The United States agricultural machinery market size is projected to expand at a CAGR of 4.7% during the forecast period, 2021-2028. The growth of the market is attributed to the increasing farm labor charges, and labor scarcity.
The COVID-19 pandemic has created few challenges, as the market relies on the manufacturing industry. The migration of labor and lack of availability of raw materials during the pandemic period had disrupted the growth of the market. Export and supply got disrupted due to restricted movements and imposition of lockdown worldwide. Consignments went on halts, which created severe business losses for the manufacturers and distributors.
Agricultural machinery manufacturers are at the forefront of change and evolution of the agriculture sector, giving rise to the modern-day integrated farm management approach. In most of the markets in the US, farmers are increasingly adopting advanced technology, such as precision farming systems and GPS-controlled agricultural machinery.
Market Drivers, Restraints, Trends, and Opportunities
- Increased farm consolidation, positive economic outlook, large production base, and greater government support through subsidies are driving sales of high capacity agricultural machinery and equipment in the country.
- Rising adoption of precision farming is one of the key factors that is driving the growth of the market segment.
- Technological advancements are expected to proliferate the growth of the market.
Scope of the Report
The report on the United States 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
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Details
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Report Title
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Agricultural Machinery Market - United States Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Ploughing and Cultivating Machinery (Ploughs, Harrows, Cultivators & Tillers, and Others), Planting Machinery (Seed Drills, Planters, Spreaders and Others), Harvesting Machinery (Combine Harvesters, Forage Harvesters, and Others), Haying and Forage Machinery (Mowers, Balers, Tedders and Rakes, and Others), Irrigation Machinery (Sprinkler Irrigation, Drip Irrigation, and Others)
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Geographical Zone
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The US
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Report Coverage
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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
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Deere & Company, CNH Industrial, AGCO Corporation, KUBOTA Corporation, Mahindra Agriculture North America
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United States Agricultural Machinery Market Segment Insights
Cultivators & tillers to hold a large market share
Based on plowing and cultivating machinery, the market is divided into ploughs, harrows, cultivators & tillers, and others. The cultivators & tillers segment to hold a largest market share and is expected to projected a CAGR of 3.7% during the forecast period. Rising trend of incorporating autonomous robotics into agriculture, to reduce the reliance on manual labor, while increasing efficiency, product yield, and quality is driving the segment growth. An automated cultivator has been developed by the US Davis Smart Farm, California, as a part of its research initiative. These new developments can enhance the growth of cultivators in the market.
Planters segment to account a significant market share
On the basis of planting machinery, the market is classified as seed drills, planters, spreaders, and others. The planters segment is projected to account for a significant market share during the forecast period. The segment growth is owing to the increasing use of seed planters in the country.
Combine harvesters segment to register a high CAGR
In terms of harvesting machinery, the market is segregated into combine harvesters, forage harvesters, and others. The combine harvesters segment is projected to register a high CAGR during the forecast period. The segment growth is due to the rising use of combine harvesters due to the convenience the machine provides on the farms.
Mowers segment to account a considerable market share
Based on haying and forage machinery, the market is segmented into mowers, balers, tedders and rakes, and others. The mowers segment is projected to register a considerable market share during the forecast period. On the other hand, the tedders and rakes segment is expected to grow at a steady rate in the projected timeline.
Drip irrigation segment to exhibit a robust CAGR
On the basis of irrigation machinery, the market is segregated into sprinkler irrigation, drip irrigation, and others. The drip irrigation segment is projected to exhibit a high during the forecasted period. Many farmers are shifting to drip irrigation as it prevents the wastage of water. Moreover, rising government support to boost the agricultural economy is stimulating the segment growth.
Segments
The United States agricultural machinery market has been segmented on the basis of:
Ploughing and Cultivating Machinery
- Ploughs
- Harrows
- Cultivators & Tillers
- Others
Planting Machinery
- Seed Drills
- Planters
- Spreaders
- Others
Harvesting Machinery
- Combine Harvesters
- Forage Harvesters
- Others Harvesters
Haying and Forage Machinery
- Mowers
- Balers
- Tedders and Rakes
- Others
Irrigation Machinery
- Sprinkler Irrigation
- Drip Irrigation
- Others
Country
Key players
- Deere & Company
- CNH Industrial
- AGCO Corporation
- KUBOTA Corporation
- Mahindra Agriculture North America
Competitive Landscape
Some of the major players in the market are Deere & Company, CNH Industrial, AGCO Corporation, KUBOTA Corporation, Mahindra Agriculture North America.
Mergers & acquisitions, partnerships, expansion and product launches are the business strategies adopted by the major players in the market.
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