Silage Truck Market by Type (Low Load Capacity, Medium Load Capacity, High Load Capacity), By Application (Private Farms, Large Agribusiness, Personal), and by Region (North America, South America, Asia Pacific, Europe, and the Middle East & Africa), Global forecast, 2021-2031

Globally rising need for fodder and silage as well as technological improvements such as sensors, cameras, and navigation systems that give drivers better sight, safety, and precision are some of the reasons propelling the market's expansion. Additionally, government programmes promoting the use of smart farm technology by farmers are anticipated to significantly accelerate the growth of this market over the course of the forecast year.

The silage Truck Market is significant because it makes it possible for farmers to move silage between locations effectively and affordably. This industry is expanding as more farmers choose effective transportation options to satisfy the rising expectations of their consumers, which is also being fueled by the rising demand for fodder and silage. Additionally, government programmes promoting the use of smart farm technology by farmers are anticipated to significantly accelerate the growth of this market over the course of the forecast year.

A unique kind of truck called a silage truck is used to move silage from one location to another. To give drivers better vision and safety, these trucks typically have sensors, cameras, and navigation systems installed. These trucks are also ideal for short-distance transportation and have a modest load capacity. Additionally, they are economical and effectively transport silage from pastures.

The Global Silage Truck Market is anticipated to increase at a CAGR of 3.2% from 2021 to 2031, starting at a value of 493.6 million USD in 2021 and ending at 619.2 million USD in 2031.

The industry is expanding as a result of the rising need for silage smart transportation from farms that are both cost-effective and efficient.

The expense of purchasing these trucks is a significant barrier in the global market for silage trucks. Furthermore, their widespread acceptance is hampered by the severe government rules governing pollution and noise levels, which restrain market expansion. Meanwhile, the market is anticipated to expand slowly over the course of the forecast period as a result of growing demand from significant agribusinesses for durable and cost-effective silage trucks. Also, the introduction of more effective and potent silage trucks as a result of technological improvements is anticipated to further the market's expansion.

Segment Analysis

The High Load Capacity Segment emerged as the Most Lucrative Type

The market is divided into low load capacity, medium load capacity, and high load capacity categories based on type. Due to its improved efficiency and cost-effectiveness, the high-load capacity category is anticipated to lead the market in terms of revenue over the forecast period. In addition, technical developments that result in the creation of stronger, more effective silage trucks are anticipated to further fuel cell market expansion.

The Most Prominent Application is the Large Agribusiness Segment

As per application, the market is segmented into personal, large agribusiness, and private farms. Due to the increasing demand from large agribusinesses for durable and cost-effective silage trucks, the large agribusiness segment is anticipated to rise at a high rate during the projected period. The implementation of numerous government programmes to encourage smart farming is another factor boosting this market sector.

The North American Region to render Ample Financing Opportunities

Due to rising dairy product demand and expanding government measures to encourage the development of high-quality foods, North America is anticipated to account for a sizable portion of global income. Additionally, over the course of the projection period, nations such as America and Canada are projected to contribute significantly to market growth.

COVID-19 Impact and Market Status

The COVID-19 epidemic has had a negative effect on the market, with sales considerably dropping as a result of the closure of several dealerships and limitations on factory operations. The demand for silage trucks is declining as a result of the rising unemployment rate's impact on consumer buying power. However, it is anticipated that government programmes to stimulate agricultural production will give the market even more of a boost. Also, increasing agriculture sector investment is anticipated to create a favourable environment for market expansion. The commercial impact of COVID-19 has also been lessened by the growing acceptance of digital marketing and online sales platforms, which have made it easier for manufacturers to connect with potential customers. In addition, the market is anticipated to benefit further from China's recovery from the pandemic and its robust economic performance. Overall, the market is anticipated to develop moderately all throughout the projected timeframe.

JCB India Limited, Mercedes-Benz (Daimler AG), Terex Corporation, Volvo Group, CNH Industrial N.V., John Deere & Company, and others are the leading competitors in the global silage truck industry. To increase their visibility in the global silage truck market, these businesses have chosen strategies like product launches, partnerships, and agreements.

Recent Developments in the Silage Truck Market

•  Mercedes-Benz introduced the Arocs 3244 line of silage trucks in Europe in March 2019. The truck can carry a maximum of 48 tonnes and was built with high load capacity in mind. It has a powerful automated transmission system that enhances manoeuvrability on rocky terrain. This breakthrough gave market participants additional chances and accelerated the market's expansion.

•   Volvo introduced the FH 4x2 silage truck in Europe in May 2020. The truck has a new-generation D13 Euro 6 engine for greater performance on difficult terrain, and it was built to offer the highest load capacity. This development gave market participants new opportunities and substantially broadened their portfolios.

•   Caterpillar introduced the CT630L silage truck in North America in March of 2021. The truck has an effective automated transmission system for better control on uneven terrain, and it was built to offer the maximum load capacity. This breakthrough increased the market's growth and provided new opportunities for industry participants.

•   The 6R series of silage trucks were introduced by John Deere in North America in April 2021. The truck has a new generation 8.7 litre John Deere PowerTech engine for greater efficiency on difficult terrain, and it was built to offer maximum load capacity. The market participants in the area were further strengthened by this development, which also gave them new chances.

•   Scania introduced its P-series line of silage trucks to Europe in June 2022. The truck can carry a maximum of 50 tonnes and was built with high load capacity in mind. It has a powerful automated transmission system that enhances manoeuvrability on rocky terrain. This breakthrough gave market participants additional chances and fueled the market's expansion.

Silage Truck Market Scope

Key Segments of the Silage Truck Charger Market

Type Overview (USD million)

• Low Load Capacity
• Medium Load Capacity
• High Load Capacity

Application Overview (USD million)

• BEV & PHEV & FCV
• Conventional Chargers

Regional Overview (USD million)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa