The global harvesters market is set to gain momentum from the increasing scarcity of labor in developing economies. Owing to this, people are rapidly inclining towards mechanical means rather than choosing manual techniques. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Harvesters Market Size, Share & Industry Analysis, By Type (Combine Harvesters, Forage Harvesters, Others (Sugarcane Harvesters, Turmeric Harvesters, and Others)) and Regional Forecast, 2023-2030.” The report further states that harvesting is a very labor-intensive process in the farming industry. It is supposed to be conducted at perfect seasons to gain maximum productivity. Crop harvesters can enhance the quality of the yield and provide higher profits.
The COVID-19 pandemic has affected the agriculture industry negatively. There are still numerous uncertainties as to how long this pandemic will last. It mainly depends on a number of factors impacting the demand for the supply of all goods, including agricultural commodities. These include how soon a vaccine is available, whether there will be a secondary wave compelling governments to implement new measures, or how quickly companies will resume their operations after the lockdown. We are providing in-depth insights into the industry so that you can take proper precautions and invest only in those areas that are likely to grow.
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How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down methods to calculate the market size.
Drivers & Restraints-
Increasing Probability of High Production to Aid Growth
Nowadays, the agriculture industry is experiencing high demand for harvesters because of their multiple beneficial properties. They can surge the speed of the entire harvesting process. Hence, the field can be used for the next crop within a very short period. The rising probability of high production is anticipated to propel the harvesters market growth in the near future. At the same time, governments of numerous countries are taking initiatives to increase and support the adoption of unique agriculture machines. However, in major agri-based countries, such as India, fragmented and small landholding may hamper growth.
Rising Crop Yield to Augment Growth in Asia Pacific
Geographically, Asia Pacific is expected to hold a significant harvesters market share throughout the forthcoming years. This growth is attributable to the increasing adoption of technologically advanced agriculture equipment. The Government of India, for instance, declared the subsidiary on the purchase of novel agriculture machines. Additionally, the rising export activities of various crops, as well as the increasing crop yield in this region, would drive growth.
On the other hand, North America is likely to grow considerably stoked by the easy availability of state-of-the-art agriculture machinery in the region. At the same time, the rising research and development activities by key companies to develop new equipment would accelerate growth.
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Key Players Focus on Acquisitions and New Product Launches to Intensify Competition
The market is highly fragmented with the presence of several reputed manufacturers. Most of them are striving to gain a competitive edge by unveiling innovative products in the market. Some of the others are focusing on acquiring local firms to co-develop and sell their products. Below are the two latest industry developments:
- December 2023: Mahindra & Mahindra Ltd. subscribed to around 1,050 equity shares of Sampo Rosenlew. The latter is set to develop a wide range of new combine harvesters for specialty crops and emerging markets. This strategy will help both companies expand the combine & specialty harvester business in Africa, Eurasia, Latin America, and Asia.
- November 2023: Dewulf introduced Enduro, its latest 4-row self-propelled sieving harvester. It is meant for agricultural contractors and growers that harvest potatoes. It blends new technologies with existing mechanisms. It is also easy-to-use and excels in product-friendliness.
A list of all the renowned harvester manufacturers operating in the global market:
- John Deere & Company
- Tractors and Farm Equipment (TAFE) Ltd.
- Kubota Agricultural Machinery India Pvt. Ltd.
- AGCO Corporation
- Mahindra & Mahindra Limited
- Precision Planting
- Harvest Automation
- Indo Farm Equipment Ltd.
- CNH Industrial N.V.
- Other prominent key players
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