Harvesting Equipment Market Size 2022-2027 | BIS Research

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Agricultural efficiency across the globe has been significantly increasing over the last two decades. With the exponential growth of the global population, the subsequent increase in global food demand has been witnessed. Traditional farming practices are time-consuming and dependent on manual power. To minimize the time and cost structure of traditional farming practices, recently, farmers have been adopting innovative farming practices globally. The key developed countries, including the U.S., the U.K., Japan, Germany, and France, are adopting mechanized and precision farming practices in the agricultural sector. In developing countries, the improvement in quality of living due to high-income levels and the demand for fresh farm produce and animal protein is bolstering the demand for crop production. The finite presence of natural resources, such as arable land and fresh water, along with falling farm yield trends in many crop categories, have encouraged the growers and agricultural companies to introduce innovative and advanced agriculture equipment to boost farm profitability.

The harvesting equipment market is expected to grow from $22.42 billion in the year 2021 to $30.11 billion by 2027, at a CAGR of 5.08% from 2022 to 2027. The growth in the global harvesting equipment market is expected to be driven by increasing demand for harvesting equipment in precision farming and the growing need to limit grain and cereals waste.

Analyst's Take on the Market:

According to Rakhi Tanwar, Principal Analyst, BIS Research, "Harvesting equipment has huge potential in the near future, as it is used by farmers, animal feed producers, and dairy farmers. Through a better adoption of such agriculture equipment in precision farming, the consumers' demand for harvesting equipment will increase during 2022-2027."

Recent Developments in Global Harvesting Equipment Market

• In March 2022, Deere Company updated its S-Series combine harvesters as per consumer demand. Due to this, the company creates awareness among the farmers and drives sales growth globally.
• In May 2021, Mahindra Mahindra Ltd. established a new production plant for farm equipment in Pithampur, India. This plant produces rice transplanters, potato planters, and harvesters. The company has a strong presence in Asian markets. Due to this investment, the company would increase its harvester production in the Asian market.
• 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.

This exclusive report on the harvesting equipment market will help in the following ways:

• Extensive competitive benchmarking of the top 15 players in agriculture equipment segment
• Market sizing for volume and value market
• Investment landscape including product adoption scenario, funding, and patent analysis

Who Should Buy This Report?

The companies that manufacture and commercialize harvesting equipment, as well as tractor manufacturers, animal feed producers, dairy farms, forage producers, silage manufacturers, research institutions, and agricultural regulatory bodies.

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Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

As of 2021, the top segment players leading the market include harvesting equipment public companies that capture around 60% of the presence in the market. Private players in harvesting equipment industries account for approximately 40% of the presence in the market.