Argentina Agricultural Machinery Market Size

Argentina Agricultural Machinery Market Analysis

The Argentina Agricultural Machinery Market size is estimated at USD 1.33 billion in 2024, and is expected to reach USD 1.77 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

• Argentina has a long-established local industry of manufacturing farm machinery and implements with approximately 730 companies and was one of the first industries to develop in the country due to agriculture's predominant role in the economy. According to local statistics, domestic production of agricultural machinery and equipment accounts for around 80% of the total sector.
• Previous government administrations have contributed to this expansion by encouraging local production of parts and components. This has caused multinationals to incorporate more than 50% local components into their manufactured equipment, strengthening the market's growth during the forecasting period.
• Some of the major players also invest in technological research to manufacture smart farming machinery based on consumer demand in the country. For instance, in 2021, CNH Industrial announced to double the production of harvesters and tractors in its plant in Córdoba, Argentina. The company expects, through its Case IH and New Holland brands, to produce a total of 2,500 machines which will boost the machinery segment in the country during the forecast period.
• Argentina's agriculture continues to grow strongly, and the trend is reflected in the sale of new agricultural equipment. The reason for the increase in sales was the expansion of the financing lines of banks that offer affordable rates and terms. In addition, the rise in the prices of contractor services is also one of the prime market-driving factors that lead producers to buy their own agricultural machinery.