Market Size of Agricultural Haying and Forage Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Agricultural Haying and Forage Machinery Market Analysis
The agricultural haying and forage machinery market is projected to record a CAGR of 3.80% during the forecast period (2020-2025). The government support to farmers is one of the major factors that is driving the agricultural haying and forage machinery market. Increasing the cultivation of forage crops, especially in North America, acts as one of the major factors behind the growth of the market studied.
Agricultural Haying and Forage Machinery Industry Segmentation
The global haying and forage machinery market is estimated to grow remarkably during the forecast period. All types of machinery used in fields are considered in the research scope. Also, the market under study involves machinery segmented by geographical regions across the world.
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| Mowers | |
| Balers | |
| Forage Harvesters | |
| Others |
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Agricultural Haying and Forage Machinery Market Size Summary
The agricultural haying and forage machinery market is experiencing growth driven by government support and the increasing cultivation of forage crops, particularly in North America. In the United States, government subsidies in the form of direct payments, crop insurance, and loans for farm machinery are crucial in stabilizing investments in agricultural equipment, even when net farm income fluctuates. This support has led to a high level of mechanization in countries like Canada, where farmers invest significantly in machinery due to favorable loan and credit facilities. The demand for haying and forage machinery is particularly strong in the United States, which boasts a highly developed commercial agriculture sector. The expansion of forage crop areas, such as alfalfa, and technological advancements like self-propelled balers and forage harvesters are key factors propelling market growth in the region.
The market is characterized by a high level of consolidation, with a few major companies dominating the landscape. These companies are not only competing on product quality and promotion but are also engaging in strategic initiatives to expand their market presence. Investments in new product development, collaborations, and acquisitions are common strategies employed by leading firms to enhance their market share and strengthen research and development efforts. Notably, AGCO Corporation's acquisition of the forage division of Lely Group in 2017 exemplifies the strategic moves companies are making to consolidate their positions in the market. Key players in this sector include AGCO Corporation, CLAAS, Deere & Company (John Deere), Krone North America Inc., and Kubota Corporation, all of which are actively working to capture a larger share of the growing market.
Agricultural Haying and Forage Machinery Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.4 Market Restraints
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Bargaining Power of Suppliers
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Mowers
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2.1.2 Balers
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2.1.3 Forage Harvesters
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2.1.4 Others
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Africa
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2.2.5.1 South Africa
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2.2.5.2 Rest of Africa
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Agricultural Haying and Forage Machinery Market Size FAQs
What is the current Agricultural Haying and Forage Machinery Market size?
The Agricultural Haying and Forage Machinery Market is projected to register a CAGR of 3.80% during the forecast period (2024-2029)
Who are the key players in Agricultural Haying and Forage Machinery Market?
AGCO Corporation, CLAAS, Deere & Company (John Deere), Krone North America Inc. and Kubota Corporation are the major companies operating in the Agricultural Haying and Forage Machinery Market.
