Spain Farm Equipment Market - Forecasts from 2024 to 2029

Spain Farm Equipment Market - Forecasts from 2024 to 2029

The Spain farm equipment market is projected to rise at a compound annual growth rate (CAGR) of 4.46% to reach a market valuation of US$2,806.636 million by 2029, from US$2,067.512 million in 2022.

Spain’s economy is driven by various sectors, including agriculture. A large portion of all agricultural production is produced for domestic use as meat. The market for farm equipment is driven by the growing population, which raises the demand for food. Agriculture is becoming more automated, which will help the market expand. Moreover, as farm equipment technology advances, more research and development is being done to support this technological advancement, which is expected to support market growth in the future. Further, expanding government policies, and a strong focus on agriculture are all expected to drive global market growth in the coming years. Also, the need for food production is growing as a result of the growing population. This need can be satisfied in part by using automatic and semiautomated agricultural equipment to increase farm cultivation efficiency.

The growing agri-food sector is propelling the market growth propels the market.

Tractors with cutting-edge technology are highly sought after. This factor causes the value of farm equipment to increase. For instance, tractor registrations in Spain rose by 10.0% in 2021 compared to the previous year, but the 10,905 units registered were 1.2% fewer than the average for the previous five years, according to the European Agricultural Machinery Association (CEMA). There were 94 crawlers, 5,278 standard tractors, and 5533 narrow tracks among the tractor types.

Further, the Spanish market is experiencing a surge in demand for agricultural machinery and technology as farmers are using technologies like fertigation and drip irrigation systems to increase yields. Farmers are also becoming aware of the advantages of agricultural mechanization as a result of government subsidies and increased foreign direct investments. For instance, Spain received approximately EUR 34.2 billion in foreign direct investment in 2022, up 13.9 percent from 2021, according to Spanish data.

Key Market Developments:

March 2022, John Deere introduced the JD14X engine for the 9 Series and the new electric variable transmission (EVT) for a few 8 Series tractors in Spain.

Key Players:

John Deere’s farming technology includes harvesting equipment, cutters & shredders, and planting & seeding equipment. The company’s mission is to bolster agricultural production through its innovations.
CNH Industrial farming & agricultural equipment consisting of tractors, harvesters, and scramblers specializes in livestock, hay & forage, and vineyards.
Excel Industries is one of the leading providers of agricultural spraying equipment.

Segmentation:

By Type:

Combines
Plows
Sprayers
Planters
Others
By Function:

Plowing & Cultivation
Sowing & Planting
Plant Protection & Fertilizing
Harvesting & Threshing
By Application Period:

Pre-Harvesting
During & Post Harvesting