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:
Key Players:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$2,067.512 million |
| Market Size Value in 2029 | US$2,806.636 million |
| Growth Rate | CAGR of 4.46% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
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| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation: