Harvesting Equipment Market to be dominated by Combine Harvesters type through 2028
Increasing demand for mechanized farming is expected to drive
the growth of global harvesting equipment in the forecast period, 2024-2028.
According to TechSci Research report, “Harvesting Equipment Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”,
The Global Harvesting Equipment Market
is anticipated to grow at an impressive rate in the forecast period, 2024-2028.
This can be ascribed to the increasing demand for enhancing the
productivity of agricultural land along with enhancing the proclivity of
farmers or land operators toward the integration of automation technology for
equipments. Additionally, the growing scarcity of human workforce and heavy
expenditure on maintenance of cattle on the site in different countries is
expected to create lucrative opportunities for market growth in coming years. Besides,
increasing research and development activities in the agriculture industry is
further expected to support market growth. Furthermore, some important factors
such as a scarcity of human resources along with the availability of cheap
financing and capital are expected to enhance the demand for several
agricultural equipment in the developing regions during the forecast period.
Similarly, favorable weather circumstances for food production along with
government assistance with loan waiver initiatives for farmers of all levels of
income, are expected to drive the market growth over the years.
However, the high
cost of harvesting equipment can create affordability issues amongst people
with lower incomes, hampering the market in the forecast period. Similarly, lack
of awareness regarding the benefits of using harvesting equipment among farmers
along with illiteracy about the resources may hamper the harvesting equipment market
growth during the forecast period.
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The Global Harvesting
Equipment Market can be
segmented by product, application, and region.
Based on Product Type, The Global Harvesting
Equipment Market can be segmented into Combine Harvester, Forage Harvester, Sugarcane
Harvester, and Others. The combine
harvester segment is expected to dominate the market in 2022 and is expected to
continue maintaining its dominance throughout the forecast period. Increasing demand for advanced technology for
the benefit of crops along with increasing demand for new harvesters due to
their effective performance and reduction in the overhead operational cost. Based on Application, the market can be divided
into Agriculture
and Fodder. The agriculture segment is
expected to dominate the market in 2022 and is expected to continue maintaining
its dominance throughout the forecast period. Also, the growing
food & beverages industry owing to the increasing global population is anticipated
to propel the growth of the harvesting equipment market during the forecast
period. Technologically updated agricultural robots, such as autonomous
tractors including flying drones to help farmers for producing food at low
costs in order to meet the growing need for food, are expected to create
significant market growth prospects over the projection period.
Major companies operating in the global harvesting equipment market are:
- Lakeview Vineyard Equipment Inc
- Oxbo International Corp.
- Pellenc America.
- Containerpal
- Green-Rubber Kennedy Ag.
- American Grape Harvesters.
- Blueline Manufacturing and Equipment.
- Clemens Vineyard Equipment.
- Lazer Star Lights.
- Garton Tractor Inc.
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.
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“North America is
expected to dominate and register the highest growth in the global harvesting
equipment market on account due to the increasing reliance of customers on
mechanization across the developing region along with owing to the heavy
integration of electrical drivers, digitalization, computer sensing and control
capabilities in equipment and machinery. Furthermore, increasing utilization of
machines with better fuel efficiency and improved features are further
contributing to the demand for harvesting equipment and are further expected to
support the market growth. In addition to this, growing government initiatives
and measures supporting the use of farm equipment is anticipated to propel the
overall harvesting equipment market, in the coming years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Harvesting
Equipment Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Products
(Combine Harvester, Forage Harvester, Sugarcane Harvester, Others), By Application
(Agriculture v/s Fodder) and
By Region, and Competition”, has evaluated
the future growth potential of global harvesting equipment market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global harvesting equipment market.
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