Global Combine Harvester-Thresher Market to Grow at a CAGR of +2.7% from 2023 to 2030

IndexBox has just published a new report: World - Combine Harvester-Threshers - Market Analysis, Forecast, Size, Trends and Insights.

The combine harvester-thresher market is expected to experience a steady increase in demand over the next seven years. Market performance is predicted to grow at a rate of +1.2% in volume and +2.7% in value, reaching 244K units and $22.6B respectively by 2030.

Market Forecast

Driven by increasing demand for combine harvester-threshers worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.2% for the period from 2023 to 2030, which is projected to bring the market volume to 244K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2023 to 2030, which is projected to bring the market value to $22.6B (in in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Combine Harvester-Threshers

In 2023, consumption of combine harvester-threshers was finally on the rise to reach 225K units for the first time since 2020, thus ending a two-year declining trend. The total consumption volume increased at an average annual rate of +3.2% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption reached the maximum volume in 2023 and is expected to retain growth in years to come.

The global combine harvester market revenue surged to $18.8B in 2023, increasing by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a perceptible increase from 2013 to 2023: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2023 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (42K units), India (25K units) and the United States (23K units), with a combined 40% share of global consumption. Denmark, Germany, France, Pakistan, Brazil, Russia, Thailand, Italy, Canada and the UK lagged somewhat behind, together comprising a further 28%.

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Denmark (with a CAGR of +43.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.8B) led the market, alone. The second position in the ranking was taken by India ($1.7B). It was followed by Canada.

From 2013 to 2023, the average annual rate of growth in terms of value in the United States was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: India (+17.1% per year) and Canada (+7.0% per year).

In 2023, the highest levels of combine harvester per capita consumption was registered in Denmark (1,471 units per million persons), followed by France (120 units per million persons), Canada (111 units per million persons) and Germany (102 units per million persons), while the world average per capita consumption of combine harvester was estimated at 28 units per million persons.

From 2013 to 2023, the average annual rate of growth in terms of the combine harvester per capita consumption in Denmark stood at +42.5%. In the other countries, the average annual rates were as follows: France (+6.4% per year) and Canada (+0.8% per year).

Production

World Production of Combine Harvester-Threshers

In 2023, the amount of combine harvester-threshers produced worldwide rose notably to 231K units, surging by 8.7% against the previous year. In general, the total production indicated pronounced growth from 2013 to 2023: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the production volume increased by 23%. Over the period under review, global production hit record highs in 2023 and is likely to see steady growth in years to come.

In value terms, combine harvester production amounted to $16B in 2023 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 32% against the previous year. Global production peaked at $16.4B in 2021; however, from 2022 to 2023, production remained at a lower figure.

Production By Country

The country with the largest volume of combine harvester production was China (55K units), accounting for 24% of total volume. Moreover, combine harvester production in China exceeded the figures recorded by the second-largest producer, the United States (27K units), twofold. India (25K units) ranked third in terms of total production with an 11% share.

In China, combine harvester production expanded at an average annual rate of +4.3% over the period from 2013-2023. In the other countries, the average annual rates were as follows: the United States (-1.1% per year) and India (+19.4% per year).

Imports

World Imports of Combine Harvester-Threshers

Global combine harvester imports was estimated at 58K units in 2023, increasing by 11% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.9% from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of 20%. As a result, imports attained the peak of 60K units. From 2022 to 2023, the growth of global imports remained at a lower figure.

In value terms, combine harvester imports surged to $6.4B in 2023. Overall, total imports indicated a temperate increase from 2013 to 2023: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +87.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 40% against the previous year. Over the period under review, global imports attained the peak figure in 2023 and are expected to retain growth in years to come.

Imports By Country

India (5.6K units), France (4.2K units), the United States (3.2K units), Spain (2.9K units), Canada (2.7K units), Myanmar (2.4K units), Cambodia (2.3K units), Bangladesh (2.2K units), the Philippines (2K units), Ukraine (1.9K units), Poland (1.6K units) and Australia (1.5K units) represented roughly 56% of total imports in 2023. Belgium (1.5K units) held a minor share of total imports.

From 2013 to 2023, the biggest increases were recorded for Bangladesh (with a CAGR of +84.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Canada ($1.1B) constitutes the largest market for imported combine harvester-threshers worldwide, comprising 17% of global imports. The second position in the ranking was held by Australia ($514M), with an 8% share of global imports. It was followed by the United States, with a 6.5% share.

In Canada, combine harvester imports increased at an average annual rate of +2.3% over the period from 2013-2023. The remaining importing countries recorded the following average annual rates of imports growth: Australia (+12.4% per year) and the United States (+18.3% per year).

Import Prices By Country

The average combine harvester import price stood at $110,433 per unit in 2023, with an increase of 8.6% against the previous year. Over the period under review, import price indicated mild growth from 2013 to 2023: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, combine harvester import price increased by +61.4% against 2020 indices. The growth pace was the most rapid in 2022 an increase of 27% against the previous year. Over the period under review, average import prices reached the maximum in 2023 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Canada ($412,122 per unit), while India ($11,215 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Spain (+24.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Combine Harvester-Threshers

In 2023, shipments abroad of combine harvester-threshers decreased by -6.8% to 64K units, falling for the second year in a row after five years of growth. In general, exports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. As a result, the exports attained the peak of 74K units. From 2022 to 2023, the growth of the global exports remained at a somewhat lower figure.

In value terms, combine harvester exports skyrocketed to $6.5B in 2023. Over the period under review, total exports indicated temperate growth from 2013 to 2023: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +76.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 32%. Over the period under review, the global exports reached the peak figure in 2023 and are likely to see gradual growth in years to come.

Exports By Country

In 2023, China (14K units), distantly followed by Thailand (7K units), the United States (7K units), Germany (6.6K units), India (5.4K units), Poland (3.7K units), Belgium (3.5K units) and the Netherlands (3K units) represented the key exporters of combine harvester-threshers, together mixing up 78% of total exports. Japan (1.7K units), Pakistan (1.5K units), Italy (1.4K units), Denmark (1.3K units) and France (1.1K units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +4.6% from 2013 to 2023. At the same time, Pakistan (+52.8%), Denmark (+29.4%), the Netherlands (+26.6%), Thailand (+26.5%), India (+21.1%), Japan (+10.4%) and Poland (+3.1%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in the world, with a CAGR of +52.8% from 2013-2023. Germany and Belgium experienced a relatively flat trend pattern. By contrast, the United States (-2.5%), France (-2.7%) and Italy (-3.3%) illustrated a downward trend over the same period. Thailand (+9.4 p.p.), India (+6.6 p.p.), the Netherlands (+4 p.p.), Pakistan (+2.3 p.p.), China (+2 p.p.) and Denmark (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while France, Italy, Belgium, Germany and the United States saw its share reduced by -1.5%, -2.3%, -2.4%, -4.3% and -9.1% from 2013 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.8B), Germany ($1.8B) and Belgium ($998M) appeared to be the countries with the highest levels of exports in 2023, together accounting for 69% of global exports. Poland, China, Italy, Thailand, Japan, the Netherlands, France, India, Denmark and Pakistan lagged somewhat behind, together accounting for a further 20%.

Among the main exporting countries, Pakistan, with a CAGR of +21.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average combine harvester export price amounted to $101,555 per unit, with an increase of 30% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The global export price peaked at $111,399 per unit in 2017; however, from 2018 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($278,899 per unit), while Pakistan ($354 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+10.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform