Agricultural machinery market in Western and Central Europe, exclusive report by P&S Intelligence
NEW YORK, March 16, 2022 /PRNewswire/ — Driven by strong government support for agricultural mechanization, the Western European agricultural machinery market will grow from around $37,189.4 million in 2021 for $51,758.7 million by 2030, at a CAGR of 3.4% between 2021 and 2030. Similarly, the Central Europe agricultural machinery market size will grow to $18,853.4 million from an estimate $12,489.2 million, at a CAGR of 4.3%. According to the market research report published by P&S Intelligence. Due to rapid urbanization, which results in a reduction of arable land, governments are taking initiatives to help farmers make better use of the land they own.
For example, in Francethe government is proposing $10 billion (9 billion euros) to the agrarian community to help them purchase advanced hardware and software capable of automating many manual agricultural tasks. Another key reason for the rapid automation of the agricultural sector is the shortage of labor, which translates into higher wages. For example, in May 2020, 200,000 were missing; 80,000; and 250,000 agricultural workers in May 2020 in France, Spainand Italyrespectively.
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Key Findings of the Western & Central Europe Agricultural Machinery Market Report
Tractors are the top-selling among all equipment in the Western and Central European agricultural machinery market, as they allow farmers to plow and pull heavy machinery over large areas of land.
Thus, with more than 180 million hectares of arable land, Europe has great potential for tractor use in the years to come.
After the pandemic hit the agricultural community in 2020, the demand for agricultural machinery picked up again in 2021 and is expected to follow a similar trend in the coming years.
This is attributed to the resurgence of GDP and funds granted for digital transformation under the EU’s Recovery and Resilience Facility (RRF) initiative.
All of this is ultimately done to feed the growing population of EU countries, which has grown from 356 million in 1990 to 447 million in 2020, according to the World Bank.
Therefore, companies offering agricultural machinery are launching more advanced tractors, battery-powered equipment and machines with internet connectivity, to accelerate agricultural mechanization.
The Western and Central European agricultural machinery market is dominated by Germany and the Netherlands, respectively. Revenues from the German market come from both domestic and international customers, as the country is a major exporter of agricultural machinery. Similarly, even though agriculture only contributes around 2% of Dutch GDP, it is responsible for more than 15% of the country’s exports.
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Major players in Western & Central Europe agricultural machinery market are CNH Industrial NV, Deere & Company, CLAAS KGaA mbH, AGCO Corporation, Kubota Corporation, Argo Tractors Spa, Lely Industries NV, KUHN Group, Yanmar Co. Ltd. and homeless. SpA Apart from main food crops, they are also introducing improved equipment for growers of cash crops, such as grapes.
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SOURCE P&S Intelligence