Increasing demand for mechanized farming is expected to drive the growth of global harvesting equipment in the forecast period, 2024-2028. According to the 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 equipment.
The Important Factors of the Harvesting Equipment Market
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 equipments 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, a 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 Harvesters, Forage Harvesters, Sugarcane Harvesters, and Others. The combined 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.
- 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 the global harvesting equipment market.
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