The Argentina agricultural machinery market size was valued at USD 1.19 Billion in 2022 and is anticipated to reach USD 1.98 Billion by 2031, expanding at a CAGR of 5.8% during the forecast period, 2023 – 2031. Growth of the market is attributed to minor utilization of land resources, increasing demand for high-quality agricultural products, and government initiatives in the agriculture sector.
Agricultural machinery relates to the mechanical devices and structures used in farming and other agriculture. There are several types of agricultural equipment like hand tools and power tools to tractors, harvesting machinery, planting machinery, and irrigation machinery that are used to operate and tow on farms.
The Covid-19 pandemic affected the demand and supply of agricultural machinery market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Agricultural Machinery Market Trends, Drivers, Restraints, and Opportunities
- Rising prices of contractor services is projected to boost the market in the coming years.
- Rapid development in agriculture sector is major factor fuelling the market during the forecast period.
- lack of awareness regarding the benefits of using agriculture equipment are anticipated to hamper market growth.
- Illiteracy and unavailability of proper resources is projected to hamper the market growth in the coming years.
- R&D investment and technological advancement in agricultural machinery sector is projected to create lucrative opportunities for the market players.
Scope of Agricultural Machinery Market Report
The report on the Argentina agricultural machinery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Agricultural Machinery Market – Argentina Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types [Harvesting Machinery, Tractors (Less than 40 HP,40 HP to 99 HP, and Greater than 100 HP), Planting Machinery, Ploughing and Cultivating Machinery (Cultivators and Tillers, Ploughs, Narrows, and Others), Irrigation Machinery, and Other Types], Automations [Manual, Semi-automatic, and Automatic Equipment]
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
Industrias Romi SA, Kubota Corporation, YANMAR CO., LTD., Deere & Company, Agrale, AGCO Argentina S.A., Mahindra and Mahindra, Netafim Limited, Massey Ferguson, and Foton Lovol International Heavy Industries Company Ltd.
Agricultural Machinery Market Segment Insights
The tractors segment accounts for a key share of the market and expected to grow at a rapid pace
Based on types, the Argentina agricultural machinery market is divided into harvesting machinery, tractors, planting machinery, ploughing and cultivating machinery, irrigation machinery, and other types.
The tractors segment is sub-segmented into less than 40 HP, 40 HP to 99 HP, and greater than 100 HP. The ploughing and cultivating machinery segment is sub-segmented into cultivators and tillers, ploughs, narrows, and others. The tractors segment accounts for a key share of the market. Growth of the market is attributed to the rapidly increasing population and decreased percentage of labor. The harvesting machinery segment is anticipated to expand at a rapid pace during the forecast period due to factors such as the implementation of precision farming, increasing profitability, and rising adoption of mechanized farming.
The manual segment is expected to grow at a rapid pace
Based on automations, the Argentina agricultural machinery market is Fragmented into manual, semi-automatic, and automatic equipment.
The manual segment accounts for a major share of the market. Growth of the market is attributed to improvement in agricultural production, increasing cultivation efficiencies on farms, and minor interest rates. The semi-automatic segment is anticipated to expand at a rapid pace during the forecast period due to factors such as large-scale manufacturing of agricultural equipment, surge in adoption of tractors, and technological advancements in harvesting machinery.
Argentina agricultural machinery market is expected to grow at a significant CAGR. Agriculture makes more than 40% of the total exports in Argentina. The growing population is attributing market growth. It leads to an increase in the demand for food.
Furthermore, the increasing development and technological advancement in the agricultural machinery are boosting the market during the forecast period. However, the growing market for used and second-hand equipment and high cost of equipment act as a restraint for the market growth.
The Argentina agricultural machinery market has been segmented on the basis of
- Harvesting Machinery
- Planting Machinery
- Ploughing and Cultivating Machinery
- Irrigation Machinery
- Other Types
- Automatic Equipment
- Industrias Romi SA
- Kubota Corporation
- YANMAR CO., LTD.
- Deere & Company
- AGCO Argentina S.A.
- Mahindra and Mahindra
- Netafim Limited
- Massey Ferguson
- Foton Lovol International Heavy Industries Company Ltd.
Key players competing in the Argentina agricultural machinery market include Industrias Romi SA, Kubota Corporation, YANMAR CO., LTD., Deere & Company, Agrale, AGCO Argentina S.A., Mahindra and Mahindra, Netafim Limited, Massey Ferguson, and Foton Lovol International Heavy Industries Company Ltd. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and raise their production line of the business in the coming years.