Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Norway Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Norway tractor market is expected to grow at a CAGR of 2.54% from 2022-2028.
John Deere, Valtra (AGCO), Massey Ferguson (AGCO), and New Holland (CNH Industrial) dominated the Norway tractor market with a collective market share of over 70% in 2022. These brands have adopted several strategies to gain traction in the industry.
The Norway tractor industry is characterized by various global vendors that account for most of the market share. Therefore, it would be difficult for new players to compete with well-established vendors in the industry. The key competitive factors of the Norway tractor industry players include efficiency, product reliability & availability, after-sales service, and price.
The eastern and western regions have reportedly shown a higher demand for agricultural tractors than the other regions of the country. During the forecast period, the country's western region will strongly need tractors. Moreover, the Eastern region has a higher level of mechanization than any other country region. It has helped to hold the most prominent share of the Norway tractor market in 2022.
Tractors in Eastern Norway typically range from small and compact models for smallholdings and hobby farms to larger, more powerful tractors for more extensive commercial operations. Different tractors are used for various agricultural activities, such as plowing, planting, harvesting, and transporting goods. The agriculture sector in Norway, including Eastern Norway, has been increasingly adopting modern technology in farming practices. Precision agriculture techniques, such as GPS-guided tractors and autonomous machinery, have gained popularity to optimize crop production.
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 less power requirements due to advances in machine technologies and engines. The volatility in diesel prices hampers farmers' budget management. Thus, the Norway tractor market witnesses a considerable demand for tractors that run on different fuels, such as plant-oil and biogas-powered tractors.
Technological Advances in Tractor Technology
A new frontier of innovation emerged as agriculture met digital technology, opening various paths to an intelligent 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 101-130 HP segment recorded the highest Norway tractor market share in 2022. The significant factors for the increasing growth of the medium-power (101-130 HP) range of tractors are versatility and adaptability, cost-effectiveness, availability of medium-sized farms, and operational flexibility. Tractors in this HP range can easily handle large fields and heavy-duty mowing tasks.
Further, trends driving medium HP range tractor sales in the Norway tractor industry are:
- Crop Adaptability: Medium HP range tractors are favored by farmers due to their versatility across various crops, accommodating the diverse agriculture seen in Norway.
- Sustainability Focus: Sustainable farming practices are a priority, and medium-sized tractors, with their efficient power-to-efficiency ratio, align well with eco-friendly approaches.
- Cost-Effective Solutions: In Norway's competitive agricultural landscape, the medium HP range of tractors offers cost-effective alternatives to larger models, attracting budget-conscious farmers while delivering substantial performance.
INSIGHTS BY WHEEL DRIVE
The Norway 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. Furthermore, ease of driving and flexibility with light loads and in plain fields are significant factors that boost the demand for two-wheel-drive tractors. John Deere, New Holland, Fendt, and Valtra share most of the 2-wheel drive tractors segment.
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 |
Industry Overview
- Government Regulations and Policies
- 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
- Benefits of Farm Mechanization
- Challenges of Farm Mechanization
Market Restraints
- High Demand for Used & Rental Tractors
- Unfavorable Weather Conditions
- Lack of Awareness of Latest Innovations in Agricultural Tractors
- Lack of Education Among Farmers
VENDOR LANDSCAPE
Key Company Profiles
- John Deere
- AGCO
- CNH Industrial
- Deutz-Fahr
Other Prominent Vendors
- 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/tb80fn
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