Harvesting Equipment Market Size, Share, Growth, and Industry Analysis by Type (Combine Harvester, Forage Harvester, Forage Harvester, Sugarcane Harvester, and Others) By Application (Paddy Field, Dry Land, and Others), Regional Insights, and Forecast From 2024 To 2032

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HARVESTING EQUIPMENT MARKET REPORT OVERVIEW

The global harvesting equipment market size was USD 28.65 billion in 2023 and is projected to grow from USD 31.76 billion in 2024 to USD 41.9 billion by 2032, exhibiting a CAGR of 3.5% during the forecast period. Asia-Pacific holds leading position in harvesting equipment market share in 2023.

In order to efficiently harvest crops, harvesting equipment is a piece of agricultural machinery that cuts, threshes, and cleans cereal and other crops all at once. This equipment is primarily used in grain crops like wheat, paddy, oats, and barley. The market expansion of harvesting equipment is likely to be constrained by the rising demand for high capital investments and high-power consumption. The biggest and most important obstacle to the market's expansion in developing economies will be a lack of consumer understanding of the advantages of products.

COVID-19 Impact: Halt on Agriculture to Hamper Market

The global COVID-19 pandemic has been unprecedented and staggering, with harvesting equipment experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The harvesting equipment market's manufacturing and shipping operations were directly disrupted by the COVID-19 outbreak. The epidemic disrupted the harvesting equipment market's supply chain on a global scale. Several governments shut down their production facilities and global trade. As a result, the harvesting equipment market suffered significantly on a global scale. Harvesting equipment manufacturing and shipping activity began gradually in the middle of 2021, and effective global trade began. As a result, it is anticipated that after the COVID-19 pandemic, both output and consumption of harvesting equipment items would rise.

Latest Trends

"Increasing Demand for Machineries to Drive Market Development"

Some of the major and important factors that are likely to accelerate the growth of the harvesting equipment market include rising preferences for the use of harvesting machinery to improve the efficiency of agricultural purposes, increasing pressure on arable land to meet the demand for food grains, an increase in the number of favorable government initiatives and subsidies, and rising farmer awareness of the advantages of the products and equipment. On the other hand, technological advancements like increased use of positioning sensors and cameras and increased demand for biofuels will further contribute by generating enormous opportunities that will leads to the growth of the harvesting equipment market in the previously mentioned projected timeframe.

HARVESTING EQUIPMENT MARKET SEGMENTATION

• By Type

The market is classified into Combine Harvester, Forage Harvester, Forage Harvester, Sugarcane Harvester, and OthersHarvester, Sugarcane.

• By Application

The market is classified into Paddy Field, Dry Land, and Others.

Driving Factors

"R&D Activities to Drive Market Advancements"

One of the key prospects in the global market for harvesting equipment is increasing spending in R&D. Additionally, farmers, manufacturers of animal feed, and the dairy industry are drawn to harvesting equipment due to its capabilities of harvesting, threshing, separating, cleaning, and collecting grain while moving through standing crops. One of the key prospects in the global market for harvesting equipment is increasing spending in R&D. Additionally, farmers, manufacturers of animal feed, and the dairy industry are drawn to harvesting equipment due to its capabilities of harvesting, threshing, separating, cleaning, and collecting grain while moving through standing crops.

"Expansion of Agriculture to Drive Market Growth"

Manufacturers of harvesting equipment now have a market opportunity thanks to growing mechanization in agriculture and a severe manpower shortage. Farmers are incorporating harvesting equipment into their farming methods because it reduces the cost and time of farming activities and improves the quality of the grain.

Restraining Factors

"High Cost to Restrain Market Growth"

One of the barriers to the adoption of agricultural equipment, particularly for low-income farmers, is expected to be the high initial cost of such equipment. One of the new revenue sources for harvesting equipment market growth to overcome such obstacles is anticipated to be the rental industry.

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HARVESTING EQUIPMENT MARKET REGIONAL INSIGHTS

"Technological Advancements to Foster Growth in North America"

North America is expected to hold a dominating part of the harvesting equipment market share. Large tracts of undeveloped farmland are a major factor in the rise, which has increased the need for farm mechanization. Additionally, the usage of intelligent combine harvesters outfitted with monitoring technologies to boost farm production is growing in the area. Growing demand for high-capacity machinery due to large farms, rising labor costs, the integration of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters, and the increasing popularity of self-propelled machines are all predicted to propel regional market growth over the forecast period.

Asia Pacific is anticipated to have a sizable market share. The region's rapid expansion of agricultural machinery equipment, such as harvesters, is primarily being driven by the severe manpower scarcity for agricultural activities, which is a result of the lucrative prospects in the expanding industrial sector. Additionally, some governments offer farmers subsidies for purchasing better equipment in order to effectively meet the demand for increased output.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List Of Top Harvesting Equipment Companies

• Deere & Company (U.S.)
• CNH Industrial N.V. (U.K.)
• Case Corp (U.S.)
• CLASS KGaA mbH (Germany)
• AGCO Corp. (U.S.)
• Kubota Corporation (Japan)
• Argo Group (U.S.)
• Rostselmash (Russia)
• Same Deutz Fahr Group (Italy)
• Dewulf NV (Belgium)
• Lovol Heavy Industry (China)
• Sampo Rosenlew (Finland)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.