Austria Tractor Market - Industry Analysis, Forecast and Key Company Profiles 2023-2028

Dublin, July 25, 2023 (GLOBE NEWSWIRE) -- The "Austria Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to * ResearchAndMarkets.com's* offering.

The Austria tractor market is set to experience a robust Compound Annual Growth Rate (CAGR) of 4.10% from 2022 to 2028, according to a report released by ResearchAndMarkets.com. The market trends and drivers indicate increasing potential for electric tractors, significant growth in agricultural productivity and exports, and segmentation insights into horsepower and drive type.

*Increasing Potential for Electric Tractors*

Austria's active promotion of electric vehicles has paved the way for increasing potential for electric tractors. The government's target of achieving 100% renewable electricity by 2030 and its offering of incentives and subsidies for electric vehicle purchases have spurred the growth of the electric tractor market. With around eighty electric vehicle startups in the country, including notable companies like Kreisel Electric and Fronius International, Austria is witnessing notable developments in battery technology. For instance, in December 2021, John Deere signed an agreement with Kreisel Electric, a battery technology provider based in Austria, highlighting the potential for electric tractor adoption.

*Growth in Agricultural Productivity & Exports*

Recent years have witnessed significant growth in Austria's agricultural productivity and exports, driven by the adoption of new technologies and farming practices, increased investment in research and development, and growing demand for high-quality food products both domestically and internationally. The adoption of sustainable and environmentally friendly farming practices, particularly organic farming methods, has gained popularity, further contributing to the surge in agricultural productivity.

*Industry Restraints: Rising Demand for Used & Rental Tractors*

While the Austria tractor market experiences growth, the rising demand for used and rental tractors presents a challenge. Many farmers find it increasingly difficult to afford new tractors due to rising prices in recent years. Consequently, a shift towards used tractors has emerged as a more cost-effective choice. Used tractors offer affordability without compromising reliability and productivity, posing a potential restraint for the growth of the Austria tractor market.

*Segmentation Insights: Horsepower & Drive Type*

Tractors in the power range of 50 HP-100 HP are projected to be the largest contributors to the Austria tractor market growth. This segment benefits from factors such as versatility, the presence of hard soil in Austria, and increased purchasing power of farmers due to better minimum support price (MSP) and crop realization. In addressing global challenges related to food shortage, stakeholders in food production focus on closing the yield gap and increasing farm output, positioning tractors as vital components in operating technologically advanced equipment.

*Horsepower Segmentation*

· Less Than 50 HP
· 50 HP-100 HP
· Above 100 HP

The Austria tractor market is categorized into two segments based on the drive type of tractors - 2-wheel drive and 4-wheel drive. Among them, mid-range HP 2-wheel drive tractors dominate the market as farmers prefer this type for its low relative cost of ownership and various features and haulage power. Renowned brands like John Deere, CNH Industrial, and AGCO are the top choices for 2-wheel drive tractors among Austrian farmers.

*Drive Type Segmentation*

· 2-Wheel-Drive
· 4-Wheel-Drive

*Regional Analysis: Lower Austria Holds Most Substantial Market Share*

The Lower Austria region leads the Austria tractor market, showcasing high adoption and penetration of farm mechanization practices. Key regions in Lower Austria include Waldviertel, Mostviertel, Industrieviertel, and Weinviertel. Lower Austria's agricultural sector is diverse and productive, characterized by a focus on premium goods and environmentally friendly farming practices. Rich soil, pleasant temperature, and market accessibility contribute significantly to Austria's agricultural production.

*Geographical Segmentation*

· Lower Austria
· Styria
· Carinthia
· Burgenland
· Others

*Competitive Landscape: Key Players in Austria Tractor Market*

CNH, AGCO, and John Deere emerge as dominant players in the Austria tractor market. These companies invest in innovation to maintain a competitive edge, developing advanced agricultural tractor technology for precision farming and machine automation. The market also features established players catering to various fields, including open fields and vineyards.

*Key Company Profiles*

· John Deere
· Kubota
· AGCO
· CNH Industrial
· Steyr Traktoren

Other Prominent Vendors:

· Arbos
· CLAAS
· Iseki
· SDF
· Yanmar

*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 138
Forecast Period 2022 - 2028
Estimated Market Value in 2022 5353 Units
Forecasted Market Value by 2028 6814 Units
Compound Annual Growth Rate 4.1%
Regions Covered Austria*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/n51pua

*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.

*Attachment*

· Austrian Tractor Market

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