U.S. and Canada Agricultural Machinery Market - 2023-2030

Overview

U.S. and Canada Agricultural Machinery Market reached US$ 108.2 billion in 2022 and is expected to reach US$ 177.7 billion by 2030, growing with a CAGR of 6.4% during the forecast period 2023-2030.

The U.S. and Canada agricultural machinery market has witnessed significant growth and development of the market, farmers are highly adopting these agricultural machinery as they help increase efficiency, productivity, and sustainability in farming practices, and also offer various advanced technologies, and also in various forms and sizes, catering to a wide range of farming activities.

Furthermore, as the demand for these products is increasing, manufacturers are producing different products, for instance, Deere & Company company produces 6R Utility Tractors, which improve productivity with the power-to-weight ratio and a power boost when you need it. It also improves engine cooling performance.

The tractor of agriculture machinery segment shows dominance in the U.S. and Canada agriculture machinery market, as well as Canada, dominates in U.S. and Canada agriculture machinery market, as the government in this region provides funds over $1 million in funding for SomaDetect Inc. and Vivid Machines Inc. to develop farming technology, which helps boost the market growth.

Dynamics

Increase In Demand For Advanced Technology

The demand for advanced technologies for various agricultural practices is increasing, as they provide various advanced technology GPS, sensors, and others, which help in increasing the productivity rate, and also autonomous tractors, drones, and others are adopted for tasks like planting, weeding, and harvesting. These technologies enhance operational efficiency, reduce labor dependency, and improve overall productivity.

Furthermore, manufacturing companies with such advanced technologies are producing different variety of equipment, for instance, Kuhn SAS company produces Deep Cultivators, that optimize the soil and seedbed preparation and ensure better yields by cracking the soil and improving water infiltration to help the soil retain moisture. Hence, it helps in driving the market growth.

Increase In Demand For Precision Agriculture Practices

The increasing demand for precision agriculture practices is a significant driver of the agricultural machinery market. they are designed to perform various tasks effectively, within less period, and also provide real-time data regarding crop health, which helps increase crop productivity. Hence, these factors can contribute to propelling the agriculture machinery market in the U.S. and Canada.

Furthermore, manufacturing companies produce different types of agriculture machinery, for instance, Valtra Inc. company F Series tractor for fruit farms and vineyards, it is 1.3 and 1.8 m wide and highly suitable for narrow passages between your most valuable fruit crops, it has specially shaped chassis combined with a front axle that enables a 55-degree wheel angle. Tight turns are possible with a 3.6 m radius. Therefore, these products have the potential to contribute to the expansion of the market.

High Cost of Products

The considerable costs associated with the advanced and technologically equipped equipment, as well as the maintenance expenses, may lead small-scale farmers to explore alternative options. Hence, the high cost associated with agricultural machinery is a significant factor that can act as a restraint on the market.

Segment Analysis

The U.S. and Canada agricultural machinery market is segmented based on type, automation, distribution channel, and application

Increase in Demand for Tractors Agricultural Machinery

The tractors segment accounts for the maximum share in the U.S. and Canada agricultural machinery market, Tractor agricultural machinery with various benefits that contribute to the efficiency and productivity of farming operations. Therefore, these factors might help in driving the U.S. and Canada agriculture machinery market.

Furthermore, many manufacturing companies are highly focusing on developing this market, for instance, Kubota Canada Ltd. company produces the M7 series, which is simple and reliable, the M7 series has a variety of features for greater productivity and operator comfort. it has 128 - 168 horsepower. Hence, the development of a wide range of tractors might help in increasing the market growth.

Geographical Penetration

Government Initiatives

Canada has been a dominant force in the U.S. and Canada agricultural machinery market and its significance has only grown in the post-2020 era. Farmers in this region are highly adopting these agricultural machinery as they effectively perform various agriculture practices.

Furthermore, as the demand for advanced agriculture machinery is increasing, the government in this region is investing in developing this market, for instance, in July 2022, the Minister of Agriculture and Agri-Food, announced over $1 million in funding for SomaDetect Inc. and Vivid Machines Inc. through the AgriScience Program to help producers improve farm management and their bottom line. Hence, they can help in expanding the market growth.

Competitive Landscape

The major global players in the market include Kubota Canada Ltd., Deere & Company., KUHN SAS, CLAAS KGaA mbH, MAHINDRA USA, INC., DEUTZ-FAHR, Valtra Inc., AGCO Corporation., CNH Industrial, and YANMAR America Corporation.

COVID-19 Impact Analysis

The pandemic has brought a disruption in the supply chain, many manufacturing companies were shut down due to government lockdown restrictions, and also impacted the export and import rates, and availability of products in the market, hence, the COVID-19 pandemic has impacted the growth of U.S and Canada agriculture machinery market.

Furthermore, during a pandemic, the large-scale agriculture sector has also affected severely as the availability of raw materials, and products is limited and the cost of products has also increased due to the pandemic crises, which has shown a negative impact on the development of U.S and Canada agriculture machinery market.

By Type

• Tractors
• Implements
• Harvesting
• Sprayers
• Irrigation Machinery
• Post Harvesting
• Loaders
• Haying and Forage Machinery
• Others

By Automation

• Automatic
• Semi-Automatic
• Manual

By Distribution Channel

• Company Stores
• Hypermarkets/Supermarkets
• Specialty stores
• Others

By Application

• Land Development
• Threshing & Harvesting
• Sowing & Planting
• Plant Protection
• Others

Key Developments

• In January 2024, Asko Holding Group, intends to acquire a 97% stake in the Canadian agricultural machinery group Buhler Industries Inc. from the Rostselmash (RSM) company for 60.5 million Canadian dollars ($45.5 million).
• In December 2023, Linamar Corp., an Ontario-based agricultural manufacturing company, agreed to purchase Bourgault Industries Ltd. of St. Brieux, Sask.
• In May 2022, Zeus, acquired of Canadian agricultural supply business Agri-Flex. This positions the company as one of the largest distributors of agricultural crop packaging in the world and marks the next phase of a €35 million investment strategy.

Why Purchase the Report?

• To visualize the U.S. and Canada Agricultural Machinery market segmentation based on type, automation, distribution channel, and application as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cement market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The U.S. and Canada Agricultural Machinery market report would provide approximately 45 tables, 44 figures and 210 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies