Europe Agriculture Equipment Market is Expected to Reach About EUR 39 Billion by the Year Ending 2023: Ken Research
GURUGRAM, India, July 4, 2019 /PRNewswire/ --
- 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, tractors market is likely to experience limited growth in the near future.
- Precision farming as well as digital farming have 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 price increment of agriculture produce, better regulatory framework, and rise towards adoption of mechanization such as agricultural robots.
Growth within Europe agricultural equipment industry in 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 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, an 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, adoption of GPS software products and tractors equipped with Telematics 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 EU and provide its farmers to produce high quality food. 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.
Analysts at Ken Research in their latest publication "Europe Agriculture Equipment Market Outlook to 2023 – By Type (Tractors, Harvesting Equipment, Soil Preparation and Cultivation Equipment, Haymaking Equipment, Crop Protection Equipment, Transport and Handling Equipments and Other Agricultural Equipment); and By Major Countries (Germany, France, Italy, UK, Poland, Spain and Others)" 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 sales value of agriculture equipment within Europe during the forecasted period 2019–2023.
Key Segments Covered
- By Type of Agriculture Equipment
- Tractors
- >300 HP
- 250-300 HP
- 200-250 HP
- 180-200 HP
- 150-180 HP
- 120-150 HP
- 100-120 HP
- 80-99 HP
- 50-79 HP
- <= 49 HP
- Harvesting Equipment
- Self- Propelled Forage Harvester
- Root Crop Harvester
- Combine Harvester
- Other Harvesting Machines (Potato harvesters, Mechanical Forage Harvesters and Grape harvesters)
- Soil Preparation and Cultivation Equipment
- Haymaking 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)
- By Countries
- Italy
- Germany
- UK
- France
- Spain
- Poland
- 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
- Government Bodies
- 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
Companies Covered:
- John Deere
- AGCO
- CNH Industrial
- Claas
- Kubota
- Kuhn
- Other Players (Iseki, SLH, Mercedes Benz, Landini, Belarus, Antonio Carraro, JCB Fastrac, Rigitrac, Lindner, Shibaura, Overige, Daedon, Hurlimann, Tumosan and Ursus)
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Europe Agriculture Equipment Market Introduction
- Value Chain Analysis and Ecosystem in Europe Agriculture Equipment Market
- Europe Agriculture Equipment Market Size, 2013-2018
- Europe Agriculture Equipment Market Segmentation, 2014-2018
- Trade Scenario in Europe Agriculture Equipment Market
- Regulatory Framework in the European Agriculture Equipment Market
- Customer Profiles in Europe Agriculture Equipment Market
- Snapshot of Europe Agriculture Second-hand Equipment Market
- Snapshot of Rental Space in European Agriculture Equipments Market
- Comparative Landscape in Europe Agriculture Equipment Market
- Europe Agriculture Equipment Market Future Outlook and Projections, 2019-2023
- Analyst Recommendations for Europe Agriculture Equipment Market
- Country Profiles in Europe Agriculture Equipment Market
For more information on the research report, refer to below link:
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