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Combine Harvester Market Size, Trends And Report To 2024-2033
Combine Harvester Market Size
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According to The Business Research Company's, The combine harvester market size has grown steadily in recent years. It will grow from $50.67 billion in 2023 to $52.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to mechanization in agriculture, increasing farm sizes, labor shortages, government support and subsidies, global population growth, crop diversification.
The combine harvester market size is expected to see steady growth in the next few years. It will grow to $62.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to rising demand for food production, smart farming practices, focus on sustainability, global expansion of precision farming, farm consolidation and agribusiness. Major trends in the forecast period include precision agriculture technologies, technological advancements, climate-resilient harvesting technologies, energy-efficient harvesting, predictive maintenance solutions.
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Market Drivers and Trends:
The increasing demand for agricultural production is expected to propel the growth of the combine harvester market going forward. Agricultural production encompasses the cultivation of crops and the rearing of animals to yield food, fiber, and various other products. It involves various activities such as soil cultivation, planting, harvesting, livestock breeding, and managing farm resources. A combine harvester is an important piece of equipment in agricultural production, especially in large-scale farming operations as it offers many advantages that make farming easier, faster, and more efficient. For instance, in October 2022, according to the UK statistics authority, a UK-based government administration, in 2021, wheat harvesting increased by 45% and sugar beet production increased by 26% when compared with the previous year. Therefore, the increasing demand for agricultural production is driving the growth of the combine harvester market going forward.
Technological advancements are a key trend gaining popularity in the combine harvester market. Companies operating in the combine harvester market are adopting new technologies to sustain their position in the market. For instance, in June 2022, Deere & Company, a US-based machinery manufacturing company launched a high-capacity X-series combine harvesters (X9 1000 and X9 1100). Precision Ag technologies that are built into X Series Combines are available, collecting crucial machines and yield data while assisting in better harvesting outcomes. These highly advanced devices automatically adapt to changing conditions to maximize grain harvesting while minimizing grain loss or grain quality. The X9 1100 can harvest up to 7,200 bushels of high-yielding corn and up to 30 acres of hardy, high-yielding wheat each hour.
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Major Key Players of the Market:
Deere & Company, CNH Industrial NV, Kubota Corporation, New Holland Agriculture, Mahindra & Mahindra Ltd., Yanmar Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Claas KGaA GmbH, Lovol Heavy Industry Co. Ltd., Sonalika International Tractors Limited, Iseki & Co. Ltd., Same Deutz-Fahr S.p.A, Kuhn SA, Tractors and Farm Equipment Limited (TAFE), Sampo Rosenlew Ltd., Malkit Agrotech Private Limited, Dewulf Group, Zhengzhou Amisy Machinery Co. Ltd., Hind Agro Industries, KS Group, Buhler Versatile Incorporated, Kartar Agro Industries Private Limited, OAO Rostselmash, Massey Ferguson Limited, Preet Agro Industries Pvt Ltd., Jiangsu World Agriculture Machinery Co. Ltd., Gomselmash Oao, Mitsubishi Agricultural Machinery Co. Ltd., Agrinar SA, Wuhan Wubota Machinery Co. Ltd.
Combine Harvester Market 2024 Key Insights:
• The combine harvester market size is expected to see steady growth in the next few years. It will grow to $62.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Surge In Combine Harvester Demand Amidst Growing Agricultural Production
• Technological Advancements Transforming The Combine Harvester Market
• North America was the largest region in the combine harvester market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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