Analysts at Ken Research in their latest publication “Europe Agriculture Equipment Market Outlook” believe that focusing towards incorporating new and advanced technologies in the machines, sale of high efficiency combine harvesters, manufacturing fuel-efficient equipment, providing after-sales and financial services and focusing towards an extensive distribution network are some of the factors which are collectively going to help the market register a positive CAGR of 4.3% in terms of the sales value of agriculture equipment within Europe during the forecasted period 2019–2023.
• It is expected that by the year ending 2023, harvesting equipment will register a CAGR of approximately 6.6% during the forecast period 2018-2023 whereas on the other hand, the tractors market is likely to experience limited growth in the near future.
• Precision farming as well as digital farming has been gaining traction in multiple European countries and are likely to contribute towards future demand both in terms of revenue and total number of units. These techniques help in remote monitoring and establish control of cultivation processes and also record data related to it.
• Increased integration of advanced technologies in farm-based equipment is leading to a rise in demand for modern farm equipment.
• In the upcoming years, the market growth is expected to be fueled by rising demand and rice increment of agriculture produce, better regulatory framework, and rise towards the adoption of mechanization such as agricultural robots.
Growth within Europe, agricultural equipment industry in the future shall be assisted by growth in population, higher demand for agricultural produce and rise in farm area under crop production. Countries such as Germany, UK, Poland, Spain, and others are expected to cater to a large proportion of the growing population due to the expandable arable land available in the country. Some of the most produced crops within European region include maize, soybean, wheat, seed cotton and sorghum which will continue to expand the agricultural market.
Expected Rise in Farm Machinery Manufactured with the Incorporation of Advanced Technology: Along with the increase in farm productivity, and anticipated demand is expected out of more efficient and equipped farm machines. This is further encouraging equipment manufacturers to integrate advanced technology in their machines which would help farmers reduce fatigue and time in doing farming activities. Products such as ground-based sensors, autonomous tractors, flying drones aid farmers produce food at a lower cost. Additionally, the adoption of GPS software products and tractors equipped with Telemetric are anticipated to spur sales of agriculture machinery over the forecast years.
Apart from that, precision farming technologies including Galileo, Automated steering systems, Geo-mapping sensors which help in evaluating the soil health and environmental factors for farmers in different areas to grow their crop successfully are expected to create a positive impact on market demand. There is an anticipation that the use of agrochemical products such as pesticides and insecticides will increase to protect crops from worms and insects.
Increasing Government Initiatives: The governments in European Countries have given support to farmers in the form of subsidies and loans to encourage them to invest in new agricultural equipments to increase farm productivity and meet consumer demand for agricultural output. A major portion of the EU’S budget i.e. approximately 36.0% has been allocated towards agriculture in order to support the EU and provide its farmers to produce high-quality food. The majority of the EU countries are also likely to experience an increase in the research funding and thereby, the research conducted in agriculture to undertake digital technology in farming.
Key Segments Covered:-
By Type of Agriculture Equipment
<= 49 HP
Self- Propelled Forage Harvester
Root Crop Harvester
Other Harvesting Machines (Potato harvesters, Mechanical Forage Harvesters and Grape harvesters)
Soil Preparation and Cultivation Equipment
Mounted or Trailed Mowers
Other Haymaking Equipment
Crop Protection Equipment
Sprayers (Mounted or Trailed)
Other Crop Protection Sprayers
Portable Sprayers (With or Without Sprayers)
Transporting and Handling Equipment
Other Agricultural Equipment (Precision agricultural equipment, electronic devices and IT-related equipment, dairy equipment, livestock equipment, garden machinery, irrigation equipment & parts and accessories of agricultural machinery)
Others (Austria, Belgium, Sweden and Romania)
Key Target Audience
Existing Agricultural Equipment Companies
New Market Entrants- Domestic OEMs
New Market Entrants- Foreign OEMs
Agricultural Equipment Financing Companies
Investors & Venture Capital Firms
Agricultural Equipment Manufacturers
Agricultural Equipment Distributors
Agricultural Equipment Associations
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019-2023
Other Players (Iseki, SLH, Mercedes Benz, Landini, Belarus, Antonio Carraro, JCB Fastrac, Rigitrac, Lindner, Shibaura, Overige, Daedon, Hurlimann, Tumosan and Ursus)
Key Topic Covered in This Report:-
Europe Agriculture Equipment Market
Europe Agriculture Equipment Market Size
Europe Agriculture Equipment Industry
Agriculture Equipment Market in Europe
Europe Agriculture Equipment Growth Forecast
Major Farm Equipment Exporters Europe
Major Farm Equipment Manufacturer Europe
Farm Mechanization Market in Europe
Italy Agriculture Equipment Market
For More Information On The Research Report, Refer To Below Link:-
Related Reports by Ken Research:-
Brazil Agricultural Equipment Market Outlook to 2023 - By Product Type (Tractors, Combine Harvesters, Tillage Equipment, Precision Farming Equipment, Planters & Seeders, and Others), By Domestic Production & Imports and By Region (South, North, Midwest and Mideast)
South Africa Agricultural Equipment Market Outlook to 2025-By Product Type (Tractors, Tillage Equipment, Planters & Seeders, Sprayers, Combine Harvesters, Precision Farming and Others); By Domestic Sales and Import; By Region (Free State, Mpumalanga, Kwa Zulu Natal and others)
Ankur Gupta, Head Marketing & Communications