Norway Tractor Industry Analysis Report 2023-2028: Increased Focus on Smart & Autonomous Tractors, Increasing Use of Bioenergy in Agricultural Tractors

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Mar 14, 2024, 17:15 ET

DUBLIN, March 14, 2024 /PRNewswire/ -- 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 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.

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.

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/vdycib

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