Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Europe Agricultural Equipment Market Forecast Report, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Europe Agricultural Equipment Market was valued at US$ 45.12 Billion in 2023, and will grow to US$ 65.84 Billion by 2032, with a CAGR of 4.29% from 2024 to 2032
Growing agricultural mechanization in conjunction with a rise in farmer income is anticipated to be the main driver of growth. It is also assumed that favorable weather for food production and government assistance, such as loan forgiveness programs, will promote market expansion for farmers across all income levels. More technologically sophisticated agricultural robotics are expected to have stronger growth possibilities. Examples include autonomous tractors and drones that fly to assist farmers in producing food at low costs to meet the rising need for food.
New agricultural equipment is crucial since farmers are placing a stronger priority on more sustainable practices and larger harvests. A large variety of equipment is available in this sector, including ploughs, tractors, planters, harvesters, and irrigation systems. These segments are growing significantly due to the adoption of smart agricultural practices and ongoing technological advancements. It is imperative to acknowledge the challenges posed by the increasing expenses of automation.
Despite this challenge, the many benefits offered by modern agricultural equipment - such as reduced labor costs, higher production, and better crop quality - continue to fuel the need for these innovative solutions. Inflation also has an effect on the European market for agricultural equipment. Growing farm labor costs have led to an increase in the popularity of agricultural machinery. It is anticipated that this trend would persist, driving further market expansion. The introduction of government subsidies and incentives to encourage farmers to adopt modern equipment is a significant accelerator for market expansion.
Growth Factors in the Agricultural Equipment Industry
The Spread of Precision Agriculture and the Rise of Smart Farming
The introduction of cutting-edge technology is driving a dramatic shift in the European agricultural equipment sector. The quick uptake of smart farming methods - precision agriculture being especially significant - is driving this change. By combining tradition and innovation, precision agriculture uses technology to increase farming production and efficiency, drastically altering the landscape of European agriculture. Precision agriculture's alluring promise of higher yields, lower input costs, and improved sustainability is what's causing this explosion.
This strategy's primary components in the European agricultural equipment sector are Internet of Things (IoT) devices and data analytics. Over 10 million IoT devices were projected to be installed on farms throughout Europe in 2022. These gadgets, which can be anything from soil sensors to cameras placed on drones, collect enormous volumes of data that, when examined, can give farmers useful information. Because of the precision that these technologies allow, farmers can minimize waste and guarantee ideal crop growth by, for example, applying precisely the right amount of fertilizer to a particular area of a field.
In addition, the Food and Agriculture Organization (FAO) projects that by 2050, there will be a 70% rise in world food demand, which presents a significant issue for Europe. Optimizing agricultural output is necessary to meet this demand, and precision agriculture provides a workable answer. Smart farming practices have produced a 20% rise in yields over the past ten years in countries like the Netherlands, where farming is both an art and a science.
Sustainability imperative
Another important factor influencing the European agriculture equipment industry is the increased focus on environmental stewardship and sustainability. Growing awareness of resource depletion, soil degradation, and climate change has led to an increase in demand for technology that helps farmers implement more sustainable agricultural methods.
Farmers in Europe are looking for equipment and technology that would help them use less chemicals, maintain healthier soil, and conserve water more effectively. In an effort to reduce greenhouse gas emissions and reliance on fossil fuels, agricultural equipment is also shifting toward renewable energy sources, such as electric tractors and solar-powered irrigation systems. The adoption of environmentally friendly equipment in Europe is further driven by government initiatives, legislation, and incentives supporting sustainable agriculture.
Germany Agricultural Equipment Market Overview:
In Europe, Germany is a significant market for farm equipment and supplies. The nation exports more agricultural machinery than any other country in the globe thanks to its inventive and precise engineering. It is also among the biggest producers and users of agricultural machinery in Europe.
