Selbyville, Delaware, Aug. 29, 2022 (GLOBE NEWSWIRE) --
The harvester market is anticipated to cross USD 55 billion by 2030, according to the latest research study by Global Market Insights Inc. Introduction of advanced technologies in the agriculture sector has provided several benefits for farmers.
The concept of digital agriculture will gain significant momentum in large agro-based countries, such as India and China, to cater to rapidly increasing food consumption. Supportive government initiatives have also pushed the sales of high-tech farming equipment. For instance, in India, the government offers up to 40% subsidy to eligible farmers for the purchase of combine harvester. Further, developed regions across the Europe and North America are among the prominent markets for advanced harvesters, with high labor cost and shortage of farm workers observed in most areas.
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Farm owners are realizing the potential of IoT technology and finding ways to minimize operational costs, while achieving favorable results with the help of modern equipment. IoT service providers are developing platforms that can process, communicate, and sense precisely measured environmental data to help farmers improve their performance. Many companies have already started developing digital solutions for harvesters.
Growing fast-food consumption expands potato harvester demand
Based on type, the report estimates that the global potato harvester industry share will record more than 10.5% CAGR during 2022-2030. There is a shifting focus towards modern farming methods to boost potato product, with a significant demand for the crop in the food processing sector. Developing regions have witnessed a considerable increase in consumption of fast food. Potato harvesters deliver increased productivity and high threshing quality under harsh conditions.
Mounted silage harvesters find robust use around small farmlands
Mounted silage harvester segment will witness more than 5% growth through 2030. These types of harvesters offer key advantages, such as low cost and suitable for small agricultural lands. Small and medium sized can be used for mounting the silage harvesters, allowing more farmers to adopt the equipment.
Asia Pacific to foster consistent industry expansion
The Asia Pacific harvester market value surpassed USD 9.5 billion in 2021. Farming methods throughout the region are experiencing large-scale digitization, especially in countries such as India, China, Japan, South Korea, Thailand, and Vietnam. It has offered numerous opportunities for manufacturers to expand their presence in untapped markets. The Make in China initiative, for example, is encouraging the domestic production of imported products, supporting the country’s cultivation activities.
A few of the prominent companies in global harvester market include AGCO Corporation, CNH Industrial NV, Deere & Company, Dep Agro Machineries Private Limited, Divima SRL, Energreen S.R.L., Frans Vervaet B.V., GREENTEC SE, Holmer Maschinenbau GmbhImac S.r.l., KHL Group, New Holland Agriculture, SAME Deutz-Fahr Group S.p.A, Sicma Srl, Vassalli Fabril, Yanmar Co., Ltd., and Zoomlion Group, among others.
These firms are introducing technological innovations in harvesters, which will help them fortify their market presence. For instance, in February 2022, CNH Industrial announced the formation of its strategic investment arm, CNH Industrial Ventures. This investment branch will focus on areas such as alternative propulsion, autonomy, robotics, and other key disruptive technologies, to reinforce its reputation as a leader in innovation in the agriculture & construction industries.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Harvester industry 3600 synopsis, 2018 - 2030
2.2 Business trends
2.2.1 TAM trends, 2022 - 2030
2.3 Regional trends
2.4 Type trends
2.5 Sales channel trends
Chapter 3 Harvester Industry Insights
3.1 Introduction
3.2 Impact of the COVID-19 outbreak
3.3 Russia-Ukraine war impact
3.4 Industry Ecosystem
3.5 Technology and innovation landscape
3.6 Patent landscape
3.7 Investment portfolio
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing focus on precision farming for quality harvest
3.9.1.3 Adoption of mechanized harvesters in North America
3.9.1.4 Increasing demand for intelligent harvester machines across Europe
3.9.1.5 Focus on maximizing RoI from agriculture in Asian countries
3.9.1.6 Supportive government initiatives to increase the adoption of modern harvesters in India & China
3.9.1.7 Rising sustainable farming practices in Latin America & the MEA
3.9.2 Industry pitfalls and challenges
3.9.2.1 High machine cost
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/harvester-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
