by The global Combine Harvesters Market is estimated to be valued at US$ 4558.17 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Combine harvesters, also known as combines, are agricultural machines that harvest grain crops. They efficiently cut, thresh, separate and clean grain for storage. The key crops harvested using combine harvesters include wheat, corn, rice, barley and oats. They help produce food crops more efficiently on a large scale, minimizing manual labor requirements. Farmers prefer combine harvesters as they offer higher productivity and reduce the time taken for harvest operations compared to manual methods.
Market key trends:
One of the major trends in the combine harvesters market is the growing adoption of automation technologies. Agricultural automation helps improve efficiency, reduce labor costs and minimize crop damage. Advanced combine harvesters now come equipped with sensors, GPS systems and precision controls. These automated features allow precision steering and sectional control for balanced cleaning as per crop density. They also have auto-guide systems that enable automatic row recognition and straight line harvesting. This reduces operator stress and vastly improves productivity. The automated features in combine harvesters are expected to drive their demand over the forecast period.
Porter’s Analysis
Threat of new entrants: The combine harvester market has moderate threat of new entrants due to high initial investment required for machinery and R&D. Existing players have established brand name and distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated product offerings. However, customized solutions increase switching costs.
Bargaining power of suppliers: Major suppliers of components have low to moderate power due to availability of substitute components and focus on long-term agreements and vendor managed inventory.
Threat of new substitutes: Threat of substitutes is low as combine harvesters provide unique harvesting solution. However, precision farming equipment are potential substitutes.
Competitive rivalry: The market has high competitive rivalry among major players due to established brands, regional presence and focus on new technologies and customized solutions.
Key Takeaways
The Global Combine Harvesters Market Demand is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing mechanization in agriculture and rising farm productivity.
The Asia Pacific region dominates the global market with over 50% market share due to large agricultural land, favorable government policies and growing population in countries including India and China. Europe is the second largest market for combine harvesters owing to widespread adoption of advanced farming equipment.
North America is expected to register growth at a CAGR of 2.5% during 2023-2030 on account of shifting focus towards large scale farming in US and Canada.
Key players operating in the combine harvesters are Tractors and Farm Equipment Limited (TAFE), Claas KGaA mbH, Mahindra & Mahindra Ltd, Kubota Agricultural Machinery, Deere & Company, Yanmar Co. Ltd, Massey Ferguson (AGCO Corporation), Iseki & Co. Ltd, CNH Industries Nv, SDF, Renault Sonalika International, and PREET GROUP. Key players focus on new technologies, automation and precision farming solutions to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
