Harvester Market Size, Share, Growth, and Industry Growth by Type (Walking Type and Suspension Type), By Application (Wheat, Rice, Barley, Hemp, Beans, and Others) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global harvester market size is expected to be USD 29.000 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with harvester experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 36.020 billion by 2028, exhibiting a CAGR of 3.7% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Harvesting is a process in agriculture and farming industry. The process is to remove gains out of the crops in the field. Harvesters in agriculture are utilized for harvesting different crops. The process is performed for harvesting crops in a single process and resulting higher output in lesser time. This equipment helps to reduce human effort. Also, advanced technologies in agriculture such as electric fleet telematics and electric harvester helps to collect data from the equipment.

Growing focus on precision farming for quality harvest is expected to increase market growth. Rising adoption of advanced technology in agriculture is projected to drive market growth. Increasing government investments in the agriculture is prompting market growth. Increasing awareness regarding efficient work and fast harvesting is predicted to increase market growth during the forecast period. Growing adoption of modern agriculture machines such as fleet telematics and electric harvester is projected to boost market growth in coming years. Growing demand for multi crop cultivation is projected to accelerate product adoption.

COVID 19 Impact: Closure of Manufacturing Units to Reduce Market Growth

The Covid-19 pandemic impacted the growth of the harvester market. The market witnessed lack of production due to closure of manufacturing units globally. During pandemic massive migration from urban to rural areas reduced the demand for the machinery. Lack of investments in development in agriculture sector reduced market growth. Further, decline in import and export activities of the product hampered market growth. High fluctuations of prices regarding crops and harvesting process drastically impacted harvester market growth.

On the contrary, market witnessed positive growth due to high demand for the machinery in the agriculture sector. High innovation of the product is expected to increase market growth.

LATEST TRENDS

"Rising Adoption of Advanced Technologies in Agriculture to Foster Market Growth"

Increasing adoption of advanced technologies in the agriculture industry is expected to boost market growth.  Growing robotic technology in agriculture is predicted to fuel market growth. Increasing number of research and development facilities in farming sector is projected to drive market growth during the forecast period. Also, adoption of advanced agriculture machinery is predicted to increase market growth. Growing education levels and smart work techniques for farmers is estimated to fuel market growth.  In addition, increasing modernization in the harvester techniques to create new opportunities in the harvester market growth.

SEGMENTATION

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• By Type

Based on type, the market is divided into walking type, and suspension type.

Waling type is the leading part of the type segment.

• By Application

On the basis of application, the market is classified into wheat, rice, barley, hemp, beans, and others.

Wheat is the leading part of the market application.

DRIVING FACTORS

"Increasing Government Investments to Favor Market Expansion "

Rising government investments in the agriculture field is expected to fuel market growth. Increasing government initiatives to adopt advanced technologies in the farming industry is estimated to fuel market growth. Rising awareness regarding better technology is projected to accelerate market growth. Increasing adoption of mechanization and automation is predicted to increase product adoption in the coming years. Growing demand for crops from living creatures for survival is estimated to fuel market growth during the forecast period. Also, farmers are adopting the equipment for time saving, long run, and reduce post-harvest losses. Such benefits are predicted to accelerate harvester market growth.

"Rising Rate to Reduce Human Efforts to Boost Market Growth "

Modern agriculture equipment’s in farming sectors helps to reduce human effort. Harvesting requires hard work and it is the most crucial step. Traditionally, farmers used to harvest crop which is very tiring and requires huge time.  Growing advanced technology in agriculture industry helps famers to reduce human effort. Also, this process requires less time than traditional method. Growing demand for crops in estimated to accelerate market growth. Increasing population globally is projected to drive market growth during the forecast period. In addition, uncertainty of climate and natural disasters are estimated to accelerate market growth.

RESTRAINING FACTORS

"High Price of Product to Restrict Market Growth "

High costs associated with the product is estimated to hamper market growth during the forecast period. Growing maintenance costs is estimated to hinder product adoption. Also, lack of awareness of the product is projected to decline market growth. Lack of skilled farmer is estimated to restrict harvester market growth.

REGIONAL INSIGHTS

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"Increasing Government Initiatives in Asia Pacific to Boost Market Growth "

Asia Pacific is expected to hold significant harvester market share due to increasing government initiatives. Growing adoption of modern agriculture equipment is projected to drive market growth. Also, growing export potential of various crops in the region is predicted to fuel market growth. Rising crop yield is estimated to propel product adoption. Increasing population and growing demand for crops is projected to escalate market growth in the coming years.

North America is predicted to show considerable market growth due high adoption rate of advanced agriculture machinery. Presence of market players in the region is estimated to fuel market growth. Growing well-established agriculture sector is projected to drive market growth. Increasing government support and rising research and development activities is estimated to fuel market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Lunch Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled               

• AGCO Corp. (U.S.)
• Bernard Krone (Germany)
• CLAAS (Germany)
• CNH Industrial (U.K.)
• Deere & Co. (U.S.)
• Kubota (Japan)
• Dewulf (Netherlands)
• Foton Lovol International Heavy Industry (China)
• Lely Group (U.S.)
• Ploeger Agro (France)

INDUSTRY DEVEOPMENT

September 2019 – John Deera & Company announced new lunch of S-series combine harvesters. The new product includes features for improving the automation process and effective crop management system.

REPORT COVERAGE

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