Western and Central Europe Agricultural Machinery Market To Witness Significant Growth till 2030
- Published: March 2022
The growing rate of mechanization and increasing cost of farm labor are the major growth drivers for the agricultural machinery market. Due to the aforementioned factors, the Western European agricultural machinery industry is projected to generate $51,758.7 million revenue by 2030, advancing at a CAGR of 3.4% during 2022–2030, while the Central European agricultural machinery industry is set to generate $18,853.4 million revenue in 2030, advancing at a CAGR of 4.3% during 2022–2030, according to the recent study published by P&S Intelligence.
As a result of the global supply and trade disruptions due to the pandemic, farmers are experiencing a shortage of agricultural inputs, such as seeds, fertilizers, and insecticides. Farmers all around Europe faced operational challenges, thus resulting in a decrease in the agricultural output. Hence, as a result of the COVID-19 pandemic, the demand for agricultural machinery has decreased drastically. Agriculture production across Europe was hampered in 2020, and this condition might persist for a long time.
Tractor Category To Hold Largest Share throughout Forecast Period
The Western and Central European agricultural machinery market has been categorized into tractors, harvesting machinery, plowing and cultivating machinery, planting machinery, irrigation machinery, haying and forage machinery, and others, based on type. Among these,tractors will have the largest share over the forecast period (2022–2030) due to their ability to cover large tracts of land and pull other kinds of heavy machinery, thereby making farming operations more convenient.
The Netherlands was the largest contributor to the Central European agricultural machinery market, with an estimated around 25.0% revenue share, in 2021. Moreover, Germany was the largest country in the Western European agricultural machinery market, with approximately 40% revenue share, in 2021. Farmers in these countries use precision agriculture and other innovative technologies, which is why they account for high-volume agricultural exports.
Product Launches Helping Market Players in Business Growth
Players in the industry have been involved in product launches and other developments to dominate the competition. For instance, in December 2021, an electric battery company, Kreisel Electric, was acquired by Deere & Company. Using the former’s advanced immersion-cooled, high-density technology, John Deere will develop vehicles and powertrains more efficiently.
Moreover, in October 2021, Yanmar Holdings Co. Ltd. introduced a vineyard robot for winemakers that provides safety, higher production, cost savings, and versatility.
The major players operating in the Western and Central European agricultural machinery market are CNH Industrial N.V., CLAAS KGaA mbH, Deere & Company, AGCO Corporation, Argo Tractors Spa, Kubota Corporation, Lely Industries N.V., Yanmar Co. Ltd., KUHN Group, and SDF S.p.A.