The Combine Harvesters Market is estimated to be valued at US$ 4558.17 Mn 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 agricultural machines used to reap grain crops such as wheat, oats, barley, corn and soybeans and separate the edible parts from the stalks and stubble left on the field. Modern harvesters help in functions like threshing of grains, winnowing and cleaning. They are available in different sizes and drive configurations depending on whether they are used to harvest small grains or large row crops.
Market Dynamics:
One of the major drivers of the combine harvesters market is the rising demand for higher agricultural productivity to meet the growing global food demand. According to the United Nations, the world population is expected to reach 9.8 billion by 2050 and agricultural production needs to increase by over 50% to ensure global food security. Farm mechanization technologies like combines are helping farmers harvest greater crop yields from limited agricultural land resources.
Another factor fueling market growth is government support for farm mechanization through subsidies and financing schemes, especially in developing nations where agriculture is a major employment sector. This has led to higher adoption ofcombine harvesters that reduce labour costs and requirements.
Segment Analysis
The combine harvesters market can be segmented by product type, drive type, and region. Based on product type, the self-propelled combines segment held the largest market share in 2023 and is expected to continue dominating during the forecast period. Self-propelled combines offer advantages such as higher harvesting efficiency, ability to cover large acreage in lesser time, and economic feasibility for large farms.
PEST Analysis
Political: Governments in several countries are supporting farmers through subsidies and farm loans to purchase agricultural machinery like combine harvesters. This is boosting demand.
Economic: Rising farm incomes and higher purchasing power are encouraging farmers to invest in productivity-enhancing farm equipment. The development of the agricultural sector is also driving the combine harvesters market.
Social: Population growth is increasing global food demand. Mechanized harvesting solutions are helping address labor shortages and ensure timely harvesting of crops.
Technological: Advancements like automated steering, precision farming technologies, and IoT sensors are improving combine harvesters’ harvesting efficiency and functionality.
Key Takeaways
The Global Combine Harvesters Market Growth is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing mechanization in the agriculture sector.
The Asia Pacific region dominated the market in 2023 with a share of over 35%, led by countries like India, China, and Australia. High crop production and the ongoing modernization of agricultural activities in the region are fueling market growth.
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. Innovation and expansion into new markets are key strategies being adopted by these players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it