The harvesting equipment market is in the development phase. Increased research and development activities are underway to develop harvesting robots and electrification harvesting equipment, which is expected to increase the demand for harvesting equipment in farming practices.

The harvesting equipment market is expected to grow from $22.42 billion in the year 2021 to $30.11 billion by 2027, at a CAGR of 5.08% from 2022 to 2027. The growth in the global harvesting equipment market is expected to be driven by increasing demand for harvesting equipment in precision farming and the growing need to limit grain and cereals waste.

Increasing investments in the R&D of harvesting equipment is one of the major opportunities in the global harvesting equipment market. Moreover, the functions of harvesting equipment such as harvesting, threshing, separating, cleaning, and collecting grain while moving through the standing crops are attracting farmers, animal feed producers, and the dairy industry.

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Values provided by the report
Product/Innovation Strategy: The product segment helps the reader understand the different types of harvesting equipment available for deployment in the various crop types, including wheat, maize, rice, rye, sorghum, and forage crops globally. Moreover, the study provides the reader with a detailed understanding of the different harvesting equipment by application (agriculture and fodder) and by product (combine harvester, forage harvester, sugarcane harvester, and others).
Growth/Marketing Strategy: The global harvesting equipment market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint ventures. The favored strategy for the companies has been new product launches, expansions, acquisitions and joint ventures, and partnerships to strengthen their position in the harvesting equipment market.
Competitive Strategy: Key players in the global harvesting equipment market are analyzed and profiled in the study. Moreover, a detailed competitive benchmarking of the players operating in the global harvesting equipment market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.

Market Drivers and Challenges
• Growing Demand for Maize Crop Product
• Rising Demand for Harvesters in Precision Farming
• Surging Harvester Use in Forage Industry
The market is expected to face some limitations too due to the following challenges:
• High Initial Investment
• Lack of Technical Knowledge in Developing Countries
• Limited Availability of After-Sales Services

Market Segmentation:
Segmentation 1: by Application
• Agriculture
• Fodder
Segmentation 2: by Product
• Combine Harvester
• Forage Harvester
• Sugarcane Harvester
• Others
Segmentation 3: by Region
• North America - U.S., Canada, and Mexico
• Europe - Germany, France, Italy, Spain, and Rest-of-Europe
• China
• U.K.
• Asia-Pacific and Japan - Japan, India, Australia and New Zealand, and Rest-of-Asia-Pacific and Japan
• South America - Brazil, Argentina, and Rest-of-South America
• Rest-of-the-World - Middle East and Africa
During 2022-2027, the Asia-Pacific and Japan region is projected to display the fastest market growth of over 7.07%. The region presents immense scope for market development, owing to changing farming practices, acute harvesting labor shortage, rising awareness of mechanized farming, and growing market penetration of favorable investments by the government.

Recent Developments in Global Harvesting Equipment Market
• In March 2022, Deere & Company updated its S-Series combine harvesters as per consumer demand. Due to this, the company creates awareness among the farmers and drives sales growth globally.
• In May 2021, Mahindra & Mahindra Ltd. established a new production plant for farm equipment in Pithampur, India. This plant produces rice transplanters, potato planters, and harvesters. The company has a strong presence in Asian markets. Due to this investment, the company would increase its harvester production in the Asian market.
• In May 2021, CNH Industrial N.V. modernized its Case IH Axial-Flow 150 series combine harvesters with power, productivity, and ease of operations. Due to this upgradation, the company would target the mechanized and precision farming segment for further business expansion.
• In August 2021, Deere & Company launched two new cotton harvesters, namely, the CP770 Cotton Picker and CS770 Stripper. Due to this, the company strongly entered in cotton harvester segment globally.
• In September 2021, CNH Industrial N.V. launched Case IH Axial-Flow 4000 combine harvester in Africa and the Middle East region. Due to this product launch, CNH Industrial N.V. entered Africa and the Middle East market.
Impact of COVID-19
COVID-19 pandemic directly impacted the manufacturing and transportation activities of the harvesting equipment market. Due to the pandemic, the supply chain of the harvesting equipment market was disturbed at the global level. Various governments closed their international trades and production units. Due to this, the harvesting equipment market were hampered more at the global level. In mid-2021, manufacturing and transportation activities of the harvesting equipment started gradually, and international trades started efficiently. Therefore, the production and consumption of harvesting equipment products are expected to increase post-COVID-19 pandemic.
The harvesting equipment has huge potential in the near future, as it is used by farmers, animal feed producers, and dairy farmers. Through a better adoption of harvesting equipment in precision farming, the consumers' demand for harvesting equipment can increase during 2022-2027.

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