Market Size of Europe Agricultural Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 48.65 Billion |
| Market Size (2029) | USD 57.23 Billion |
| CAGR (2024 - 2029) | 3.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Agricultural Machinery Market Analysis
The Europe Agricultural Machinery Market size is estimated at USD 48.65 billion in 2024, and is expected to reach USD 57.23 billion by 2029, growing at a CAGR of 3.30% during the forecast period (2024-2029).
- Agricultural machinery is expected to be increasing in the Europe region by increasing mechanization rates in European countries, which is expected to have a long-term impact. The other factors helping in the growth are shrinking land, and water resources and the shortage of labor force increases the demand for farm mechanization in European countries.
- Tractor sales drive the growth in the agricultural machinery market in Europe. The tractor registrations have increased, According to European Agricultural Machinery Association (CEMA) 180,000 tractor registrations in 2021, which increased by 17% during the 2020-2021 period. Despite increased demand, raw material supply constraints remain, restraining production and leading to late deliveries.
- Agriculture in the European Union was traditionally labor-intensive, characterized by many seasonal immigrant workers working on farm fields in the member states. However, an acute shortage of farm labor surfaced on the farm fields in the region. For instance, according to the German Association of Agricultural Employers (GLFA), the number of seasonal immigrant laborers during the peak harvest times in Germany fell drastically in the last few years. Thus, the shortage of labor has led to an increase in the usage of tractors in the region.
