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Europe Harvesting Equipment Market Set to Thrive with a Projected CAGR of 3.25% by 2028

by Anna

The Europe harvesting equipment market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 3.25% from 2022 to 2028. This growth is indicative of the crucial role played by the agriculture sector in the European economic landscape, catering to a consumer base exceeding 749 million individuals.

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In developed economies like Germany, the demand for harvesting equipment is driven by the imperative of achieving food self-sufficiency. The adoption of cutting-edge harvesters is particularly pronounced in agriculturally advanced nations such as France and Germany, characterized by medium-scale farms and intensive farming practices.

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The prevalence of connected technology systems and precision agriculture implements further fuels the demand for innovative harvesters, particularly large or combined harvesters in large-scale farming operations. As part of a broader commitment to export-centric production, countries like Germany, France, and the UK are actively working towards doubling the quantity and revenues from agricultural product exports by 2030, signaling a concerted drive towards agricultural expansion.

The Europe harvesting equipment market exhibited notable growth, expanding by 2.7% in 2022 compared to the previous year, attributed to favorable climate conditions and government initiatives facilitating credit and enhancing agriculture-related operations. Governments in several European countries, including Germany, France, and the UK, are actively supporting the industry’s entire value chain.

The market landscape is moderately fragmented, accommodating both local and international players. Leading industry players such as Claas, New Holland, John Deere, Case IH, and Fendt are at the forefront, employing strategies that involve the introduction of innovative products and strategic investments to strengthen their foothold in the industry.

Market Segmentation

The combined harvester segment has emerged as a dominant force, generating the highest sales across European countries. Its efficiency, labor-saving capabilities, versatility for diverse crops, integration with precision agriculture, and the imperative to meet increasing food demands efficiently contribute to its dominance. Combines continue to revolutionize the harvesting process, evolving with advancements in technology, automation, and data management, enhancing agricultural practices and overall productivity.

Recent Developments in the Europe Harvesting Equipment Market

In March 2023, John Deere announced updates for its 7, 8, and 9 Series Tractors lineup (MY24) in preparation for the future of precision agriculture, showcasing the industry’s commitment to technological advancement.

AGCO, a key player in the market, launched the latest Fendt 700 Vario series tractors in August 2022. This new generation features an upgraded powertrain with VarioDrive transmission and Fendt iD low engine speed concept, aiming to enhance efficiency and productivity for customers. Such developments underscore the industry’s dedication to staying at the forefront of innovation.

As the Europe harvesting equipment market charts a path of growth, driven by technological advancements and supportive government initiatives, it remains a dynamic landscape with both local and global players striving to meet the evolving demands of the agriculture sector.

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