Europe Harvesting Equipment Market Outlook Report 2023-2028: Demand Boosted by European Governments' Aim to Double Agricultural Exports

DUBLIN, Nov. 23, 2023 /PRNewswire/ -- The "Europe Harvesting Equipment Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The Europe harvesting equipment market is expected to grow at a CAGR of 3.25% from 2022-2028.

The European agriculture landscape, boasting a vast consumer base of over 749 million, underscores the pivotal role of the agriculture sector in economic development. For developed economies like Germany, the demand for harvesting equipment takes precedence, driven by the pursuit of food self-sufficiency.

Within agriculturally advanced nations such as France and Germany, characterized by medium-scale farms and intensive farming practices, the adoption of cutting-edge harvesters is paramount. The prevalence of connected technology systems and precision agriculture implements amplifies the demand for innovative harvesters, particularly large or combined harvesters in large-scale farming operations.

The commitment to export-centric production and the pursuit of substantial, high-quality exports further propels the sales of new harvesting and agriculture equipment in the European harvesting equipment market, facilitating essential farming activities. Notably, governments in countries like Germany, France, and the UK are actively striving to double the quantity and revenues from agricultural product exports by 2030, signaling a focused drive towards agricultural expansion.

In recent times, the Europe harvesting equipment market displayed growth, expanding by 2.7% in 2022 compared to 2021, a trend attributed to favorable climate conditions in 2021 and 2022. Government initiatives and schemes aimed at facilitating credit and enhancing agriculture-related operations have played a significant role in bolstering the entire value chain of the Europe harvesting equipment industry.

The landscape of the Europe harvesting equipment market is moderately fragmented, housing both local and international players. As consumer expectations demand constant advancements and upgrades in agricultural equipment, vendors are compelled to adapt and enhance their value propositions to maintain a strong business presence.

Leading industry players like Claas, New Holland, John Deere, Case IH, and Fendt are at the forefront, while global entities such as Deere & Company, CNH Industrial, CLAAS, and AGCO Corporation employ strategies that involve the introduction of innovative products and strategic investments to fortify their foothold in the industry.

Market Segmentation

The combined harvester segment generated the highest sales in almost all the countries of Europe. It dominated the European harvesting equipment market due to its efficiency, labor-saving capabilities, versatility for diverse crops, precision agriculture integration, and the need to meet increasing food demands efficiently.

Combines have revolutionized the harvesting process, allowing farmers to efficiently and effectively collect large quantities of crops. They continue to evolve with advancements in technology, automation, and data management, contributing to improving agricultural practices and overall productivity.

Recent Developments in the Europe Harvesting Equipment Market

In March 2023, John Deere announced MY24 updates for its 7, 8, and 9 Series Tractors lineup that will help prepare them for the future of precision agriculture.

AGCO launched the latest Fendt 700 Vario series tractors in August 2022, featuring an upgraded powertrain with VarioDrive transmission and Fendt iD low engine speed concept. This new generation aims to enhance efficiency and productivity for customers.

WHY SHOULD YOU BUY THIS REPORT?

• Market Size & Forecast Volume 2020-2028 (Units)
• Major current and upcoming projects and investments
• Competitive intelligence about the economic scenario, advantages, and benefits of harvesters, industry dynamics, and industry shares
• Latest and innovative technologies
• Import and export analysis
• Company profiles of major and other prominent vendors

Market Overview

• Increased Precision Farming
• Market Life Cycle Stage
• Type-Approval (Mother) Regulations in Europe

Market Opportunities & Trends

• Development of Smart & Autonomous Harvesters
• Increased Food Consumption & Population Growth
• Electrification of Harvesting Equipment

Market Growth Enablers

• Fiscal Support to Farmers Through Loans & Subsidies
• Increased Farm Mechanization
• Lack of Skilled Farm Labor

Market Restraints

• Lack of Awareness of Latest Developments in Agricultural Technologies
• Lack of Educated Farmers in Emerging Countries
• Resource Scarcity of Small- & Medium-Scale Farmers
• Climate Change Adversely Impacts Agricultural Activities
• Volatility in Raw Material Costs

Key Company Profiles

• CLAAS
• John Deere
• CNH Industrial
• AGCO
• Kubota

Other Prominent Vendors

• Grimme
• SDF
• Krone
• KUHN Group
• Yanmar

For more information about this report visit https://www.researchandmarkets.com/r/p66tem

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SOURCE Research and Markets