Europe Agricultural Machinery Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
Europe agricultural machinery market has experienced recovery from 2016 declining market and increased to 4% in 2017 and expected to grow at a CAGR of 5.8% during the forecast period (2018 - 2023). Germany is likely to grow at a faster CAGR, due to its increasing orders for agricultural machineries from domestic as well as international.
According to the European Committee of Farm Machinery Manufacturer’s Associations (CEMA), Europe agricultural machinery market is currently in the growing trend and corresponded to the past peak level market in 2012. Factors like improved productivity through mechanization, optimized supply chain and labor shortage, have led to the growth of the agriculture machinery demand. Technological innovation and precision farming are some of the areas that can be exploited for future opportunities. Besides a huge scope of development, the major constraints the sector is facing are uncertainty regarding government support, low farm income and import restrictions from Russia. These factors affect the growth of the agriculture sector; thus, affecting the growth of the agricultural machinery industry Harvesting Equipment Is Expected To See Faster Growth in Europe
The European agricultural machinery industry is one of the developed markets in the world, driven primarily by the presence of large number of global players like John Deere, CNH Industrial, AGCO Corporation, etc in the region and secondly driven by two high-revenue and high-growth countries – Germany and France. The European agricultural machinery industry is likely to see growth in the sales of various types of machineries during the forecast period. Among the types of agricultural-machineries, harvesting equipment is likely to see more demand, owing to the development of forage crops in the EU region. While, tractors are anticipated to see more demand for high horsepower (hp) tractors which are exceeding 150 hp compared to tractors below 50 hp during the forecast period.
Key Developments in the Market:
• August 2016: New Holland, agricultural machinery subsidiary of CNH Industrial, unveiled methane powered concept tractors and its vision for the clean sustainable farming practices in the future.
DEERE & COMPANY (JOHN DEERE), AGCO CORPORATION, CNH INDUSTRIAL, MAHINDRA TRACTORS amongst others
Reasons to Purchase this Report:
• Latest technology trends adopted by the manufacturers in the agricultural machinery market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• Study on the machinery type that is expected to dominate the market.
• Study on the country that is expected to witness fastest growth during the forecast period.
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate Sheet (in excel).
Report Customization and Benefits:
Europe agricultural machinery market has experienced recovery from 2016 declining market and increased to 4% in 2017 and expected to grow at a CAGR of 5.8% during the forecast period (2018 - 2023).
Published By: Mordor Intelligence
Published Date: Q1 2018