Canada Agricultural Machinery Market Growth, Forecast | 2031
Canada Agricultural Machinery Market Growth, Forecast | 2031
Segments - Canada Agricultural Machinery Market by Types (Tractors [Less than 40 HP, 40 HP to 99 HP, and Greater than 100 HP], Plugging & Cultivating Machinery [Harrows, Rotovators & Cultivators, Ploughs, and Others], Planting Machinery [Spreaders, Seed Drills, Planters, and Others], Sprayer, Irrigation Machinery [Sprinkler Irrigation, Drip Irrigation, and Others], Harvesting Machinery [Forage Harvesters, Combine Harvesters, and Others], and Haying & Forage Machinery [Balers, Mowers & Conditioners, and Others]) and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CM-3268
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| 228 Pages
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Report Description
The Canada agricultural machinery market size was USD 7.23 Billion in 2022 and is likely to reach USD 13.98 Billion by 2031 , expanding at a CAGR of 7.6% during 2023–2031.The growth of the market is attributed to the rising demand for large-capacity farm machinery due to shortage in farm labor and increasing government support for farmers in the form of loan waivers, credit finance, & subsidized loans.
The agricultural machinery industry produces and maintains tractors, machineries, and equipment used in agriculture. The introduction of new subsidies to the farmers and loan schemes for adapting modern methods is significantly driving the growth of the market. The recent development in farm mechanization for irrigation and harvesting of crops are responsible for increasing agricultural yields and helping in keeping the labor costs low. Government efforts to bring in farmers to the industrial fold by assuring timely assistance with crop seeds, fertilizers, and right prices for the crops, has influenced the agricultural industry drastically.
Farm monitoring platforms make large scale adoption of agricultural machinery. The farm monitoring platforms have gained prominence with the evolution of IoT projects in farming and agriculture sector. The efficient use of data owing to the technological advancement for improving farming practice has drastically changed the traditional methods of farming. Additionally, the increasing adoption of farm control monitoring system for allowing farmers to have overall control of their equipment have helped farmers in multiple ways. The livestock monitoring and control of rain gauges and irrigation gates have helped in saving resources and excessive maintenance costs.
The COVID-19 pandemic had a significant impact on the growth of various industries including agricultural industry. The outbreak of coronavirus disease resulted into implication of stringent regulations and worldwide lockdowns. The pandemic situation disrupted the supply chain, manufacturing, and transportation activities of agriculture equipment. The dropped down in various economies foiled the plans of various procurements for cultivation. Therefore, the coronavirus outbreak restricted the growth of the agricultural machinery market.
Market Trends, Drivers, Restraints, and Opportunities
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Rising farm labor costs is the key factor anticipated to drive the market growth during the forecast period.
The role of agricultural machinery in modern farming cannot be overstated. As the demand for food production rises, the efficiency and productivity offered by advanced machinery become crucial. These machines not only reduce the time and labor required for farming activities but also enhance precision in operations such as planting, fertilizing, and harvesting. This technological integration is particularly significant in regions facing labor shortages, as it allows for the continuation of farming activities with minimal human intervention. The adoption of such machinery is a testament to the ongoing evolution in the agricultural sector, where innovation meets necessity.
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Availability of low-interest rates on loans and investment grants are the major factors expected to spur the market growth in the coming years.
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Growing technological development in agricultural machinery is projected to boost the market expansion during the projected timeline.
Agricultural machinery has become a cornerstone in the transformation of traditional farming practices. With the advent of smart technology, these machines are now equipped with sensors and GPS systems that provide real-time data to farmers. This data-driven approach enables precise application of inputs, optimizing resource use and minimizing waste. Moreover, the ability to monitor and control machinery remotely has revolutionized farm management, allowing for timely interventions and adjustments. Such advancements underscore the critical role that agricultural machinery plays in fostering sustainable agricultural practices and ensuring food security in the face of global challenges.
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High cost of agricultural equipments in emerging economies is expected to hamper the growth of market in the coming years.
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Government subsidies for acquiring fertilizers, seeds, & agriculture equipment and technological innovation to develop innovative agricultural machinery are some of the factors that are anticipated to create lucrative opportunities for the market in the long run.
