The Italian tractor market registered 24,385 units in 2021 and is expected to reach 31,531 units by 2028.
Chicago, June 20, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the Italy tractor market is expected to grow at a CAGR of 3.74% from 2021-2028. Foreign investors are on par with Italian firms when it comes to greenfield investments. They can also freely move their capital, invest in real estate and land, and repatriate earnings. More than 20,000 foreign companies operate in Italy.
Several OEMs shifted their focus from matured markets in Northwest Italy to the underpenetrated states of Northeast Italy. The tractor market in Italy is currently in the growth stage, and manufacturers seek capacity augmentation in the country. The country's Central region still has negligible farm mechanization, and vendors can explore these regions with a portfolio of small tractors that are suitable for the hilly terrains of the region.
Italy Tractor Market Report Scope
MARKET SIZE (2028)
MARKET SIZE (2021)
Horsepower, Drive Type, and Region
Italy (North-West, North-East, Centre, South, and Islands)
Agriculture is a major source of income for the Italian economy. Therefore, the government sustains and empowers Italian farmers. The Italian government launched several policies and missions that are targeted to help farmers by providing them with financial assistance, better infrastructure, competitive crop prices, loan waivers, and subsidies. The government is also keen to improve the current state and adoption of farm mechanization in Italy. Currently, the farm mechanization rate is close to 40% in Italy, which is the lowest considering the role and importance of agriculture in the country. Farm mechanization is the process of employing agricultural machinery to increase productivity. There is an increase in the need for improved agricultural policies to support the development and mechanization of agricultural farms and farmers.
Italy Agricultural Tractor Market is expected to grow at a CAGR of 3.74% during the forecast period 2021-2028. 2-Wheel-Drive segment accounted for more than 85% of the overall tractor market. 50-100 HP segment accounted for the largest market share and is expected to grow at a CAGR of 3.62ring the forecast period.
With approximately 70% share, tractors are the largest segment of agricultural equipment in Italy in terms of revenue. In addition, in terms of unit sales, Italy is the third largest exporter of tractors in Europe. The number of tractors manufactured in Italy accounts for over one-third of the total number of tractors manufactured in Europe.
The Government of Italy schemes and initiatives to facilitate credit and improve agriculture-related operations are the major drivers that are contributing to the growth of the overall value chain in the Italy agricultural sector. Italy being one of the major countries in Europe, the market scenario is expected to change and is likely to post growth from 2020 due to an improvement of the country’s economy because of the economic stimulus package of $33.6 billion rolled out by the government.
Italy, a new frontier of innovation is emerging as agriculture meets digital technologies, opening various paths to a smart agricultural future. The smart agriculture will happen with the help of various technologies such as self-driving or autonomous tractors and GPS technology, among others. Self-driving or autonomous tractors can help farmers reduce working hours, however, there is a huge potential for data monitoring.
The Italian market witnessed an unexpected rise in tractor sales in 2021 and maintained it until now. This led to a sudden rise in single-day registration numbers of tractors. Interestingly, the highest growth in the Italy tractor market was seen in the medium HP power segments.
The key players in Italy agriculture tractor market are CNH Industrial, SDF Group and AGCO. In terms of units sold, CNH and SDF Group are the market leaders which accounted for more than 40% of overall Italy agriculture tractors market in 2021.
Less than 50 HP
above 400 HP
Market Size & Forecast by Volume | 2021−2028
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by horsepower, drive type, and region
Competitive Landscape – 4 key vendors and 9 other vendors
The agriculture tractor market in Italy has many established players that provide their products for use in open fields, vineyards, and others. The threat of new vendors in the country is quite low. There is a high demand for used and certified tractors. Vendors sell certified and used tractors under their brand names. The price for such a tractor is nearly half the price of a new tractor. The agriculture tractor market in Italy is dominated largely by companies that have a comprehensive portfolio of offerings for any type of usage. The market competition is expected to intensify further during the forecast period with an increase in product/service extensions, technological innovations, and M&As. Arizton believes that global players will grow by partnering on a technology-sharing basis with regional or local players in the future years. Furthermore, companies with better technical and financial resources can develop innovative products.
Other Prominent Vendors
Mahindra & Mahindra
Explore our automotive mobility profile to know more about the industry.
Read some of the top-selling reports:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
+1 302 469 0707
CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040 +1 302 469 0707