Harvesting Equipment Market Size, Share, Trends, Growth and Forecast 2032

Harvesting Equipment Industry Prospective:

The global harvesting equipment market size was evaluated at $24.87 billion in 2023 and is slated to hit $42.55 billion by the end of 2032 with a CAGR of nearly 6.15% between 2024 and 2032.

Request Free Sample

Harvesting Equipment Market: Overview

Harvesting equipment is referred to as various kinds of tools & equipment that are utilized for gathering crops from various farming fields. These products are projected to increase the proficiency of harvesting operations, thereby minimizing manual labor along enhancing output. Reportedly, harvesting device encompasses forage harvesters and various specialized equipment for garnering various kinds of crops.

Key Insights

• As per the analysis shared by our research analyst, the global harvesting equipment market is projected to expand annually at the annual growth rate of around 6.15% over the forecast timespan (2024-2032)
• In terms of revenue, the global harvesting equipment market size was evaluated at nearly $24.87 billion in 2023 and is expected to reach $42.55 billion by 2032.
• The global harvesting equipment market is anticipated to grow rapidly over the forecast timeline owing to growing automation in farming activities and the need for enhancing efficacy in harvesting functions.
• In terms of type, the sugarcane harvester segment is slated to register the highest CAGR over the forecast period.
• Based on application, the paddy field segment is predicted to contribute majorly towards the global market size in the upcoming years.
• Region-wise, the Asia-Pacific harvesting equipment industry is projected to register the fastest CAGR during the projected timespan.

Request Free Sample

Harvesting Equipment Market: Growth Factors

Humungous need for automating farming equipment to boost the global market trends over 2024-2032

Growing automation in farming activities and the need for enhancing efficacy in harvesting functions are likely to drive the growth of the global harvesting equipment market. In addition to this, the surging acceptance of precision farming methods along with technological breakthroughs is anticipated to embellish the expansion of the global market. Supportive government initiatives for promoting mechanized farming will steer the expansion of the market globally. A launching of sustainable harvesting practices for reducing ecological impact to boost the global market trends.

Harvesting Equipment Market: Restraints

Growing product prices can hinder the growth of the global industry over the assessment period

A rise in product costs due to supply chain disruptions along with a surge in the raw component costs is anticipated to restrict the growth of the global harvesting equipment industry in the years ahead.

Harvesting Equipment Market: Opportunities

Surging use of the product can reduce farming costs and this will open new growth opportunities for the global market

Harvesting equipment removes the grain loss that occurs during threshing, carrying, and transportation. Apart from this, large-scale utilization of harvesting equipment minimizes the overall costs of farming, thereby opening new avenues of growth for the global harvesting equipment market.

Harvesting Equipment Market: Challenges

Stringent government legislation pertaining to product usage can challenge the growth of the global industry 

Strict government laws regarding product usage can prove to be a huge challenge in the growth path of the global harvesting equipment industry. Preference towards conventional ways of using the workforce for harvesting purposes can hinder the global industry surge in the years ahead.

Harvesting Equipment Market: Segmentation

The global harvesting equipment market is divided into type, application, and region.                                         

In terms of type, the harvesting equipment market across the globe is bifurcated into forage harvester, combine harvester, and sugarcane harvester segments. Additionally, the sugarcane harvester segment, which acquired nearly two-thirds of the global market earnings in 2023, is expected to record the highest annual rate of growth in the analysis timeframe. The expansion of the segment in the coming eight years can be owing to the massive use of sugarcane harvesters as harvesting devices in farming to improve the quality and yield of sugarcane.     

Based on the application, the global harvesting equipment industry is divided into paddy field and dry land segments. Moreover, the paddy field segment, which gathered approximately 51% of the global industry proceeds in 2023, is set to make major contributions towards global industry earnings over the forthcoming years. The growth of the segment in the forecasting timeline can be attributed to the large-scale use of the product in the paddy field.

Harvesting Equipment Market: Report Scope

Harvesting Equipment Market: Regional Insights

North America is expected to maintain the leadership status in the global market in the forecasting timespan

North America, which accounted for nearly 73% of the global harvesting equipment market earnings in 2023, is expected to establish a key position in the global market in the years to come. In addition to this, the regional market expansion in the coming eight years can be credited to the presence of large tracts of underdeveloped farmland in countries such as the U.S. Apart from this, humungous use of smart combine harvesters fitted with new monitoring tools has boosted the farm production, thereby steering the regional market trends. Furthermore, the escalating use of high-capacity equipment owing to large farms, humungous labor wages, and the integration of GPS and robotic tools in harvesting equipment will drive market expansion in North America. 

Asia-Pacific harvesting equipment industry is slated to register the highest gains in the next few years. The rapid progression of the industry in the APAC region can be owing to the immense use of self-propelled harvesting equipment in farming activities in countries such as Japan, China, New Zealand, and South Korea.  The thriving industrial sector is likely to contribute sizably toward the growth of the industry in the region.  Apart from this, governments in countries such as India provide subsidies to farmers for purchasing harvesting equipment, thereby propping up the growth of the industry in the region.

Key Developments

• In October 2020, CLAAS launched a combine harvester referred to as CROP TIGER 40 Multigrain. The move will boost the growth of the harvesting equipment in the APAC region.

Harvesting Equipment Market: Competitive Space

The global harvesting equipment market profiles key players such as:

• Bernard Krone Holding SE & Co. KG
• Deere & Company
• HORSCH Maschinen GmbH
• AGCO Corporation
• YANMAR HOLDINGS CO. LTD
• CLAAS KGaA mbH
• CNH INDUSTRIAL N.V.
• Mahindra & Mahindra Ltd.
• Krone NA. Inc.
• Escorts Limited
• KUBOTA Corporation
• Tractors and Farm Equipment Limited
• Sampo-Rosenlew Oy
• PREET GROUP
• Dewulf NV
• Alamo Group Inc.
• Exel Industries
• Lovol Heavy Industry CO. LTD
• Komatsu Ltd.

The global harvesting equipment market is segmented as follows:

By Type

• Forage Harvester
•  Combine Harvester
• Sugarcane Harvester

By Application 

• Paddy Field
• Dry Land

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa