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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
Western and Central Europe Agricultural Machinery Market Report: By Type (Tractors, Ploughing and Cultivating, Planting, Harvesting) - Latest Trends, Growth Drivers and Growth Forecast Through 2030
New York, April 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Western and Central Europe Agricultural Machinery Market Report: By Type - Latest Trends, Growth Drivers and Growth Forecast Through 2030" - https://www.reportlinker.com/p06272186/?utm_source=GNW
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. According to the market research report published . 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.
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.
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.
Read the full report: https://www.reportlinker.com/p06272186/?utm_source=GNW
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