In the context of the Canadian market, agricultural machinery is pivotal in addressing the unique challenges posed by the country's diverse climate and vast landscapes. The machinery is designed to withstand harsh weather conditions and operate efficiently across different terrains, ensuring that farming activities can proceed uninterrupted. This adaptability is crucial for Canadian farmers who must navigate varying environmental conditions throughout the year. As a result, the demand for robust and versatile agricultural machinery continues to grow, driven by the need to maintain high productivity levels and meet the increasing food demands of a growing population.
Scope of Agricultural Machinery Market Report
The report on the Canada agricultural machinery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
The Canada Agricultural Machinery Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Tractors [Less than 40 HP, 40 HP to 99 HP, and Greater than 100 HP], Plugging & Cultivating Machinery [Harrows, Rotovators & Cultivators, Ploughs, and Others], Planting Machinery [Spreaders, Seed Drills, Planters, and Others], Sprayer, Irrigation Machinery [Sprinkler Irrigation, Drip Irrigation, and Others], Harvesting Machinery [Forage Harvesters, Combine Harvesters, and Others], and Haying & Forage Machinery [Balers, Mowers & Conditioners, and Others]) |
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Country |
Canada |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Deere & Company; Kubota Canada Ltd; CNH Industrial America LLC; KUHN NORTH AMERICA, INC.; and CLAAS KGaA mbH |
The Canada Agricultural Machinery Market Segment Insight
Tractors segment is anticipated to register at a significant CAGR
On the basis of types, the market is segmented into tractors, plugging & cultivating machinery, planting machinery, sprayer, irrigation machinery, harvesting machinery, and haying & forage machinery. The tractors segment is further categorized as less than 40 HP, 40 HP to 99 HP, and greater than 100 HP. The plugging & cultivating machinery segment is divided into harrows, rotovators & cultivators, ploughs, and others. The planting machinery segment is further segregated into spreaders, seed drills, planters, and others. The irrigation machinery segment is classified as sprinkler irrigation, drip irrigation, and others.
The harvesting machinery segment is classified as forage harvesters, combine harvesters, and others. The haying &forage machinery segment is further divided into balers, mowers & conditioners, and others. The tractors segment is anticipated to register a significant CAGR during the forecast period owing to the increasing farm mechanization in the country. Moreover, the increasing keen on purchasing high-end tractor, efforts to improve crop yields, and improved farm efficiencies are the some of the major factors expected to fuel the growth of the market segment in the coming years.
On the other hand, the plugging & cultivating machinery segment is projected to boost the growth of the market segment during the projected period due to the rising demand for smart equipment that are capable of providing accurate metrics on soil quality and vital parameters for a good harvest. Furthermore, the increasing product launches, rising initiatives by equipment manufacturers, and growing demand for technological advancement are key factors that are expected to grow the market segment at a rapid pace in the projected timeline.
Segments
Types
- Tractors
- Less than 40 HP
- 40 HP to 99 HP
- Greater than 100 HP
- Plugging & Cultivating Machinery
- Harrows
- Rotovators & Cultivators
- Ploughs
- Others
- Planting Machinery
- Spreaders
- Seed Drills
- Planters
- Others
- Sprayer
- Irrigation Machinery
- Sprinkler Irrigation
- Drip Irrigation
- Others
- Harvesting Machinery
- Forage Harvesters
- Combine Harvesters
- Others
- Haying & Forage Machinery
- Balers
- Mowers & Conditioners
- Others
Country
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Canada
Key Players
- Deere & Company
- Kubota Canada Ltd
- CNH Industrial America LLC
- KUHN NORTH AMERICA, INC.
- CLAAS KGaA mbH
Competitive Landscape
The key players competing in the Canada agricultural machinery market are Deere & Company; Kubota Canada Ltd; CNH Industrial America LLC; KUHN NORTH AMERICA, INC.; and CLAAS KGaA mbH. Some of these players are engaging in heavy investments in research & development activities and launching agricultural machinery to increase their market shares.
In June 2020, CLAAS launched a pair of Lexion 6000 Series straw walker that combines the Lexion 6800 and Lexion 6900 in 2020. The company designed the 6000 Series for markets in western Canada to increase the harvest efficiency and productivity of the country. The newly launched models helped to save time, make the job easier for farmers, and overcome the threshing grain problems & straw damages.
Frequently Asked Questions
Major companies include Deere & Company, Kubota Canada Ltd, CNH Industrial America LLC, KUHN NORTH AMERICA, INC., and CLAAS KGaA mbH.
Opportunities include government subsidies for fertilizers, seeds, and equipment, as well as ongoing technological innovation in machinery.
