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Report
United Kingdom Agricultural Machinery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 90 Pages I Mordor Intelligence
The United Kingdom's agricultural machinery market is projected to record a CAGR of 6.1% during the forecast period (2022-2027).
With such a drastic COVID-19 impact, the agriculture machinery industry requested some flexibility for machines to be fitted with transition engines already manufactured and procured before the crisis. As global supply chains were disrupted and manufacturing industries closed down in accordance with government measures to prevent the spread of the virus, the market slowed down during the pandemic.
An increase in farm labor costs, favorable government policies supporting the purchase of agricultural machinery, and a rise in technological development in agricultural machinery are some of the factors driving the market growth for agricultural machinery in the country. Moreover, the latest farm technologies are enhancing farm operations and helping to cut down 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. Moreover, the companies are bringing innovative products and new technologies to the market. Therefore, increasing innovation in the industry is driving the growth of the segment during the forecast period.?
UK Agricultural Machinery Market Trends
Rising Farm Labor Costs
Agriculture in the United Kingdom has traditionally been a labor-intensive sector characterized by a higher number of seasonal immigrant workers working on farm fields in the member states. However, an acute shortage of farm labor has currently surfaced on the farm fields in the country. This was reflected in the total percentage of employment in agriculture falling drastically from 1.16% in 2017 to 1.05% in 2019, as reported in the World Bank database.
The labor storage has also triggered the rise in the food prices to cover soaring wages for farmworkers. Thus, the shortage of farm labor is giving way to a rise in wage rates, thereby allowing the farmers to adopt farm mechanization in the region. The farm labor crunch witnessed in the United Kingdom following the Brexit policy has further raised the wage rate in the country.
Tractors Dominated the Market
The United Kingdom's agricultural sector has witnessed an increase in its integration with technology over the past few years in order to support sustainable agricultural practices in the country. The UK government is focusing on increasing farm mechanization to produce more with less impact on the environment. Tractors, being one of the essential agricultural machineries, have witnessed a huge growth potential in the UK market. Farmers in this region are increasingly keen on purchasing high-end tractors to work on larger fields as part of their effort to improve crop yields and boost farm efficiencies.
According to AEA Statistics, in 2019, the total number of agricultural tractor (greater than 50 HP) registrations was reported to be 12,333, as compared to its registrations of 12,102 in 2018. John Deere, AGCO Corporation, and CNH Industrial NV are some of the major tractor manufacturers in the country. These players have an extensive distribution network and a wide range of tractor machinery, which gives them a competitive edge over other players in the region.
UK Agricultural Machinery Market Competitor Analysis
The UK agricultural machinery market is consolidated, with the major players occupying the major share of the market. CLAAS KGaA mbH, Deere & Company, CNH Industrial NV, and Kubota Corporation are some of the major players who are operating in this market. These players are investing heavily in R&D activities and are launching agricultural machinery that caters to the needs of the farmers in this region.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Tractors
5.1.1.1 Less than 50 HP
5.1.1.2 50 to 100 HP
5.1.1.3 100 to 150 HP
5.1.1.4 Above 150 HP
5.1.2 Equipment
5.1.2.1 Plows
5.1.2.2 Harrows
5.1.2.3 Cultivators and Tillers
5.1.2.4 Other Equipment
5.1.3 Irrigation Machinery
5.1.3.1 Sprinkler Irrigation
5.1.3.2 Drip Irrigation
5.1.3.3 Other Irrigation Machinery
5.1.4 Harvesting Machinery
5.1.4.1 Combine Harvesters
5.1.4.2 Forage Harvesters
5.1.4.3 Other Harvesting Machinery
5.1.5 Haying and Forage Machinery
5.1.5.1 Mowers and Conditioners
5.1.5.2 Balers
5.1.5.3 Other Haying and Forage Machinery
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 CLAAS KGaA GmbH
6.3.2 Deere & Company
6.3.3 CNH Industrial NV
6.3.4 Kubota Corporation
6.3.5 AGCO Corporation
6.3.6 Kuhn Group
6.3.7 Same Deutz-Fahr
6.3.8 J C Bamford Excavators Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 ASSESSMENT OF THE IMPACT OF COVID-19
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