Italy Agricultural Machinery Market is Projected to grow at a CAGR of 5.2% during the forecast period (2020-2025). Italy's agricultural machinery sector is predominately an export-based market where it caters majorly to United States and European Union as the domestic market usage of agricultural machinery is very limited as compared to exports. The increase in need for farm mechanziationa and rise in technological advancements are some of the factors driving the market growth. However, the reduction in number of active farms and siginificant decline in agriculture income are some of the factors restraining the market growth.
Key Market Trends
Growing Preference for Farm Mechanization
There is a growing need for farm mechanization in the region, as farmers income has not been able to keep pace, such as to cater to the increasing cost of production, including labor wages. Their is a firm shortage of farm labor which is reflected through the total percentage of employment in agriculture falling drastically from from 3.88% in 2016 to 3.77% in 2019. Thus, shortage of farm labor is giving way to rise in wage rates, thereby allowing the farmers to adopt farm mechanization including tractors in the region This, in turn, is expected to drive the market growth for agricultural machinery in the region
Rise in Technological Advancement
Farmers in the region are looking for tractors with tailored features, which can fulfill their needs for effective farming. So, in order to meet consumer demand, many international and domestic agriculture machinery manufacturers are coming up with new technologically-advanced tractors, which can handle various farming applications. For instance, In 2017, Kubota launched several new products such as the M7-1 tractor series with 170 horsepower for Italy midsize farmland. The premium M7-1 features includes variable transmission (CVT) and integrated touch screen terminals and emission technologies.
Competitive Landscape
The market is highly competitive owing to the presence of major players such as Deere and Company, AGCO Corporation, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota Corporation in the country. These players are investing heavliy in R&D activities and are coming up with innovative agricultural machinery products that caters to the need of farmers in this region.
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Key Market Trends
Growing Preference for Farm Mechanization
There is a growing need for farm mechanization in the region, as farmers income has not been able to keep pace, such as to cater to the increasing cost of production, including labor wages. Their is a firm shortage of farm labor which is reflected through the total percentage of employment in agriculture falling drastically from from 3.88% in 2016 to 3.77% in 2019. Thus, shortage of farm labor is giving way to rise in wage rates, thereby allowing the farmers to adopt farm mechanization including tractors in the region This, in turn, is expected to drive the market growth for agricultural machinery in the region
Rise in Technological Advancement
Farmers in the region are looking for tractors with tailored features, which can fulfill their needs for effective farming. So, in order to meet consumer demand, many international and domestic agriculture machinery manufacturers are coming up with new technologically-advanced tractors, which can handle various farming applications. For instance, In 2017, Kubota launched several new products such as the M7-1 tractor series with 170 horsepower for Italy midsize farmland. The premium M7-1 features includes variable transmission (CVT) and integrated touch screen terminals and emission technologies.
Competitive Landscape
The market is highly competitive owing to the presence of major players such as Deere and Company, AGCO Corporation, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota Corporation in the country. These players are investing heavliy in R&D activities and are coming up with innovative agricultural machinery products that caters to the need of farmers in this region.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- CLAAS KGaA mbH
- Deere & Company
- CNH Industrial NV
- Kubota Corporation
- AGCO Corporation
- Same Deutz-Fahr
- Yanmar Co. Ltd
- Kuhn Group
Methodology
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