According to a market research report by PMR, the global combine harvester market is expected to reach $12.14 billion by 2027, growing at a CAGR of 4.9% during the forecast period from 2023 to 2027.
The combine harvester market has seen steady growth in recent years, driven by increasing demand for food and biofuels, as well as advancements in technology that have made these machines more efficient and cost-effective.
One of the major factors driving the market growth is the increasing demand for food due to the growing global population. Combine harvesters are used for harvesting crops such as wheat, rice, and corn, which are staple foods for a large portion of the world's population.
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Another factor contributing to market growth is the increasing demand for biofuels. Combine harvesters are used for harvesting crops such as soybeans and sugarcane, which are used for the production of biofuels.
In addition, advancements in technology have led to the development of more efficient and cost-effective combine harvesters. For example, new models feature advanced sensors and precision farming technology, which can help farmers to optimize their harvests and reduce costs.
The market is segmented by type, application, and geography. Based on type, the market is segmented into self-propelled combine harvesters and tractor-drawn combine harvesters. Self-propelled combine harvesters are expected to grow at the highest CAGR during the forecast period. Based on application, the market is segmented into grains and cereals, oilseeds, and other crops. Grains and cereals segment is expected to dominate the market during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and Africa. Asia-Pacific is expected to dominate the market during the forecast period due to the increasing demand for food and biofuels in the region, especially in countries like China and India.
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Key Companies-
- Deere & Company
- Kubota Corporation
- Mahindra & Mahindra Limited
- CLAAS KGaA mbH
- KS Group
- YANMAR Co., Ltd.
- Preet Group
- SDF S.p.A.
- Hind Agro Industries
- Tractors and Farm Equipment Limited
- Kartar Agro Industries Private Limited
- Iseki & Co., Ltd.
- Sampo Rosenlew Ltd.
- Others.
In conclusion, the combine harvester market is expected to grow at a steady pace in the forecast period due to increasing demand for food and biofuels, and advancements in technology. The market is expected to be dominated by the Asia-Pacific region.
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