Europe Agricultural Equipment Market to Grow with a CAGR of 4.16% through 2029
Surge in research and development activities is expected
to drive the Europe Agricultural Equipment Market growth in the forecast
period, 2025-2029.
According to TechSci Research report, “Europe
Agricultural Equipment Market – By Country, Competition, Forecast and
Opportunities, 2019-2029F”, the Europe Agricultural Equipment Market stood
at USD 38.15 Billion in 2023 and is anticipated to grow with a CAGR of 4.16%
in the forecast period, 2024-2029. Government initiatives focused on agricultural equipment have created favorable market conditions for the Europe Agricultural Equipment Market. Various factors contribute to the growth of different agricultural equipment market segments. The European Union (EU) has formulated a comprehensive agricultural policy covering essential aspects of the agricultural sector. This policy not only ensures food quality but also addresses trade facilitation and promotes EU farm products. By implementing this policy, the EU aims to stimulate demand for high-quality agricultural equipment, which plays a critical role in maintaining food quality standards and meeting traceability requirements.
Aligned with its commitment to sustainable agriculture, the EU has introduced the "Farm to Fork" initiative. This initiative sets ambitious targets for reducing specific agricultural inputs by 2030, encouraging farmers to adopt more environmentally friendly and sustainable farming practices. The utilization of advanced agricultural equipment becomes increasingly crucial in achieving these targets and ensuring the implementation of efficient and sustainable farming practices.
Recognizing the importance of promoting sustainable and high-quality EU agri-food products, the European Commission has allocated significant funding. In 2023, the Commission pledged USD 197.92 million to support promotional activities for these products. This funding aims not only to enhance consumer awareness and appreciation of sustainable agriculture but also indirectly stimulates the agricultural equipment market by bolstering overall agricultural production.
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Research investigates risk management and insurance options for users of agricultural equipment. Studies evaluate the accessibility, cost-effectiveness, and efficacy of insurance offerings and risk mitigation techniques, including crop insurance, machinery breakdown coverage, and weather-related risk hedging. These measures aim to safeguard farmers from financial setbacks and operational disruptions resulting from equipment malfunctions, accidents, or adverse weather events.
The Europe
Agricultural Equipment Market is segmented into type, application, country distribution, and company.
Based on its type, the tractors segment held the
largest share in the market. As the global population continues to expand, there is an unprecedented demand for crops and food. This increased demand places significant pressure on farmers to boost production while reducing the need for labor. Tractors, with their advanced automation features and capacity to perform a variety of farming tasks quickly, emerge as a highly efficient solution to address this urgent challenge. By simplifying operations and improving efficiency, tractors enable farmers to meet the growing demand for food while maximizing the use of their resources and labor.
Based on country, Germany segment is expected to grow
during the forecast period.
The growth of Germany in the agricultural equipment market has been significantly fueled by strategic partnerships formed between German manufacturers and global agricultural brands. The companies operating in this market not only allow German manufacturers to leverage the extensive global brand recognition of their partners but also facilitate the exchange of technological expertise, thus strengthening their overall market position. Through synergistic collaborations, German manufacturers have effectively positioned themselves as leaders in the industry, driving innovation and delivering state-of-the-art solutions to meet the evolving demands of the agricultural sector.
Major companies operating in Europe Agricultural
Equipment Market are:
- CNH Industrial N.V.
- CLAAS KGaA mbH
- J C Bamford Excavators Limited
- Bucher Industries AG
- APV GmbH
- Exel Industries SA
- Argo Tractors S.p.A.
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“In response to escalating environmental concerns, Europe has observed a significant uptick in the adoption of agroecology and permaculture principles across its agricultural sector. This fundamental shift towards more environmentally conscious farming practices highlights the region's unwavering commitment to promoting sustainable land management and safeguarding the health of its ecosystems. Aligned with this progressive mindset, a new generation of agricultural equipment has emerged, purposefully designed to support and enhance these eco-friendly approaches. Innovations such as agroforestry tools, intricately engineered polyculture planters, and precisely crafted swales for water management exemplify Europe's proactive efforts to integrate agricultural productivity with responsible environmental stewardship.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Europe
Agricultural Equipment Market By Type (Tractors, Harvesters, Planting
Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment,
Others), By Application (Land Development & Seed Bed Preparation, Sowing
& Planting, Weed Cultivation, Plant Protection, Others), By Country,
Competition, Forecast and Opportunities, 2019-2029F”, has evaluated
the future growth potential of Europe Agricultural Equipment Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Europe Agricultural Equipment Market.
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