculture techniques is a significant factor contributing to this regional market's dominance.

The vendor landscape is characterized by a mix of domestic and global tractor brands, with dominant players like John Deere, Valtra, Massey Ferguson, and New Holland maintaining over 70% of the market share. The report highlights the intense competition among these companies and the importance of efficiency, product reliability, after-sales service, and pricing as key competitive factors.

Key Attributes:

Report Attribute Details
No. of Pages 192
Forecast Period 2022 - 2028
Estimated Market Value in 2022 2792 Units
Forecasted Market Value by 2028 3245 Units
Compound Annual Growth Rate 2.5%
Regions Covered Norway

Recent developments:

  • In March 2023, John Deere announced updates to its tractor series, focusing on precision agriculture readiness.
  • AGCO introduced a new series of Fendt tractors in August 2022, emphasizing upgraded powertrain and efficiency.
  • CLAAS released the AXION 900 series tractors in June 2022, showcasing an advanced variable transmission.
  • John Deere launched a new electric variable transmission and JD14X engine for select tractors in March 2022.
  • Massey Ferguson's MF 6S series was unveiled in February 2022, offering advanced technology up to 180 HP.

A selection of companies mentioned in this report includes

  • John Deere
  • AGCO
  • CNH Industrial
  • Deutz-Fahr
  • CLAAS
  • McCormick
  • Iseki
  • Branson
  • Escorts
  • Kubota
  • Solis
  • TYM Corporation
  • LS Tractor
  • KIOTI
  • Yanmar

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

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.