High equipment costs in emerging economies and disruptions caused by the COVID-19 pandemic are notable challenges.
Trends include the adoption of farm monitoring platforms, IoT in agriculture, and advanced control systems for equipment and resource management.
The tractors segment is anticipated to register significant growth due to increased farm mechanization and demand for high-end tractors.
The market covers tractors (less than 40 HP, 40-99 HP, greater than 100 HP), plugging & cultivating machinery, planting machinery, sprayers, irrigation machinery, harvesting machinery, and haying & forage machinery.
The pandemic disrupted supply chains, manufacturing, and transportation, leading to delays in procurement and restricted market growth.
Key drivers include rising demand for large-capacity farm machinery due to farm labor shortages, increasing government support through loan waivers and subsidies, and advancements in farm mechanization and technology.
The market is expected to reach USD 13.98 Billion by 2031, expanding at a CAGR of 7.6% from 2023 to 2031.
The Canada agricultural machinery market size was USD 7.23 Billion in 2022.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Agricultural Machinery Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Agricultural Machinery Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Agricultural Machinery Market - Supply Chain
4.5. Global Agricultural Machinery Market Forecast
4.5.1. Agricultural Machinery Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Agricultural Machinery Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Agricultural Machinery Market Absolute $ Opportunity
5. Global Agricultural Machinery Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Agricultural Machinery Market Size and Volume Forecast by Types
5.3.1. Tractors
5.3.2. Plugging & Cultivating Machinery
5.3.3. Planting Machinery
5.3.4. Sprayer
5.3.5. Irrigation Machinery
5.3.6. Harvesting Machinery
5.3.7. Haying & Forage Machinery
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Agricultural Machinery Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Agricultural Machinery Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Agricultural Machinery Demand Share Forecast, 2019-2026
7. North America Agricultural Machinery Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Agricultural Machinery Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Agricultural Machinery Market Size and Volume Forecast by Types
7.4.1. Tractors
7.4.2. Plugging & Cultivating Machinery
7.4.3. Planting Machinery
7.4.4. Sprayer
7.4.5. Irrigation Machinery
7.4.6. Harvesting Machinery
7.4.7. Haying & Forage Machinery
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Agricultural Machinery Demand Share Forecast, 2019-2026
8. Latin America Agricultural Machinery Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Agricultural Machinery Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Agricultural Machinery Market Size and Volume Forecast by Types
8.4.1. Tractors
8.4.2. Plugging & Cultivating Machinery
8.4.3. Planting Machinery
8.4.4. Sprayer
8.4.5. Irrigation Machinery
8.4.6. Harvesting Machinery
8.4.7. Haying & Forage Machinery
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Agricultural Machinery Demand Share Forecast, 2019-2026
9. Europe Agricultural Machinery Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Agricultural Machinery Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Agricultural Machinery Market Size and Volume Forecast by Types
9.4.1. Tractors
9.4.2. Plugging & Cultivating Machinery
9.4.3. Planting Machinery
9.4.4. Sprayer
9.4.5. Irrigation Machinery
9.4.6. Harvesting Machinery
9.4.7. Haying & Forage Machinery
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Agricultural Machinery Demand Share Forecast, 2019-2026
10. Asia Pacific Agricultural Machinery Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Agricultural Machinery Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Agricultural Machinery Market Size and Volume Forecast by Types
10.4.1. Tractors
10.4.2. Plugging & Cultivating Machinery
10.4.3. Planting Machinery
10.4.4. Sprayer
10.4.5. Irrigation Machinery
10.4.6. Harvesting Machinery
10.4.7. Haying & Forage Machinery
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Agricultural Machinery Demand Share Forecast, 2019-2026
11. Middle East & Africa Agricultural Machinery Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Agricultural Machinery Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Agricultural Machinery Market Size and Volume Forecast by Types
11.4.1. Tractors
11.4.2. Plugging & Cultivating Machinery
11.4.3. Planting Machinery
11.4.4. Sprayer
11.4.5. Irrigation Machinery
11.4.6. Harvesting Machinery
11.4.7. Haying & Forage Machinery
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Agricultural Machinery Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Agricultural Machinery Market: Market Share Analysis
12.2. Agricultural Machinery Distributors and Customers
12.3. Agricultural Machinery Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Deere & Company
12.4.2. Kubota Canada Ltd
12.4.3. CNH Industrial America LLC
12.4.4. KUHN NORTH AMERICA, INC.
12.4.5. CLAAS KGaA mbH
Methodology
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