(MENAFN- GlobeNewsWire - Nasdaq) Riding a wave of technological innovation and labor shortages, the global combine harvester market is booming. Major companies lead this expansion, especially in Asia where mechanization is accelerating, despite challenges like high costs and market volatility.New Delhi, Nov. 11, 2024 (GLOBE NEWSWIRE) -- The global Combine harvester market is experiencing substantial growth, with its value reaching approximately US$ 49.35 billion in 2023 and is poised to surpass valuation of US$ 69.61 billion by 2032 at a CAGR of 3.9% during the forecast period 2024–2032.
The market volume has expanded significantly, with over 257,000 units sold this year alone. Dominating the market are industry leaders such as John Deere and AGCO Corporation, which together supply over 90,000 units annually, solidifying their significant share of the market. The Asia Pacific region stands out as a major contributor, generating revenues of about US$ 22.20 billion in 2023. This surge is propelled by extensive agricultural activities in countries like China and India, where mechanization is becoming increasingly essential due to large-scale farming operations.
Request Sample Copy of this Report:
Several factors are influencing the increasing demand and sales of combine harvester market globally. One notable driver is the labor shortage in the agricultural sector; for instance, the average age of farmers in the United States is over 57 years, leading to a reduced workforce and prompting farmers to adopt mechanized solutions. Technological advancements are also propelling the market forward. Modern combine harvesters equipped with precision farming technologies are enhancing efficiency, with farmers saving an average of US$15 per acre in operational costs. Governments worldwide are supporting agricultural mechanization through subsidies and financial incentives. In India, for example, the government offers subsidies covering up to US$20,000 for farmers purchasing new combine harvesters, making it more accessible for small and medium-scale farmers.
Looking ahead, the combine harvester market is projected to continue its upward trajectory, with forecasts estimating the market value to reach US$70.1 billion by 2032. The demand for large-sized combine harvesters is expected to rise, especially in regions with extensive agricultural lands. East Asia is anticipated to see significant growth, with projections indicating that the market volume there could exceed 150,000 units annually by 2034. However, challenges such as the high initial cost of combine harvesters, which can exceed US$ 500,000 per unit, and the volatility of raw material prices may impact market growth. Despite these challenges, the increasing global population, projected to reach 8.5 billion by 2030, will necessitate higher agricultural output. This demand underscores the crucial role of combine harvesters in boosting efficiency and productivity, leading to an expected annual sale of over 300,000 units globally by 2030.
Key Findings in Combine Harvester Market
| Market Forecast (2032) | US$ 69.61 billion |
| CAGR | 3.9% |
| Largest Region (2023) | Asia Pacific (45.7%) |
| By Type | Self-Propelled (46.5%) |
| By Power | Below 150 HP (38.1%) |
| By Class | Class 3-4 (44.9%) |
| By Mechanism | Hydraulic (57.3%) |
| By Grain Tank Size | 250-350 bu (42.5%) |
| By Crop Type | Wheat (34.9%) |
| Top Drivers | Rising demand for farm mechanization and automation Government subsidies and financial support programs Increasing need for higher agricultural productivity |
| Top Trends | Integration of AI and IoT in combine harvesters Growing preference for self-propelled harvesters with hydraulic mechanisms Shift towards below 150 HP machines in developing regions |
| Top Challenges | High initial investment and maintenance costs Skilled operator shortage and training requirements Field size fragmentation in developing countries |
High Preference for Hydraulic Mechanisms in Combine Harvester Market Control Over 57.3% Market Share
As of 2023, the agricultural machinery industry has witnessed a significant shift toward combine harvesters equipped with hydraulic mechanisms, overtaking the demand for hybrid systems. This trend is driven by the several advantages that hydraulic mechanisms offer, making them the preferred choice among farmers and agricultural enterprises. Hydraulic systems provide superior power density, enabling machines to perform heavy-duty tasks efficiently while maintaining precision in operations such as steering, cutting, and threshing. For instance, major manufacturers have reported that hydraulic combine harvesters can handle an increased workload of up to 15% compared to previous models, enhancing productivity during critical harvest periods.
Additionally, hydraulic mechanisms in the combine harvester market are renowned for their reliability and ease of maintenance. Industry surveys indicate that farmers experience a reduction in downtime by an average of 20 hours per harvesting season due to the robust nature of hydraulic systems. The global sales of hydraulic components for agricultural machinery have reached a record high, with companies like Bosch Rexroth and Danfoss reporting sales figures exceeding $2 billion in this sector alone. The incorporation of advanced hydraulic technologies, such as load-sensing systems, has improved fuel efficiency by approximately 10 liters per operating day, contributing to lower operational costs. Furthermore, the availability of skilled technicians for hydraulic systems has increased, with over 5,000 certified professionals added to the workforce in 2023, ensuring better support and service for end-users. These factors collectively drive the dominance of hydraulic mechanisms in the combine harvester market.
Dominance of Below 150 HP Combine Harvesters in Global Sales
In 2023, combine harvesters with power ratings below 150 horsepower (HP) have emerged as the top-selling category worldwide by accounting for over 38.1% Market Share. This prominence in the combine harvester market is largely attributed to their suitability for small to medium-sized farms, which constitute a significant portion of the global agricultural landscape. For example, data shows that there are over 500 million smallholder farms globally, and these operations benefit from the affordability and practicality of below 150 HP harvesters. The initial investment for these machines is considerably lower, with average prices ranging from $80,000 to $120,000, making them accessible to farmers in developing regions.
