North America Agricultural Machinery Market Growth [2031]

Report Description

North America Agricultural Machinery Market Outlook 2031

The North America agricultural machinery market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period, 2023–2031. The growth of the market is attributed to increasing farm consolidation, favorable government support & policies, large production infrastructure, and a positive economic outlook.

Agricultural machinery manufacturers are considered as the beacon and a face of change for the evolution of agricultural industry giving rise to the modern day integrated farm management approach.

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Majority of farmers in North America are rapidly adopting the advanced technology of farming such as precision farming system and GPS-controlled agricultural machinery which in the near future will be considered as the backbone of the industry.

Increased adoption of precision farming is one of the major factors compelling the growth of the market during the projected period.

North America is facing revolution in the farming sector as it undergoes massive advance technological advancement in tractors segments, with the increasing demand for the food items the cost incurred in the farming are inevitable, thus making the tractors an essential part of efficient farming.

Evolution of several mechanized farming techniques such as plowing, harvesting, tilling, and planting is estimated to drive the agricultural equipment market. Some of the benefits associated with the adoption of advanced mechanical equipments such as increased efficiency, less time consumption, and reduced human made errors are some of the factors boosting the market progress in the coming years.

United States faced few challenge due to the sudden impact of COVID-19, primarily in the tractor segment especially in power tillers and farm machinery sector, migration of labors, shortage of raw materials, and disruption of supply chain due to restricted movement and lockdown worldwide, causing consignments on halt creating business losses for the distributors and the manufacturers.

 Agricultural Machinery Market Trends, Drivers, Restraints, and Opportunities

• Increased farm consolidation, positive economic outlook and developed infrastructure are estimated to boost the market in the coming years.
• Increased government support and favorable policies is expected to drive the market during the forecast period.
• Rapid adoption of advanced technologies such as precision farming within the region is anticipated to impel the market during the projected period.
• R&D and technological advancement in farming industry with the integration of artificial intelligence in farming equipments/machineries creates lucrative opportunities for the key players of the market.
• Lack of awareness related to the usage of agricultural machinery by the small-scale farmers act as one of the factor that can hamper the growth of the market in the coming years.
• High cost of agricultural equipments in some of the developing economies possesses a challenge that can impede the market expansion during the projected period.

Scope of Agricultural Machinery Market Report

The report on the North America 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 Segment Insights

The tractors segment is expected to exhibit high CAGR

Based on types, the market is segregated into, tractors, equipment, irrigation machinery, harvesting machinery, haying and forage machinery, and others. The tractors segment is further segregated into less than 40 hp, 40 to 100 hp, above 100 hp, and 4 WD farm tractors. The equipment segment is sub-segregated into harrow, plow, cultivators and tillers, and others. The irrigation machinery segment is further fragmented into drip irrigation, sprinkler irrigation, and others.

The harvesting machinery segment is sub-categorized into forage harvester, combine harvester, and others. The haying & forage machinery segment is further divided into mowers, balers, and others . The tractors segment is expected to exhibit high CAGR in the coming years due to increasing demand for the food crop, thus making the tractors an inevitable part of efficient farming, also the wave of modern technology integrated with AI based tools for data transmission which can be incorporated with tractors for precise process of cultivation is expected to induce the demand for the technologically developed tractors in the near future.

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The United States is expected to dominate the market

In the term of geographies, the market is fragmented into the United States, Mexico, Canada, and Rest of North America. The United States is expected to dominate the market during the projected period owing to augmented demand for the low-engine power tractors of less than 40 HP as agriculture in considered as a major occupation for the population of the United States, whereas the mechanization of farming is estimated as one of the essential factors that increased productivity, export, and sales, thus escalating the market.