Press release
Combines Market Anticipates Substantial Growth, Projected to Reach $34.56 Billion by 2028
Combines Global Market Report 2024
The Combines market has exhibited robust growth, ascending from $25.98 billion in 2023 to an anticipated $27.8 billion in 2024, reflecting a commendable Compound Annual Growth Rate (CAGR) of 7.0%. Forecasts indicate a sustained growth trajectory, with the market set to reach $34.56 billion by 2028, driven by a steady CAGR of 5.6%.
Driving Forces:
Transition From Manual Farming to Mechanization:
The market's robust growth is attributed to the transition from manual farming practices to the mechanization of farms. Combines, as integral farm machinery, facilitate the cutting and threshing of grains, significantly reducing manual labor. The global shift towards mechanized processes, observed in developed countries, has resulted in increased efficiency and cost-effectiveness. Notably, tractor power availability is expected to rise from 0.0588 kW/ha in 2020 to a projected 0.0752 kW/ha in 2025, with mechanized processes proving up to 53.8% more cost-effective than manual methods.
Increasing Demand for Crop Production:
The growing global demand for crop production is a pivotal factor propelling the Combines market. Combines play a crucial role in modern agriculture, efficiently harvesting and processing crops to meet the rising demand for food. According to the Food and Agriculture Organization (FAO), global production of primary crop commodities reached 9.5 billion metric tons in 2021, indicating a 2% increase from the previous year. This surge in crop production is identified as a key driver fueling the Combines market.
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Key Market Players:
Major companies influencing the Combines market include Deere & Company, Kubota Corporation, AGCO Corporation, Claas KGaA GmbH, Yanmar America Corporation, Tractors and Farm Equipment Limited (TAFE), CNH Industrial N.V., ISEKI & Co. Ltd., Versatile, SAME DEUTZ-FAHR (SDF), and others.
Technological Advancements in Combine Harvesters:
The market is witnessing a notable trend in technological advancements, particularly the integration of telematics in agricultural equipment. Telematics systems retrieve and record work data, tracks, and yields data from connected combine harvesters, enhancing real-time monitoring and optimization of work processes. CLAAS, for instance, offers telematics that contributes to yield mapping, real-time monitoring, and enhanced machine efficiency.
Focus on Self-Propelled Combine Harvesters:
Major players in the Combines market are directing their efforts towards innovative products like self-propelled combine harvesters. These specialized agricultural machines integrate multiple functions for harvesting crops, featuring autonomous movement through fields, a built-in engine, and propulsion system. Swaraj Tractors, an Indian company, launched the Gen2 8100 EX Self-Propelled Combine Harvester, exemplifying advancements with features such as 101 HP power output, reduced grain loss, and a large grain tank with a capacity of 2140 liters.
Regional Landscape and Market Segmentation:
In 2023, Asia-Pacific claimed the largest share in the Combines market, with North America as the second-largest region.
The combines market covered in this report is segmented -
1) By Product Type: Self-Propelled, Tractor-Pulled, PTO Powered
2) By Type Of Movement: Crawler Type, Wheel Type
3) By Power: Below 150 HP, 150-300 HP, 300-450 HP, 450-550 HP, Above 550 HP
Access the Complete Report for In-Depth Analysis:
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Combines Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Combines Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on combines market size, combines market drivers and trends, combines market major players, competitors' revenues, combines market positioning, and combines market growth across geographies. The combines market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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