The global market for Harvesting Machinery is forecast to reach US$36.8 billion by 2024, driven by the acute pain of agricultural labor shortages made more intense against a backdrop of growing population and food demand, urgent need for arable land expansion and farm productivity improvements to achieve food security goals. Other major factors spurring growth in the market include prioritization of agricultural development in several countries; increased government subsidies and availability of credits for advanced agriculture technologies; farm consolidation in developed countries and a parallel rise in demand for large sized agricultural machines and vehicles; growing prominence of climate change adaptation planning in agriculture and the ensuing shift towards biofuel operated harvesting machinery; growing investments and land acreage committed to energy crop cultivation against the backdrop of rising demand for biofuel consumption and stringent fuel blending regulations. The robust outlook for floriculture and environmental horticulture also bodes well for market growth. Read More…

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