Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Agricultural Machinery In Europe Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Europe Agricultural Machinery Market size is estimated at USD 47.10 billion in 2023, and is expected to reach USD 55.40 billion by 2028, growing at a CAGR of 3.30% during the forecast period (2023-2028).
Key Highlights
- Agricultural machinery is expected to be increasing in the Europe region by increasing mechanization rates in European countries, which is expected to have a long-term impact. The other factors helping in the growth are shrinking land, and water resources and the shortage of labor force increases the demand for farm mechanization in European countries.
- Tractor sales drive the growth in the agricultural machinery market in Europe. The tractor registrations have increased, According to European Agricultural Machinery Association (CEMA) 180,000 tractor registrations in 2021, which increased by 17% during the 2020-2021 period. Despite increased demand, raw material supply constraints remain, restraining production and leading to late deliveries.
- Agriculture in the European Union was traditionally labor-intensive, characterized by many seasonal immigrant workers working on farm fields in the member states. However, an acute shortage of farm labor surfaced on the farm fields in the region. For instance, according to the German Association of Agricultural Employers (GLFA), the number of seasonal immigrant laborers during the peak harvest times in Germany fell drastically in the last few years. Thus, the shortage of labor has led to an increase in the usage of tractors in the region.
Europe Agricultural Machinery Market Trends: Increase in Demand for Mechanization
The European region is witnessing an increase in its integration with technology over the past few years in order to support sustainable agricultural practices in the region. For instance, The UK government is focusing on increasing farm mechanization to produce more with less impact on the environment. Tractors, being one of the essential agricultural machinery, have witnessed a huge growth potential in the market. Farmers in this region are increasingly keen on purchasing high-end tractors to work on larger fields as part of their effort to improve crop yields and boost farm efficiencies.
According to CEMA Statistics, in 2021, the total number of agricultural tractor (greater than 50 HP) registrations was reported to be 162,377 as compared to its registrations of 140,604 in 2020. Also, the fastest-growing markets by country in 2021 for agriculture tractors were Austria and Belgium, which recorded 33% and 12% growth, according to CEMA. Therefore, the increased mechanization will help in the growth of agricultural machinery in the region.
A selection of companies mentioned in this report includes
- CLAAS KGaA mbH
- Deere & Company
- Lely France
- CNH Industrial NV
- Kubota Corporation
- AGCO Corporation
- Same Deutz-Fahr
- Yanmar Co. Ltd
- Kuhn Group
For more information about this report visit https://www.researchandmarkets.com/r/gdoqgf
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