North America Agricultural Tractor Machinery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The North America agricultural tractor machinery market is expected to register a CAGR of 6.2% over the forecast period (2021-2026).

Farming operations make up the largest end-user for the agriculture industry. Many farmers in North America are contending with economic hardship due to the COVID-19 pandemic, with a rise in farm bankruptcies in 2020. As a result, many farming operations have delayed due to the less availability of agriculture tractors. Increased prices in diesel due to the economic uncertainty and supply chain delay impacted negatively in the region.

With changing industrial trends, leading to the development of more sophisticated agricultural machinery, farming methods have taken a giant leap forward. Farm mechanization increased the productivity of the producer, improved the quality of the product, and reduced the hazards of operations. However, with developing technology, in the future, driverless tractors, which use GPS maps and electronic sensors, may come into play. The United States and Canada are the major markets in the region, but tractor sales are projected to be the fastest in Mexico.

Scope of the report

Agricultural tractors are used in farm operations across the globe including North America. The North America agricultural tractor machinery market provides an understanding of the agricultural tractor machinery in North America which has been segmented based on Product type (less than 40 HP, 40 to 100 HP, above 100 HP, and 4 WD farm tractors), primarily depending on the end applications. Based on Geography, the market is segmented into the United States, Canada, Mexico, and the Rest of North America. The report provides an overview of the major players in the industry and the key strategies adopted by them to sustain and grow in the market studied.

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Key Market Trends

Increasing Adoption of Farm Mechanization

With changing industrial trends, leading to the development of more sophisticated agricultural machinery, farming methods have taken a giant leap forward. Increased farm consolidation, a large production base, and greater government support through subsidies are driving the sales of agricultural tractor machinery.

In most of the markets in North America, farmers are increasingly adopting advanced technology, such as precision farming systems and GPS-controlled agricultural machinery. The North American market is driven by the sales of higher engine-power tractors, with tractors of power more than 40 HP contributing a major market share. Alongside, major players like Deere & Company, AGCO Corp., CNH Industrial NV are focusing on manufacturing agricultural tractors with advanced technology which drives the market during the forecast period.

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