Rising Urban Population Is Expected To Boost Combine Harvesters Market Growth

Combine Harvesters Market

Combine Harvesters Market by Type (Self-propelled, Tractor-pulled Combine, and PTO-powered Combine) and By Regions (Asia Pacific, North America, Eastern Europe, Latin America, Western Europe, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023– 2030

The Global Combine Harvesters Market is estimated to be valued at US$ 5.12 billion in 2023 and is expected to exhibit a CAGR of 3.8 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Combine Harvesters are a compound farm equipment that cuts and winnows crops. They are employed for various numerous kinds of crops consisting oats, wheat, barley, corn, rice, rye and several other non-grain crops such as flax and rapeseed. They are a present generation enhancement over the old technique of cutting and winnowing the crop by hand. This acquired a persistent time and effort and even an overall harvest crew would have to work collectively to get the job done. At present, combine harvesters are so effective that they can be operated daily without stopping.

Competitive Landscape:

Key players involved in the growth of global Combine Harvesters Market are Yanmar Co. Ltd, CLAAS, John Deere, and Kubota Agricultural Machinery.

Market Key Drivers:

Rising urban population and increasing growth of industrialization is expected to augment the growth of the global Combine Harvesters Market. For instance, as per UN Org around 55% of the population across the globe lives in urban regions and is anticipated to reach 68% by the end of 2050.

Increasing agriculture workers and rising demand of agricultural devices is projected to propel the growth of global Combine Harvesters Market. For instance, as per ILO, there are around 1.1 billion agricultural workers out of which 300-500 workers are waged employees.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Combine Harvesters Market due to the strict imposition of lockdown and shutdown. The surge in pandemic has disrupted the movement of people of from one place to another, has led people stay indoor. The restriction of peasants to visit the farms, lack of labor, limited transportation and restriction on supply of goods across has impeded the market growth.

Key Takeaways:

The global Combine Harvesters Market is expected to exhibit a CAGR of 3.8% during the forecast period owing to rising investments for the expansion of the product. For instance, in November 2022, CLAAS spent US$ 48.4 million in making the world’s first modern combined harvester at its Harsewinkel site as segment of the SynPro 2020 project.