Market Size of Brazil Agricultural Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.60 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brazil Agricultural Machinery Market Analysis
The Brazil agricultural machinery market size is estimated at USD 7.10 billion in 2023 and is expected to reach USD 8.87 billion by 2028, registering a CAGR of 4.6% during the forecast period (2023-2028).
- Agriculture in Brazil is well developed in attaining self-sufficiency, and the country is also one of the major exporters of several agricultural commodities. The government has extensive farmland and the potential to expand it on a large scale. Therefore, the increase in the area of agriculture caters to the growth of the agricultural machinery market.
- Additionally, the increased awareness of the farmers about advanced agricultural equipment to improve production, reduction of cost of crop production, and the income-focused tendencies of farmers are pushing them to adopt the agricultural equipment in the farms.
- Along with this, more prominent farm owners' acquisition of smaller farms is increasing the consolidation of farms. The larger farms require high labor costs for farming operations. Therefore, to reduce the cost of labor, large farm owners prefer agricultural machinery, making farming operations easy and cost-effective.
- Moreover, improving technologies, such as precision farming, expanding planted areas, favorable government initiatives, lowering trade barriers, strengthening agricultural infrastructure, and growing demand for food are the key factors driving the growth of agriculture equipment in the country.
- The market is primarily dominated by the top three global players, John Deere, AGCO & CNH Industrial, due to the higher quality of products and better after-sales service. Domestic manufacturing accounts for most machinery sales due to the presence of local production plants of all the major companies.
