The global sugarcane harvesters market is expected to register a CAGR of 11.09% during the forecast period (2020-2025).
- In 2019, Asia-Pacific was the fastest geographical segment of the market studied. The driving factor that influenced the growth of the market are technological innovations with respect to the specific needs of farmers.
- Deere & Company, CNH Industrial N.V., AGCO Corporation and Wuhan Machine Equipment Co Ltd are some of the prominent players who are operating in this market.
Key Market Trends
Decline in Farm Labor Is Driving the Market for Sugarcane Harvesters
On an average, developing economies have larger percentages of the population dependent on agriculture. However, the percentages have decreased over time as a large number of people are migrating to the urban area every year. For an instance, According to the World Bank Report, the world's rural population has declined from 67% in 1960 to 45% in 2017. According to Indian Council of Food and Agriculture, the percentage of agriculture workers in India is estimated to decline by 25.7% in 2050. This has led to increasing demand for agricultural equipment in the country. Due to decreasing agricultural labor, the prices of farm labor are rising. This resulted in increase in demand for agricultural machineries such as sugar harvesters and is expected to grow further during the forecast period.
Asia-Pacific is the Fastest Growing market
Asia-Pacific region is expected to be the fastest growing market by 2025 with India being the dominant market in this region. The driving factor, which influenced the growth of the market, is technological innovations with respect to the specific needs of indian farmers. The decline in agriculture workforce in countires such as India and China is making farmers highly dependent on farming machinery especially in post-harvesting activities. With supportive environment in terms of subsidies by various government policies is encouraging farmers to purchase farming machinery and the demand is projected to grow further during the forecast period.
The global sugarcane harvesters market is fragmented in nature with various small and medium-sized companies resulting in stiff competition in the market. Deere & Company, CNH Industrial N.V. , AGCO Corporation and Wuhan Machine Equipment Co Ltd are some of the prominent players who are operating in this market. These players are expanding their presence in many regional markets by partnering with the domestic manufacturers to strengthen their foothold in the maket.
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