These harvesters play a crucial role in enhancing agricultural productivity by mechanizing the harvesting process for crops such as wheat, rice, and barley. The reduced fuel consumption of these machines, averaging around 15 liters per hour, offers cost savings and efficiency compared to larger models. Government initiatives in countries like India and China have supported the adoption of below 150 HP harvesters by providing subsidies totaling over $1 billion combined in 2023, promoting mechanization among small-scale farmers. Additionally, manufacturers in the combine harvester market have reported a 25% increase in production of these models to meet the rising demand. The availability of spare parts and ease of maintenance further contribute to their popularity, with service centers expanding in rural areas-over 1,000 new centers established globally this year. These macro and microeconomic factors underscore the dominance of below 150 HP combine harvesters in the industry.
Class 3-4 (5-8 Kg/s) Combine Harvesters Taking a Center Seat in Market, Continue to Keep Leading by Capturing Over 44.9% Market Share
Combine harvesters classified under Class 3-4, with a capacity of 5 to 8 kilograms per second, currently hold the largest market share, accounting for more than 44.9% of total global sales in 2023. This dominance in the combine harvester market is due to their optimal balance between efficiency, capacity, and cost, making them suitable for a wide range of farming operations. For instance, these machines are capable of harvesting up to 1,200 acres per season, meeting the needs of medium to large-scale farmers. The throughput capacity allows for timely harvesting, reducing crop losses caused by delays or adverse weather conditions.
Several key factors drive the demand for Class 3-4 combine harvesters. Technological advancements have led to improved features such as advanced threshing systems and better grain quality preservation, enhancing overall productivity by up to 18%. The average operational costs for these harvesters are lower compared to larger classes in the combine harvester market, with maintenance expenses averaging around $5,000 annually. Manufacturers have invested over $600 million in research and development for this class, introducing models with enhanced fuel efficiency-consumption reduced by approximately 12% compared to previous versions. The global agricultural machinery market has seen sales of over 10,000 units of Class 3-4 combine harvesters in 2023 alone. Additionally, financing options have become more accessible, with interest rates for equipment loans decreasing by 1% on average, encouraging farmers to invest in these machines. These factors collectively enable Class 3-4 combine harvesters to emerge as the largest class in the market, driven by their ability to meet the practical and economic needs of modern agriculture.
Request For Customization:
Navigating the Competitive Landscape of the Combine Harvester Market: Top 5 Players Hold Over 66% Market Share
The combine harvester market is fiercely competitive, with major players like Deere & Company, Kubota Corporation, Massey Ferguson, LOVOL, and New Holland commanding over 66% of the market. These industry leaders are distinguished by their comprehensive product portfolios and strategic market strategies, enabling them to sustain a robust global presence. The market is segmented by the types of combine harvesters-self-propelled, tractor-pulled, and PTO-powered-each catering to various agricultural requirements. Additionally, the market offers a range of horsepower options, from below 200 HP to above 400 HP, targeting different scales of farming operations.
To maintain a competitive edge in the combine harvester market, these leading companies are heavily investing in technological advancements and energy-efficient solutions. The adoption of digital technologies and precision agriculture practices is a significant trend, enhancing farming efficiency and productivity. Furthermore, the rise of rental and leasing services provides cost-effective and flexible solutions for farmers, driving market growth. Companies are also expanding geographically, particularly in the rapidly growing Asia-Pacific region, which is expected to capture a significant market share by 2025. This expansion is fueled by the increasing mechanization of agriculture and rising food production demands.
In terms of product offerings, the combine harvester market is diverse, with companies providing specialized machines for specific crops like wheat, corn, and rice. Kubota, for instance, is renowned for technologies that bolster rice production, especially in Asia. The market features various combine harvester types, including conventional, rotary, and hybrid models, designed to address different farming needs and terrain conditions. This product diversity allows companies to cater to a broad spectrum of customers, from small-scale farmers to large agricultural enterprises, thereby sustaining their competitive positions in the market.
Global Combine Harvester Market Key Players:
Deere & Company Kubota Corporation Mahindra & Mahindra Limited CLAAS KGaA mbH KS Group YANMAR Co., Ltd. Preet Group SDF S.p.A. Hind Agro Industries Tractors and Farm Equipment Limited Kartar Agro Industries Massey Ferguson LOVOL New Holland Other Prominent Players
Key Segmentation:
By Type
Self-propelled Tractor-pulled Combine PTO-powered Combine
By Mechanism
By Power
Below 150 HP 150-300 HP 300-450 HP 450-550 HP Above 550 HP
By Class
Class 1-2
(0.5-3 Kg/s) Class 3-4
(5-8 Kg/s) Class 5-6
(9-12 Kg/s) Class 7
(12-14 Kg/s)
By Grain Tank Size
< 250 bu 250-350 bu > 350 bu
By Crop Type
By Region
North America Europe Asia Pacific Middle East & Africa (MEA) South America
For more information about this report visit:
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: ...
Website:
LinkedIn | Twitter | YouTube
CONTACT: Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: ...
Website:
MENAFN11112024004107003653ID1108872773