DUBLIN, July 31, 2023 /PRNewswire/ — The “Austria Tractor Market – Industry Analysis & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
Austria’s tractor market is poised for significant growth with a projected Compound Annual Growth Rate (CAGR) of 4.10% from 2022 to 2028, driven by several market trends and drivers.
The country’s active promotion of electric vehicles has paved the way for increasing potential for electric tractors, aligning with its goal of achieving 100% renewable electricity by 2030. Various incentives and subsidies for electric vehicle purchases have attracted around eighty electric vehicle startups, including prominent names like Kreisel Electric and Fronius International. In December 2021, John Deere furthered its commitment to electric tractors by entering into an agreement with Kreisel Electric, a battery technology provider based in Austria.
MARKET TRENDS & DRIVERS
Increasing Potential for Electric Tractors
There is certainly increasing potential for electric tractors in Austria, as the country has been actively promoting the adoption of electric vehicles in recent years. The government has set a goal of achieving 100% renewable electricity by 2030, and part of this effort is offering various incentives and subsidies for the purchase of electric vehicles. The Austria tractor market has around eighty electric vehicle startups, like Kreisel Electric and Fronius International. In December 2021, John Deere signed an agreement with Kreisel Electric, a battery technology provided and based in Austria.
Growth in Agricultural Productivity & Exports
Austria has been experiencing significant agricultural productivity and export growth in recent years. The growth has been driven by a combination of factors, including adopting new technologies and farming practices, investment in research and development, and increased demand for high-quality food products domestically and internationally. One of Austria’s main drivers of agricultural productivity has been adopting sustainable and environmentally friendly farming practices. This includes using organic farming methods, which have become increasingly popular recently.
INDUSTRY RESTRAINTS
Rising Demand for Used & Rental Tractors
One of the reasons for the rising demand for used and rented tractors in Austria is that it has become increasingly difficult for many farmers to afford to buy new tractors as their price has risen in recent years. As a result, many people are switching to used tractors as a more cost-effective choice. Used tractors are frequently more affordable than new ones and can still be highly reliable and productive for agricultural tasks. Such factors are projected to hamper the growth of the Austria tractor market.
SEGMENTATION INSIGHTS
Insights by Horsepower
Tractors in the power range of 50 HP-100 HP are likely to be the largest contributors to the Austria tractor market growth. Some factors that favor the sales of tractors in the 50 HP-100 HP range are as follows: versatility, presence of hard soil in Austria, and increase in purchasing power of farmers due to better minimum support price (MSP) and crop realization. Stakeholders in food production, including public and private bodies and farmers, focus on closing the yield gap and substantial increments in the amount of food produced as the global challenge regarding food shortage mirrors in the country. Tractors will play a pivotal role in operating all new-age, technologically advanced equipment to fulfill the increased farm output needs.
Segmentation by Horsepower
- Less Than 50 HP
- 50 HP-100 HP
- Above 100 HP
Insights by Drive Type
The Austria tractor market is categorized into the following segments based on the drive type of tractors 2-wheel drive and 4-wheel drive. The industry is dominated by mid-range HP 2WD tractors, as 2WD tractors are the most preferred tractors by farmers in the country. The low relative cost of ownership and numerous features and haulage power make 2WD tractors more popular among farmers. Popular brands, including John Deere, CNH Industrial, and AGCO, are the preferred choices for 2WD tractors among farmers in the country.
Segmentation by Wheel Drive
- 2-Wheel-Drive
- 4-Wheel-Drive
COMPETITIVE LANDSCAPE
CNH, AGCO, and John Deere dominated the Austria tractor market. These players focus on innovations to compete in the industry. They invest in developing advanced agriculture tractor technology for precision farming and machine automation. Further, the industry has many established players that provide their products in open fields, vineyards, and others.
Key Company Profiles
- John Deere
- Kubota
- AGCO
- CNH Industrial
- Steyr Traktoren
Other Prominent Vendors
- Arbos
- CLAAS
- Iseki
- SDF
- Yanmar
KEY QUESTIONS ANSWERED:
- What are the expected units sold in the Austria tractor market by 2028?
- What is the growth rate of the Austria tractor market?
- How big is the Austria tractor market?
- Which region holds the largest Austria tractor market share?
- Who are the key companies in the Austria tractor market?
A selection of companies mentioned in this report includes
- John Deere
- Kubota
- AGCO
- CNH Industrial
- Steyr Traktoren
- Arbos
- CLAAS
- Iseki
- SDF
- Yanmar
For more information about this report visit https://www.researchandmarkets.com/r/4l3ief
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SOURCE Research and Markets
