DUBLIN, January 8, 2024 (Globe Newswire) — The Belgian Tractor Market – Industry Outlook and Forecast 2023-2028 report has been added. ResearchAndMarkets.com Recruitment.
The Belgian tractor market is expected to grow at a CAGR of 2.83% from 2022 to 2028.
The Flemish and Wallonia regions reportedly show higher demand for agricultural tractors than the Brussels region of the country. In 2022, the Flanders region accounted for more than 50% share of the Belgian tractor market. In Flanders, there is a demand for tractors of various types and sizes, from small multi-purpose tractors for specialized agricultural tasks to larger models for more extensive agricultural tasks.
Tractor selection depends on the specific needs of the individual farmer. Belgian governments, including the Flemish Regional Government, offer subsidies and incentives to promote sustainable agriculture, rural development and innovation in agricultural practices.
John Deere, New Holland and Fendt dominate the Belgian tractor market, with a combined market share of over 50% in 2022. These brands have adopted several strategies to gain traction in the market. The industry has established players in various fields such as open field and horticulture. Additionally, the threat of new vendors to existing vendors in the region is very low.
Belgium has more than 11.6 million food consumers. The country has seen a significant increase in agricultural mechanization in terms of agricultural and industrial productivity. The Belgian tractor industry is highly concentrated, with top companies controlling large parts of the market. Meanwhile, national and global brands are equally represented within the industry.
The Belgian government has planned programs and initiatives to promote credit and improve agribusiness, which will contribute to the growth of the entire industry value chain. The Belgian tractor market decreased by 11.2% in 2022 compared to 2021. The decline in crop production and tractor sales was due to price and supply chain challenges and unfavorable weather conditions.
Market trends and opportunities
Increased use of bioenergy in agricultural tractors
Traditionally, farmers used diesel engine tractors, which are known for their high power output. Advances in mechanical technology and engines have made tractors more efficient and able to complete tasks with less power requirements. Fluctuations in diesel prices are hindering farmers’ ability to manage their budgets. The Belgian tractor industry therefore sees considerable demand for tractors that operate on different fuels, including tractors powered by vegetable oil and biogas.
Technological advances in tractor technology
The confluence of agriculture and digital technology has created new frontiers of innovation, opening multiple paths to the future of smart agriculture. Tractor manufacturers are competitive, constantly innovating and striving to differentiate their products at affordable prices. Tractors based on the most advanced technology are now available in the industry. GPS and remote sensing make agriculture more accurate and productive.
Segmentation insights
Insights by Horsepower
In 2022, the under-50 horsepower segment generated the highest sales in almost all regions of the Belgian tractor market. This segment primarily includes semi-professional tractors with a customer base among small-scale and hobby farmers.
Tractors with lower engine power occupy less space and are more versatile because their engine capacity is less than 1,500 cc. Manufacturers are more likely to experiment or modify such tractors before moving on to higher-powered tractors due to their ease of customization. Moreover, the demand for tractors in the power range of 251-300 hp will remain stable during the forecast period.
Insights by drive type
Ease and flexibility of driving with light loads and on level ground are important factors driving the demand for two-wheel drive tractors. In 2022, the Belgian tractor market was dominated by his 2WD drive segment.
There are many small-scale farmers in this region, with an average farm area of 10 hectares. Therefore, farmers prefer to own machinery and equipment of compact size. In addition, the 2WD is equipped with power paddles for local wheat farms. John Deere, New Holland and Fendt hold the majority of shares in his two-wheel drive tractor sector.
Why buy this report?
- Market size and forecast quantity (unit) 2020-2028
- Production value and trade value
- Current and upcoming major projects and investments
- Competitive information on economic scenario, Belgium advantages, market dynamics and market share
- innovative technology
- Company Profiles of Major and Other Prominent Vendors
Recent developments in the Belgian tractor industry
- In March 2023, John Deere announced MY24 updates to its 7, 8 and 9 Series tractor lineup. This will help prepare for the future of precision agriculture.
- John Deere launched a new electric variable transmission (EVT) for select 8 Series tractors and a new JD14X engine for the 9 Series in March 2022.
- Massey Ferguson launched the MF 6S series tractor in February 2022. This machine provides up to 180 horsepower with advanced technology.
Key attributes:
| report attributes | detail |
| number of pages | 166 |
| Forecast period | 2022-2028 |
| Estimated market value in 2022 | 3080 units |
| Predicted market value to 2028 | 3642 units |
| compound annual growth rate | 2.8% |
| Target area | Belgium |
Market opportunities and trends
- Growing focus on smart and autonomous tractors
- Swath control and variable rate technology (Vrt)
- High demand for autonomous devices
- agricultural labor shortage
- Increased use of bioenergy in agricultural machinery
Factors enabling market growth
- Government subsidies and credit support schemes
- Agricultural productivity and export growth
- Growing farm mechanization
market constraints
- High demand for used and rental tractors
- bad weather
- Lack of awareness of the latest innovations in agricultural tractors
- lack of education of farmers
Main company overview
- John Deere
- CNH Industrial
- Agco
- german farr
Other notable vendors
- Klaas
- Iseki
- branson
- escort
- Kubota
- Lobol
- Solis
- TYM Co., Ltd.
- LS tractor
- Kioti
- yanmar
Segmentation by horsepower
- less than 50 horsepower
- 50-100hp
- 101-140 horsepower
- 141-180 horsepower
- 181-250 horsepower
- 251-300hp
- Over 300 horsepower
Segmentation by wheel drive
- two wheel drive
- four wheel drive
Segmentation by region
For more information on this report, please visit https://www.researchandmarkets.com/r/3steoa.
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