The harvesting equipment industry has witnessed an increasing demand from various end-use industries, including agriculture, animal feed, and dairy. Nowadays, agriculture equipment is used in precision farming, fodder harvesting, and mechanized farming practices in developing countries.
Read Report Overview: Harvesting Equipment Market
The harvesting equipment market is expected to grow from $22.42 billion in the year 2021 to $30.11 billion by 2027, at a CAGR of 5.08% from 2022 to 2027. The growth in the global harvesting equipment market is expected to be driven by increasing demand for harvesting equipment in precision farming and the growing need to limit grain and cereals waste.
Demand - Drivers and Limitations
Following are the demand drivers for the harvesting equipment market:
- Growing demand for maize crop product
- Rising demand for harvesters in precision farming
- Surging harvester use in forage industry
The market is expected to face some limitations as well due to the following challenges:
- High initial investment
- Lack of technical knowledge about advanced farming equipment in developing countries
- Limited availability of after-sales services
Analyst's Take on the Market:
According to Rakhi Tanwar, Principal Analyst, BIS Research, "Harvesting equipment has huge potential in the near future, as it is used by farmers, animal feed producers, and dairy farmers. Through a better adoption of such agriculture equipment in precision farming, the consumers' demand for harvesting equipment will increase during 2022-2027."
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Recent Developments in Global Harvesting Equipment Market
- In March 2022, Deere & Company updated its S-Series combine harvesters as per consumer demand. Due to this, the company creates awareness among the farmers and drives sales growth globally.
- In May 2021, Mahindra & Mahindra Ltd. established a new production plant for farm equipment in Pithampur, India. This plant produces rice transplanters, potato planters, and harvesters. The company has a strong presence in Asian markets. Due to this investment, the company would increase its harvester production in the Asian market.
- In September 2021, CNH Industrial N.V. launched Case IH Axial-Flow 4000 combine harvester in Africa and the Middle East region. Due to this product launch, CNH Industrial N.V. entered Africa and the Middle East market.
Reasons to Buy this Report
This exclusive report on the harvesting equipment market will help in the following ways:
- Extensive competitive benchmarking of the top 15 players in agriculture equipment segment
- Market sizing for volume and value market
- Investment landscape including product adoption scenario, funding, and patent analysis
Who Should Buy This Report?
The companies that manufacture and commercialize harvesting equipment, as well as tractor manufacturers, animal feed producers, dairy farms, forage producers, silage manufacturers, research institutions, and agricultural regulatory bodies.
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Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
As of 2021, the top segment players leading the market include harvesting equipment public companies that capture around 60% of the presence in the market. Private players in harvesting equipment industries account for approximately 40% of the presence in the market.