Market Size of United Kingdom Agricultural Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Agricultural Machinery Market Analysis
The United Kingdom's agricultural machinery market is projected to record a CAGR of 6.1% during the forecast period.
- An increase in farm labor costs, favorable government policies supporting the purchase of agricultural machinery, and technological development are some factors driving the market growth for agricultural machinery in the country. Moreover, the latest farm technologies are enhancing farm operations and helping cut costs. Thus, the agricultural machinery market is expected to boost over the forecast period.
- The rising population in the United Kingdom is also driving the need for the mechanization of agriculture, and in turn, the demand for agricultural machinery is also rising. Hence, companies are bringing innovative products and new technologies to the market.
- For instance, by April 2023, Kubota Corporation will launch electric compact tractors across Europe, including the United Kingdom. The company will be the first Japanese manufacturer to release electric tractors in the country. Therefore, increasing product innovation by the major players is driving the growth of the tractor segment during the forecast period.
