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
-
Rising farm labor costs is the key factor anticipated to drive the market growth during the forecast period.
-
Availability of low-interest rates on loans and investment grants are the major factors expected to spur the market growth in the coming years.
-
Growing technological development in agricultural machinery is projected to boost the market expansion during the projected timeline.
-
High cost of agricultural equipments in emerging economies is expected to hamper the growth of market in the coming years.
-
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.
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.
|
Attributes
|
Details
|
|
Report Title
|
The Canada Agricultural Machinery Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
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])
|
|
Country
|
Canada
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
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
Key Players
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.
Request For Customization
Enquiry Before Buying
Speak With Analyst
