Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "France Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The France tractor market is expected to reach 44,387 units by 2028 from 34,865 units in 2022, growing at a CAGR of 4.1%
The north zone leads the France tractor industry in adopting and penetrating farm mechanization practices. The agriculture and food industry in the north zone is strong and well-established. The Hauts-de-France region is known for its agriculture, which is highly developed, productive, and diverse. Further, in terms of region, the northern and eastern states have reportedly shown a higher demand for agriculture tractors than the western and southern parts of the country.
John Deere, New Holland, and Fendt dominated France tractor market with a collective market share of over 40% in 2022. These brands have adopted several strategies to gain traction in the industry. They invest in developing advanced agriculture tractor technology for precision farming and machine automation. Further, vendors must incorporate the machinery that can assist and help in farming. This provides customers a one-stop-shop solution for their needs and builds brand recognition among potential buyers.
France has over 68.5 million food consumers. The region witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity. The France tractor industry is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the industry.
France's government plans schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the industry. The France tractor market slightly decreased by 0.5% in 2022 from 2021. The decrease in crop production and tractor sales was due to unfavorable climate conditions.
MARKET TRENDS & OPPORTUNITIES
Increasing Use of Bioenergy in Agricultural Tractors
Conventionally, farmers used diesel engine tractors known for their high power. Tractors are now more efficient and can complete tasks with fewer power requirements due to advances in machine technologies and engines. The volatility in diesel prices hampers the budget management of farmers. Thus, the agricultural tractor industry witnesses a considerable demand for tractors that run on different fuels, such as plant-oil and biogas-powered tractors.
The 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.
SEGMENTATION INSIGHTS
INSIGHTS BY HORSEPOWER
The 50-100 HP segment recorded a high France tractor market share in 2022. Medium-scale farmers in the region mostly rely on 50-100 HP tractors. These farmers generally own 10 to 20 acres of land.
The increased use of 50-100 HP tractors is due to their ability to effectively carry out all tasks in the field, including soil preparation, irrigation, weeding, harvesting, and haulage. Farmers use these tractors to carry equipment and crops from fields to the marketplace. The major factor for the steady growth of the medium-power range of tractors is the increased business turnover among hobby and livestock farmers.
INSIGHTS BY DRIVE TYPE
The France tractor market 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.
RECENT DEVELOPMENTS
- 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.
- In March 2022, John Deere launched the new electric variable transmission (EVT) for select 8 Series Tractors and a new JD14X engine for 9 Series.
- Massey Ferguson launched the MF 6S series tractors in February 2022. This machine provides up to 180 HP with advanced technology.
KEY QUESTIONS ANSWERED:
- What are the expected units sold in the France tractor market by 2028?
- What is the growth rate of the France tractor market?
- How big is the France tractor market?
- Which region holds the largest France tractor market share?
- Who are the key companies in the France tractor market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 165 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (Units) in 2022 | Units34865 Units |
| Forecasted Market Value (Units) by 2028 | Units44387 Units |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | France |
MARKET DYNAMICS
Market Overview
- France Agricultural Incentives
- Value Chain Analysis
- Import and Export Analysis
- France Reliance
- Agricultural Land Holding Structures
- Technological Advances
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 Machinery
Market Growth Enablers
- Government Subsidies & Credit Support Systems
- Growth in Agricultural Productivity and Exports
- Growing Farm Mechanization
Market Restraints
- High Demand for Used & Rental Tractors
- Unfavorable Weather Conditions
- Lack of Awareness of Latest Innovations in Agricultural Tractors
Key Company Profiles
- John Deere
- CNH Industrial
- AGCO
- Kubota
Other Prominent Vendors
- Claas
- DEUTZ-FAHR
- Branson
- TYM Corporation
- LS Tractor
- KIOTI
- Yanmar
For more information about this report visit https://www.researchandmarkets.com/r/ul4c0y
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