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NEW YORK, July 13, 2022 /PRNewswire/ — The “Agricultural Harvester Market by Product (combine harvesters and forage harvesters) and Geographic (Europe, North AmericaAPAC, South Americaand MEA) – Forecast and Analysis 2021-2025” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The agricultural harvester market share is expected to increase by USD 17.83 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.51%. 33% of the market’s growth will originate from Europe during the forecast period. Germany, Franceand the UK are the key markets for agricultural harvesters in Europe. Market growth in this region will be slower than the growth of the market in other regions. The agricultural harvesters market in Europe is driven by a farm labor shortage and government initiatives to support agricultural mechanization, among other factors.
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- The key factor driving the agricultural harvester market growth is the farm labor shortage in the agriculture sector. The US, the UK, and India are among the countries facing a severe farm labor shortage, due to which the farmers in these countries are moving toward the mechanization of agriculture.
- California is one of the largest food producers in the US; the state accounted for more than 13% of the country’s total agricultural value in 2019. However, California is facing a severe labor shortage, according to the California Farm Bureau Federation (CFBF) in the US.
- India is the other major country facing a farm labor shortage. Moreover, farm labor wages in the country increased by around 108% in 2018 from 2011. Hence, farmers in India are leaning toward the adoption of farm equipment such as agricultural harvesters.
- The adoption of agricultural harvesters in India will be high during the forecast period. Overall, the shortage of labor and an increase in labor wages will be major factors driving the adoption of agricultural harvesters in the global market during the forecast period.
- High initial and operating costs of agriculture harvesters are one of the key challenges hindering the agricultural harvester market growth.
- The proper operation of agriculture harvesters is largely dependent on the product knowledge of the operator. For instance, the improper use of sugarcane harvesters can damage their rotating shafts, gears, chains, and belts, which increases the operating expenses for farmers. Sugarcane harvesters are equipped with sharp knives, which operate at high speeds. Some models are also equipped with built-in knife sharpeners, which require shields for removal. Hence, they must be handled safely.
- Similarly, agricultural harvesters require regular inspection to ensure proper functioning during harvest. Appropriate care includes the inspection of the machine before harvest and special attention to trouble spots with excessive wear during use. Any deviation from the regular maintenance schedule will lead to malfunction.
- Therefore, the high initial cost and operating expenses associated with agricultural harvesters are expected to be major challenges in the global agricultural harvester market during the forecast period.
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- The agricultural harvester market report is segmented by Product (combine harvesters and forage harvesters) and Geographic (Europe, North AmericaAPAC, South Americaand MEA).
- Revenue Generating Segment: The agricultural harvester market share growth by the combined harvesters will be significant for revenue generation. Combine harvester manufacturers are offering several new products with high-power engines, which enables fuel efficiency and better return on investment. TUCANO 450-320 combine harvester, offered by CLAAS, has a grain tank capacity of up to 10,000 liters. Thus, such product innovations will further spur the demand for combined harvesters in the global agricultural harvester market during the forecast period.
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