Persistence Market Research (PMR) delivers key insights on the global Combine Harvester market in its new report titled ‘Combine Harvester Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026.’ The long-term outlook on the global Combine Harvester market will remain positive with the Combine Harvester market value expected to increase at a CAGR of 3.8% during the forecast period. According to sources, the self-propelled segment is expected to register healthy growth during the forecast period, primarily due to growing adoption of large-sized combine harvesters.
Sales of Combine Harvesters in the global market is estimated to reach US$ 9,447.1 Mn by the end of 2018, witnessing a Y-o-Y growth of 3.6% over 2017. In terms of volume, China is expected to account for nearly one half of the total share in the global Combine Harvester market by the end of 2018 and is expected to retain its position in the Combine Harvester market during the forecast period.
Global Combine Harvester Market: Dynamics
The demand for agricultural equipment is expected to witness significant growth due to shift of agricultural activities from animal or manually operated to professional work. Factors, such as government initiatives, rising urbanization rate and demand for saving time, are responsible for the shifting focus of farmers towards mechanization and investment power. Increasing demand for agriculture equipment is anticipated to fuel the demand for combine harvesters, subsequently contributing to the global combine harvester market.
Several schemes by governments provide extensive support to farmers for the purchase of agricultural equipment and are thus promoting agri-business entrepreneurship by helping poor farmers in purchasing costlier machines. This, in turn, is anticipated to boost the sales of combine harvesters during the forecast period.
High interest rates in certain countries, such as in Brazil, might restrain farmers’ capacity to purchase agricultural equipment. Products sold/imported in the EU countries must comply with the extensive EU regulatory regimes. The products must comply with EU regulations, such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals), WEE (Waste Electrical and Electronic Equipment Directive) and RoHS (the Restriction of Hazardous Substances Directive). This, in turn, is estimated to restrain the growth of global combine harvester market during the forecast period.
High dependency on rain for irrigation and low replacement of equipment ARE also estimated to be key factors restraining the growth of combine harvester market during the forecast period.
Global Combine Harvester Market: Forecast
The Combine Harvester market insights suggest that the self-propelled segment will continue to dominate the Combine Harvester market during the forecast period.
On the basis of cutting width, the market varies from region to region. The demand for small sized combine harvesters is significantly higher in countries like China and India whereas the demand for large sized combine harvester is higher in regions including North America and Europe.
The Latin America Combine Harvester market is found to be a high value region and is further expected to dominate in terms of sales over the forecast period. However, Southeast Asia & Pacific is expected to grow at above average growth rate in the global Combine Harvester market over the forecast period.
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Global Combine Harvester Market: Competitive Landscape
Some of the market participants included in the report on Combine Harvesters are Tractors and Farm Equipment Limited, Preet Group, Kartar Agro Industries Private Limited, Agco Corporation, Mahindra & Mahindra Ltd (M&M Ltd.), Claas Kgaa Mbh, Deere & Company, Sdf S.P.A. And Iseki & Co.,Ltd and others.
Prominent manufacturers involved in the global Combine Harvester market are focusing on collaboration activities with the local players to gain market share across the globe. Further, key manufacturers are introducing application specific Combine Harvesters to serve their wide customer base.