In Germany, tractors are the main source of power for agricultural machines. Leading the tractor industry with companies like Massey Ferguson and Valtra Inc. is AGCO Corporation. Innovative machinery is being introduced by market players to promote farm mechanization. For example, in 2022, Case IH introduced the LB 424 XLD large square baler model, which increases bale quality, handling, and rotor cutter performance by producing extra-dense 120 cm*70 cm bales with up to a 10% density increase.
The European Union provides German farmers with an annual subsidy to help them invest in modern machinery, which can be costly otherwise. They are able to operate their farms more profitably thanks to this subsidy. However, the need for agricultural machinery to carry out labor-intensive agricultural tasks is growing as a result of a change in workers' preferences from farm-oriented occupations to allied sectors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 310 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $45.12 Billion |
| Forecasted Market Value (USD) by 2032 | $65.84 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Europe |
Company Analysis: Revenue, Overview, Key Personnel, Developments & Strategies, Product Portfolio, Recent Product Launches
- John Deere
- AGCO
- CLAAS KGaA
- First Tractor Company Limited
- Kubota Corporation
European Agricultural Tractors Market by Horsepower - Market breakup in 5 viewpoints:
- Agricultural tractors > 120 hp
- Agricultural tractors 100-120 hp
- Agricultural tractors 80-99 hp
- Agricultural tractors 50-79 hp
- Agricultural tractors < = 49 hp
Soil working, sowing and fertilizing equipment Market - Market breakup in 5 viewpoints:
- Soil working equipment (ploughs, harrows, cultivators, etc.)
- Sowing equipment
- Mineral or chemical fertilizer spreaders
- Manure spreaders
- Other soil working or cultivation machines, equipment, machinery
European Market of Harvesting Equipment - Market breakup in 3 viewpoints:
- Combine harvesters
- Self-propelled forage harvesters
- Other harvesting equipment
Garden and forestry machinery Market- Market breakup in 4 viewpoints:
- Lawnmowers
- Forestry equipment
- Chainsaws H
- Hedge trimmers, lawn shears, electric lawn edging shears
Livestock Equipment Market - Market breakup in 4 viewpoints:
- Livestock watering, feeding and rearing equipment
- Feed preparation machines and equipment
- Milking machines
- Other livestock equipment
Haymaking Equipment Market - Market breakup in 2 viewpoints:
- Mounted or Trailed
- Others haymaking
Irrigation and Crop Protection Equipment Market - Market breakup in 4 viewpoints:
- Sprayers, mounted or trailed
- Portable sprayers, with or without motor
- Mechanical irrigation systems
- Other crop protection sprayers
Country - Market breakup in 25 viewpoints:
Europe
- France
- Germany
- Italy
- United Kingdom
- Poland
- Austria
- Netherlands
- Finland
- Romania
- Denmark
- Hungary
- Portugal
- Ireland
- Lithuania
- Greece
- Croatia
- Estonia
- Latvia
- Luxembourg
- Rest of Europe
European Hay-Making Machine Market
- France
- Germany
- Italy
- United Kingdom
- Poland
- Austria
- Netherlands
- Finland
- Romania
- Denmark
- Hungary
- Ireland
- Lithuania
- Greece
- Croatia
- Estonia
- Latvia
- Luxembourg
- Rest of Europe
Country - Custom Data for Hay Making Machines Market - All Countries covered in 9 viewpoints:
- Rakes
- Bale Wrappers
- Tedders
- Mowers
- Mower-conditioner
- Unspecified hay making Equipments
- Round Balders
- Square balers
- Loader Wagons
- France
- Germany
- Italy
- United Kingdom
- Poland
- Austria
- Netherlands
- Finland
- Romania
- Denmark
- Hungary
- Portugal
- Ireland
- Lithuania
- Greece
- Croatia
- Estonia
- Latvia
- Luxembourg
- Rest of Europe
For more information about this report visit https://www.researchandmarkets.com/r/5nuh6i
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