Increasing wages of agricultural labour across European Union
Increasing annual wages of agricultural labour across Hungary, Greece, Republic of Moldova, Germany, Poland, and Austria and decreasing farm labour resources are additionally driving the growth of agricultural machinery market in Europe during forecast period.
Huge profit & product quality variation between the produce generated through agricultural machinery and man-labour are contributing to a shift in farming communities' interests towards advanced mechanized equipment for agricultural activities. According to the data published in Salary Explorer, the average annual wages of agricultural labour in Hungary increased from USD XX in 2018 to USD 16,764.47 in 2019. In June 2019, Greece's national government declared the national minimum wage as USD 843.7 per month at an annual growth rate of 10.89% from the previous year. According to a recent post by German Government, the minimum wages across Germany increased from USD 9.86/ hr in 2018 to USD 10.25/ hr in 2019. Increasing demand for high quality produce coupled with low quality produce from farm labour due to human errors is contributing to increased shift in interest among the farming communities towards agricultural machinery.
Increasing demand for post-harvest mechanisation
Increasing farming communities demand for post-harvest mechanization to reduce the lead time extraction of farm produce and loss is additionally driving the Europe agricultural machinery market. Initially, crops were harvested through pedal or engine powered machines, due to rapidly increasing demand for mechanized harvesting combine harvesters are adopted to take over threshing operations. Huge production loss in crops through manual harvesting, approximately between 20-35% based on crop and system, also led to increased shift from manual harvesting to mechanized harvesting. Rapidly changing environmental conditions, huge produce loss due to operational delay in post harvesting activities is additionally boosting demand for combine harvesters across Europe during the forecast period. The mid-scale farmers, who are majorly dependent on hired labour for post-harvesting activities are increasingly adopting leasing agents for hiring the required machinery for appropriate harvesting activities. The huge presence of mid-scale farmers in low-economy countries in European Union, which includes the Republic of Moldova, is expected to present a huge demand for post-harvesting machinery for leasing/rent during the forecast period.
Increasing adoption of used agricultural machinery across European Union
Growing adoption of used agricultural machinery across the major agricultural producing countries across European Union is a major factor driving the Europe agricultural machinery market. High price of the new agricultural machinery coupled with growing availability of high quality pre-owned machinery across European Union is increasing interests regarding used agricultural machinery among farming communities. Current used tractor market scenario across Europe is in developing stage and possesses immense potential to grow further during forecast period until 2022 owing to growing agricultural mechanization ratio and increasing adoption of tractors as a source of movements. According to the study published in the Hungary Leasing Association, total turnover of used tractors in Hungary was 400 units behind the new tractor sold during the financial year 2018. More than 1/3rd of used tractor sales are processed during winter months between November and February, during minimal agricultural production seasons.
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