The combine harvesters market is estimated to be valued at US$ 4238.7 million in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Combine harvesters, also known as combines, are machinery used to harvest grain crops. They are self-propelled machines that can both harvest and thresh crops such as wheat, oats, rice, corn, and soybeans. Combine harvesters cut crops, thresh them to separate the grain from straw/stalks, and clean and store the grain in its grain tank all in a single pass through the field. They play a crucial role in large-scale agriculture.
Market Dynamics:
The combine harvesters market is driven by increasing adoption of technologically advanced farming practices by farmers to improve crop yields. Modern combines come equipped with features such as GPS navigation, automated steering, and yield monitoring sensors which help increase efficiency and reduce crop losses during harvest. Government subsidies and favorable financing policies for the purchase of agricultural machinery in countries such as India and China are also fueling sales of combines. Additionally, rising global demand for food grains owing to the steadily growing world population is prompting growers to use high-performance harvesting equipment to meet production targets, thereby supporting market growth over the forecast period.
Segment Analysis
The combine harvesters market is segmented based on engine power as below 150 HP, 150-300 HP, 300-450 HP, 450-550 HP, and above 550 HP. The 150-300 HP segment dominates the market and accounted for around 40% share in 2021. This segment is popular among small and medium-scale farmers due to affordability and suitability for their landholding and crop size.
PEST Analysis
Political: The governments in various countries provide subsidies and financial support for farm mechanization, which is driving the demand for combine harvesters.
Economic: Rising farm incomes and higher procurement prices for crops are encouraging farmers to upgrade their farm equipment. This is positively impacting the combine harvesters market.
Social: Shortage of farm labor is compelling farmers to rely on mechanized solutions for harvesting. This is boosting demand for combine harvesters.
Technological: Combine harvesters manufacturers are focusing on automation, precision farming technologies, and superior threshing/sieving systems to improve efficiency and productivity.
Key Takeaways
The Global Combine Harvesters Market Demand is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing technological advancements and shortage of farm labor.
The North America region dominates the market followed by Europe. Stringent environment regulations regarding farm emissions in Europe and the US are pushing manufacturers to develop advanced harvesting equipment with eco-friendly technologies.
Key players operating in the combine harvesters market are Tractors and Farm Equipment Limited (TAFE), Claas KGaA mbH, Mahindra & Mahindra Ltd, Kubota Agricultural Machinery, Deere & Company, Yanmar Co. Ltd, Massey Ferguson (AGCO Corporation), Iseki & Co. Ltd, CNH Industries Nv, SDF, Renault Sonalika International, and PREET GROUP. TAFE and Claas KGaA mbH account for around 25% share due to their diversified product portfolio and strong distribution network across major markets globally.
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The global combine harvesters market is set to surpass a valuation of US$ 18 Bn by the end of 2026, as per the recent market intelligence study of FactMR.
Businesses in the combine harvesters market are increasingly pushing for superior production techniques and strategic collaborations to boost portfolios and increase production capacity.
"Intelligent combine harvesters are capable of monitoring grain flow rate and yield loss in real time.
Consequently, farmers are making a major transition to incorporate intelligent combine harvesters over conventional variants," says the FactMR report.Combine Harvesters Market: Key FindingsCombine harvesters with grain tank size of 250-350 bushels feet are gaining traction, with hydraulic mechanisms projected to capture a larger consumer base.Self-propelled combine harvesters below 150 HP are becoming a prominent trend in the agriculture industry.Combine harvesters with engine power below 150 HP will display high growth potential and hurtle towards a valuation of US$ 5 billion.North America is set to exhibit a substantial CAGR and market share, on back of high adoption rates in United States and Canada.Combine Harvesters Market: Key Driving FactorsHigh importance given to agricultural productivity in emerging economies to sustain growth.Rising adoption of agricultural equipment by farmers for higher returns, will increase scope of application.Advanced GPS and sensor technologies to increase scope of automation, and boost global revenue share in combine harvesters marketGovernment policies to provide farmers with better access to modern agricultural equipment will aid growth.Request a Sample Copy of Concerned Report - https://www.factmr.com/connectus/sample?flag=S_id=516Combine Harvesters: Key Market RestraintsVendors to face obsolescence of equipment owing to fast rate of mechanization and high competition in the industry.Lack of skilled laborers in agricultural operations to restrict the adoption of combine harvesters.High costs of purchase, installation, and maintenance to restrict use globally.
