Market Growth Due to Increasing Technologically Advanced Farming Practices & Government Subsidies for Agricultural Equipment

Market Overview:
Combine harvesters, also known as combines, are machinery used to harvest grain crops. They are self-propelled machines that can both harvest and thresh crops such as wheat, oats, rice, corn, and soybeans. Combine harvesters cut crops, thresh them to separate the grain from straw/stalks, and clean and store the grain in its grain tank all in a single pass through the field. They play a crucial role in large-scale agriculture.

Market Dynamics:
The combine harvesters market is driven by increasing adoption of technologically advanced farming practices by farmers to improve crop yields. Modern combines come equipped with features such as GPS navigation, automated steering, and yield monitoring sensors which help increase efficiency and reduce crop losses during harvest. Government subsidies and favorable financing policies for the purchase of agricultural machinery in countries such as India and China are also fueling sales of combines. Additionally, rising global demand for food grains owing to the steadily growing world population is prompting growers to use high-performance harvesting equipment to meet production targets, thereby supporting market growth over the forecast period.
Segment Analysis
The combine harvesters market is segmented based on engine power as below 150 HP, 150-300 HP, 300-450 HP, 450-550 HP, and above 550 HP. The 150-300 HP segment dominates the market and accounted for around 40% share in 2021. This segment is popular among small and medium-scale farmers due to affordability and suitability for their landholding and crop size.

PEST Analysis
Political: The governments in various countries provide subsidies and financial support for farm mechanization, which is driving the demand for combine harvesters.
Economic: Rising farm incomes and higher procurement prices for crops are encouraging farmers to upgrade their farm equipment. This is positively impacting the combine harvesters market.
Social: Shortage of farm labor is compelling farmers to rely on mechanized solutions for harvesting. This is boosting demand for combine harvesters.
Technological: Combine harvesters manufacturers are focusing on automation, precision farming technologies, and superior threshing/sieving systems to improve efficiency and productivity.

Key Takeaways
The Global Combine Harvesters Market Demand  is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing technological advancements and shortage of farm labor.

The North America region dominates the market followed by Europe. Stringent environment regulations regarding farm emissions in Europe and the US are pushing manufacturers to develop advanced harvesting equipment with eco-friendly technologies.

Key players operating in the combine harvesters market are Tractors and Farm Equipment Limited (TAFE), Claas KGaA mbH, Mahindra & Mahindra Ltd, Kubota Agricultural Machinery, Deere & Company, Yanmar Co. Ltd, Massey Ferguson (AGCO Corporation), Iseki & Co. Ltd, CNH Industries Nv, SDF, Renault Sonalika International, and PREET GROUP. TAFE and Claas KGaA mbH account for around 25% share due to their diversified product portfolio and strong distribution network across major markets globally.

Read More:

https://www.newsanalyticspro.com/combine-harvesters-market-demand-forecast-and-trends/

3 thoughts on “Market Growth Due to Increasing Technologically Advanced Farming Practices & Government Subsidies for Agricultural Equipment”

Leave a Comment