Combine Harvester Market is Projected to Register a 3.9% CAGR with an Opportunity of US$ 17,138 Mn During 2022-2030
Astute Analytica published a new report on the Global Combine Harvester Market. The global markets report analysis of the growth momentum and revenue inflows in this industry, including the impact of COVID-19. The market study report presents important factors that positively and negatively affect the growth of this vertical in order to suggest stakeholders in making decisions. In addition, the report offers data on the past, present, and future companies' scenarios. The report also contains key segments and leading players.
The Global Combine Harvester Market size was US$ 17,138 million in 2021. The Global Combine Harvester Market size is forecast to reach US$ 64,940 million by 2030, growing at a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2030.
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The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally. It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.
Impact Analysis of COVID-19
The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close. This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.
The global combine harvester market is sub-segmented into:
By Grain Tank Size
By Crop Type
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The top five companies in the global combine harvester market collectively hold more than 71% of the market share, making it an oligopolistic market. Some of the major companies in the market are KS Group, John Deere, Kubota Corporation, Massey Ferguson, Weichai Lovol Heavy Industry Co., Ltd., YANMAR Co., Ltd., Mahindra & Mahindra Ltd., CLAAS KGaA mbH, Hind Agro Industries, Tractors and Farm Equipment Ltd., Kartar Agro Industries, Preet Group, SDF S.p.A. and New Holland. Market players are adopting strategies such as product launches, partnerships, acquisitions, and the introduction of new technologies and a variety of innovative agricultural solutions to stay ahead of the competition.
China is one of the world's largest auto marketplaces, both in terms of sales and production. According to Statista, worldwide passenger vehicle manufacturing will exceed 66 million units in 2020. China produced about a third of these automobiles in that year. In the year 2020, Germany accounted for about 5% of global production.
By 2020, the Chinese government expects car production to reach 30 million units and 35 million by 2025. The China Association of Automobile Manufacturers estimated a sale of 27 million vehicles in 2018. It includes 23.79 million passenger vehicles, a 4.08 percent decrease from 2017, and 4.38 million commercial vehicles, a 5.05% rise. This is the first annual fall in passenger vehicle sales in at least 20 years.
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