Combine Harvester Global Market Opportunities and Strategies to 2033

This report describes and explains the combine harvester market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global combine harvester market reached a value of nearly $56 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.6% since 2018. The market is expected to grow from $56 billion in 2023 to $69.4 billion in 2028 at a rate of 4.4%. The market is then expected to grow at a CAGR of 4.8% from 2028 and reach $88.3 billion in 2033.

Growth in the historic period resulted from the rising labor costs and shortage of skilled agricultural workers, increasing demand for mechanization in agriculture, rising awareness about post-harvest losses and subsidies and support programs for farm mechanization. Factors that negatively affected growth in the historic period were limited access to financing options for small-scale farmers.

Going forward, growth of the global population, strong economic growth in emerging markets, increasing demand for crops such as corn and soybeans and growing awareness about sustainable agriculture practice will drive the market. Factors that could hinder the growth of the combine harvester market in the future include high initial investment costs.

The combine harvester market is segmented by type into tractor pulled, PTO powered combine harvester and self-propelled combine harvester. The self-propelled combine harvester market was the largest segment of the combine harvester market segmented by type, accounting for 61.6% or $34.5 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the combine harvester market segmented by type, at a CAGR of 4.6% during 2023-2028.

The combine harvester market is segmented by power type into below 150 HP, 150-300 HP, 300-450 HP, 450-550 HP and above 550 HP. The 150-300 HP market was the largest segment of the combine harvester market segmented by power type, accounting for 35.3% or $19.8 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the combine harvester market segmented by power type, at a CAGR of 4.9% during 2023-2028.

The combine harvester market is segmented by application into wheat harvesting, rice harvesting, soybeans harvesting and other applications. The wheat harvesting market was the largest segment of the combine harvester market segmented by application, accounting for 41.6% or $23.3 billion of the total in 2023. Going forward, the soybeans harvesting segment is expected to be the fastest growing segment in the combine harvester market segmented by application, at a CAGR of 5.4% during 2023-2028.

The combine harvester market is segmented by cutting width into small size combine harvester and large size combine harvester. The large size combine harvester market was the largest segment of the combine harvester market segmented by cutting width, accounting for 55% or $30.8 billion of the total in 2023. Going forward, the small size combine harvester segment is expected to be the fastest growing segment in the combine harvester market segmented by cutting width, at a CAGR of 4.9% during 2023-2028.

The combine harvester market is segmented by movement into wheel type combine harvester and crawler type combine harvester. The wheel type combine harvester market was the largest segment of the combine harvester market segmented by movement, accounting for 57.6% or $32.2 billion of the total in 2023. Going forward, the crawler type combine harvester segment is expected to be the fastest growing segment in the combine harvester market segmented by movement, at a CAGR of 4.7% during 2023-2028.

Asia-Pacific was the largest region in the combine harvester market, accounting for 32.6% or $18.2 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the combine harvester market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 5.1% and 4.6% respectively. These will be followed by North America and Eastern Europe, where the markets are expected to grow at CAGRs of 4.2% and 3.5% respectively.

The global combine harvester market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up 51.7% of the total market in 2022. Deere & Company was the largest competitor with a 14.7% share of the market, followed by CNH Industrial with 9.6%, Kubota Corporation with 8.5%, AGCO Corporation with 6.8%, Yanmar Co. Ltd. with 3.9%, CLAAS KGAA with 3.5%, Mahindra & Mahindra Ltd with 1.9%, Same Deutz-Fahr Group S.p.A. (SDF) Group with 1.5%, AB SKF with 0.9% and Lovol Heavy Industry Co. Ltd. with 0.5%.

The top opportunities in the combine harvester market segmented by type will arise in the self-propelled combine harvester segment, which will gain $8.6 billion of global annual sales by 2028. The top opportunities in the combine harvester market segmented by power type will arise in the 150-300 hp segment, which will gain $5.4 billion of global annual sales by 2028. The top opportunities in the combine harvester market segmented by application will arise in the wheat harvesting segment, which will gain $5.1 billion of global annual sales by 2028. The top opportunities in the combine harvester market segmented by movement will arise in the wheel type combine harvester segment, which will gain $7.3 billion of global annual sales by 2028. The top opportunities in the combine harvester market segmented by cutting width will arise in the small size combine harvester segment, which will gain $6.8 billion of global annual sales by 2028. The combine harvester market size will gain the most in China at $3.2 billion.

Market-trend-based strategies for the combine harvester market include new products to meet the evolving needs of farmers and agricultural operations, technology advancement to maintain competitive edge and sustain market leadership, strategic partnerships and collaborations among major players, introduction of electric combine harvesters to reduce carbon emissions and focus on multi-functional combine harvesters with versatile capabilities.

Player-adopted strategies in the combine harvester market include focus on new product developments and expanding agriculture technology through new product solutions.

To take advantage of the opportunities, the analyst recommends the combine harvester companies to focus on introducing innovative combine harvesters for enhanced efficiency, focus on integrating advanced technologies to enhance combine harvester performance, focus on developing electric combine harvesters for sustainable agriculture, focus on developing multi-functional combine harvesters for specialized agricultural settings, focus on self-propelled combine harvester segment, focus on 150-300 HP segment, focus on crawler type combine harvester segment for growth, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for distribution channel expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on targeting end-users in wheat harvesting.