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.
New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Harvesting Equipment Market - A Global and Regional Analysis: Focus on Harvesting Equipment Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2022-2027" - https://www.reportlinker.com/p06311959/?utm_source=GNW
Market Lifecycle Stage
The harvesting equipment market is in the development phase. Increased research and development activities are underway to develop harvesting robots and electrification harvesting equipment, which is expected to increase the demand for harvesting equipment in farming practices.
Increasing investments in the R&D of harvesting equipment is one of the major opportunities in the global harvesting equipment market. Moreover, the functions of harvesting equipment such as harvesting, threshing, separating, cleaning, and collecting grain while moving through the standing crops are attracting farmers, animal feed producers, and the dairy industry.
• An increasing mechanized farming and acute labor shortage create the market opportunity for harvesting equipment manufacturers. As harvesting equipment saves the cost and time in farming practices and enhances the grain quality, the farmers are adopting harvesting equipment in their farming practices. Also, North America and Europe are adopting the agriculture 4.0 revolution trend and increasing precision farming practices. This creates better opportunities in North America and Europe markets.
• Additionally, harvesting equipment is used in various end-use industries, including animal feed and dairy. The growing demand for meat and dairy products will furthermore drive the harvesting equipment market during the forecast period 2022-2027.
Impact of COVID-19
COVID-19 pandemic directly impacted the manufacturing and transportation activities of the harvesting equipment market.Due to the pandemic, the supply chain of the harvesting equipment market was disturbed at the global level.
Various governments closed their international trades and production units.Due to this, the harvesting equipment market were hampered more at the global level.
In mid-2021, manufacturing and transportation activities of the harvesting equipment started gradually, and international trades started efficiently. Therefore, the production and consumption of harvesting equipment products are expected to increase post-COVID-19 pandemic.
Segmentation 1: by Application
The global harvesting equipment market (by application) is dominated by the agriculture segment.
Segmentation 2: by Product
• Combine Harvester
• Forage Harvester
• Sugarcane Harvester
The global harvesting equipment market (by product) is dominated by the combine harvester segment. This is due to a wide variety of combine harvesters that can be manufactured, resulting in its higher adoption and usage in various crop types, including wheat, barley, maize, oats, rice, rye, sorghum, as well as numerous non-grain crops, including flax, rapeseed, soybeans, and sunflower globally.
Segmentation 3: by Region
• North America - U.S., Canada, and Mexico
• Europe - Germany, France, Italy, Spain, and Rest-of-Europe
• Asia-Pacific and Japan - Japan, India, Australia and New Zealand, and Rest-of-Asia-Pacific and Japan
• South America - Brazil, Argentina, and Rest-of-South America
• Rest-of-the-World - Middle East and Africa
During 2022-2027, the Asia-Pacific and Japan region is projected to display the fastest market growth of over 7.07%. The region presents immense scope for market development, owing to changing farming practices, acute harvesting labor shortage, rising awareness of mechanized farming, and growing market penetration of favorable investments by the government.
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 May 2021, CNH Industrial N.V. modernized its Case IH Axial-Flow 150 series combine harvesters with power, productivity, and ease of operations. Due to this upgradation, the company would target the mechanized and precision farming segment for further business expansion.
• In August 2021, Deere & Company launched two new cotton harvesters, namely, the CP770 Cotton Picker and CS770 Stripper. Due to this, the company strongly entered in cotton harvester segment globally.
• 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.
Demand – Drivers and Limitations
Following are the demand drivers for the harvesting equipment market:
• Growing Demand for Maize Crop Product
• Rising Demand for Harvesters in Precision Farming
• Surging Harvester Use in Forage Industry
The market is expected to face some limitations too due to the following challenges:
• High Initial Investment
• Lack of Technical Knowledge in Developing Countries
• Limited Availability of After-Sales Services
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of harvesting equipment available for deployment in the various crop types, including wheat, maize, rice, rye, sorghum, and forage crops globally.Moreover, the study provides the reader with a detailed understanding of the different harvesting equipment by application (agriculture and fodder) and by product (combine harvester, forage harvester, sugarcane harvester, and others).
Harvesting equipment-based finished products generate higher revenues when compared to the operational and raw material costs. Therefore, the harvesting equipment business is a high revenue-generating business.
Growth/Marketing Strategy: The global harvesting equipment market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint ventures.The favored strategy for the companies has been new product launches, expansions, acquisitions and joint ventures, and partnerships to strengthen their position in the harvesting equipment market.
For instance, in September 2021, Mahindra & Mahindra Ltd. launched Swaraj Pro Combine 7060 harvester in Telangana, India. This harvester is used for paddy crop type. Due to this new product launch, the company is targeting paddy growers and is enhancing its market share in the India harvest equipment market.
Competitive Strategy: Key players in the global harvesting equipment market are analyzed and profiled in the study.Moreover, a detailed competitive benchmarking of the players operating in the global harvesting equipment market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
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.
Some of the prominent names established in this market are:
Company Type 1: Public Companies
• AGCO Corporation
• CNH Industrial N.V.
• Deere & Company
• KUBOTA Corporation
• KUHN SAS
• Mahindra & Mahindra Ltd.
• Tractor and Farm Equipment Limited
• YTO Group
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
Company Type 2: Private Companies
• Bernard Krone Holding SE & Co. KG
• CLAAS KGaA mbH
• Sonalika Group
• Weichai Lovol Heavy Industry Co., Ltd
• Yanmar Co Ltd
Company Type 3: Startup Companies
• Muddy Machines Ltd
• Ripe Robotics
• Inaho Inc.
• Four Growers
• Tevel Aerobotics Technologies Ltd
• North America
• South America
• Rest-of-South America
• Asia-Pacific and Japan
• Australia and New Zealand
• Rest-of-Asia-Pacific and Japan
• Middle East
Read the full report: https://www.reportlinker.com/p06311959/?utm_source=GNW
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