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Extensive Government Support for Farm Mechanization to Drive the Western and Central Europe Agricultural Machinery Market
Dublin, Aug. 31, 2022 (GLOBE NEWSWIRE) -- The "Western and Central Europe Agricultural Machinery Market Report: By Type - Latest Trends, Growth Drivers and Growth Forecast Through 2030" report has been added to ResearchAndMarkets.com's offering.
Driven by the extensive government support for farm mechanization, the Western European agricultural machinery market will grow from an estimated $37,189.4 million in 2021 to $51,758.7 million by 2030, at a 3.4% CAGR between 2021 and 2030.
Similarly, the Central European agricultural machinery market size will increase to $18,853.4 million from an estimated $12,489.2 million, at a 4.3% CAGR.
Because of the rapid urbanization, which is resulting in a reduction in arable land, governments are taking initiatives to help farmers get more from the land they own.
For instance, in France, the government offers $10 billion (EUR 9 billion) to the agrarian community to help them purchase equipment and advanced software that can automate many of the manual agricultural tasks.
Another key reason behind the swift automation of the farming sector is the shortage of laborers, which is resulting in higher wages. For instance, in May 2020, there was a shortage of 200,000; 80,000; and 250,000 farm workers in May 2020 in France, Spain, and Italy, respectively.
The Western and Central European agricultural machinery market is dominated by Germany and the Netherlands, respectively. The revenue in the German market comes from both domestic and international customers since the country is a major exporter of agricultural machines. Similarly, even though agriculture contributes merely around 2% of the Dutch GDP, it is responsible for more than 15% of the country's exports.
The key players in the Western and Central European agricultural machinery market are CNH Industrial N.V., Deere & Company, CLAAS KGaA mbH, AGCO Corporation, Kubota Corporation, Argo Tractors Spa, Lely Industries N.V., KUHN Group, Yanmar Co. Ltd., and SDF S.p.A. Apart from key food crops, they are introducing enhanced equipment for the producers of cash crops as well, such as grapes.
Key Findings of Western and Central Europe Agricultural Machinery Market Report
Tractors are the most widely sold among all pieces of equipment in the Western and Central European agricultural machinery market because they allow farmers to plow and pull heavy machinery across large tracts of land.
Therefore, with over 180 million hectares of arable land, Europe displays a vast potential for the usage of tractors in the coming years.
After the pandemic hurt the farming community in 2020, the demand for agricultural machinery picked up in 2021, and it is set to follow a similar trend in the coming years.
This is ascribed to the resurgence of the GDP and the funds granted for digital transformation under the EU's Recovery and Resilience Facility (RRF) initiative.
All this is ultimately being done to feed the growing population in EU countries, which has increased from 356 million in 1990 to 447 million in 2020, as per the World Bank.
Therefore, companies offering farming machinery are launching more-advanced tractors, equipment with battery propulsion, and machines with internet connectivity, to accelerate farm mechanization.
Company Profiles
CNH Industrial N.V.
Claas Kgaa Mbh
Deere & Company
Agco Corporation
Argo Tractors Spa
Kubota Corporation
Lely Industries N.V.
Yanmar Co. Ltd.
Kuhn Group
SDF S.P.A.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Definition of Market Segments
4.1 Definition of Market Segments
4.1.1 by Type
4.1.1.1 Tractor
4.1.1.1.1 Compact Utility
4.1.1.1.2 Utility
4.1.1.1.3 Row Crop
4.1.1.2 Ploughing and Cultivating
4.1.1.2.1 Plough
4.1.1.2.2 Harrow
4.1.1.2.3 Cultivator and Tiller
4.1.1.2.4 Others
4.1.1.3 Planting
4.1.1.3.1 Seed Drill
4.1.1.3.2 Planter
4.1.1.3.3 Spreader
4.1.1.3.4 Others
4.1.1.4 Harvesting Machinery
4.1.1.4.1 Combine Harvester-Thresher
4.1.1.4.2 Forage Harvester
4.1.1.4.3 Others
4.1.1.5 Haying and Forage
4.1.1.6 Irrigation Machinery
4.1.1.7 Others
Chapter 5. Industry Outlook
5.1 Market Dynamics
5.1.1 Trends
5.1.1.1 Increasing Adoption of Precision Farming
5.1.2 Drivers
5.1.2.1 High Farm Mechanization Rates
5.1.2.2 Rising Preference for Agricultural Machinery
5.1.2.3 Rising Cost of Farm Labor
5.1.2.4 Rise in Technological Advancement
5.1.3 Impact Analysis of Drivers on Market Forecast
5.1.4 Restraints
5.1.4.1 Increasing Demand for Used and Rental Tractors
5.1.4.2 Fluctuating Commodity Prices
5.1.5 Impact Analysis of Restraints on Market Forecast
5.2 Impact of Covid-19
5.3 Porter's Five Forces Analysis
Chapter 6. Business Model of OEMs
6.1 Introduction
6.2 Business Models
6.2.1 Automating Agriculture
6.2.1.1 Automated Vehicles/Tractors
6.2.1.2 Robots
6.2.1.3 Software
6.2.1.4 Mobile and Web Applications
6.2.2 Precision Farming
Chapter 7. Aftermarket Industry
7.1 Introduction
7.2 Trends Observed in Aftermarket
7.2.1 High Prices of Parts
7.2.2 Electrification Needs Fewer Replacement Parts
7.3 Trade Channels for Wear Parts
7.4 End-Market Price for Equipment's in Agricultural Aftermarket
7.5 Oems Strategy for Increasing Aftermarket Share
7.6 Disruptive After Sales Business Models
Chapter 8. Western Europe Market Size and Forecast
8.1 Overview
8.1.1 Agricultural Machinery Market Volume, by Type (2015-2030)
8.1.2 Agricultural Machinery Market Revenue, by Type (2015-2030)
8.2 Tractors Market
8.2.1 Market Volume, by Type (2015-2030)
8.2.2 Market Revenue, by Type (2015-2030)
8.3 Ploughing and Cultivating Machineries Market
8.4 Planting Machineries Market
8.5 Harvesting Machineries Market
8.6 by Country
Chapter 9. Central Europe Market Size and Forecast
9.1 Overview
9.1.1 Agricultural Machinery Market Volume, by Type (2015-2030)
9.1.2 Agricultural Machinery Market Revenue, by Type (2015-2030)
9.2 Tractors Market
9.2.1 Market Volume, by Type (2015-2030)
9.2.2 Market Revenue, by Type (2015-2030)
9.3 Ploughing and Cultivating Machineries Market
9.4 Planting Machineries Market
9.5 Harvesting Machineries Market
9.6 Country
For more information about this report visit https://www.researchandmarkets.com/r/3gg301
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