Market Size of United States Agricultural Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 39.56 Billion |
| Market Size (2029) | USD 53.70 Billion |
| CAGR (2024 - 2029) | 6.30 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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USA Agricultural Machinery Market Analysis
The United States Agricultural Machinery Market size is estimated at USD 39.56 billion in 2024, and is expected to reach USD 53.70 billion by 2029, growing at a CAGR of 6.30% during the forecast period (2024-2029).
- Agriculture has always been of great importance to the United States, as feeding one of the world's largest populations is challenging.
- Rising mechanization in the country's agriculture sector and the surge in farmers' income are likely to be a primary factors driving the growth. Further, the extensive pressure to improve agricultural land productivity is expected to foster over the forecast period, which will directly promote the tendency of farmers or land operators toward incorporating agricultural machinery in farming.
- The farmers in the country have been able to avail themselves of timely subsidies on agricultural machinery purchases. This, in turn, has helped even small-scale farmers invest in the country's agricultural machinery. Additionally, technologically advanced agricultural robotics, like autonomous tractors, plowing and cultivating machinery, planting machinery, sprayer irrigation machinery, and haying and forage machinery to help United States farmers produce food at low costs to fulfill the growing demand for food, are anticipated to be better prospects for market growth during the coming year. However, high initial procurement costs and high maintenance expenditures will be a barrier to the market.
- Furthermore, several players in the country are taking initiatives to boost the market's growth. For instance, in March 2021, John Deere developed the first factory-installed, integrated tractor and planter solution, ExactRate, in the United States.
- Therefore, an increase in demand for large-capacity farm machinery due to a shortage in farm labor, favorable government subsidies for farm mechanization, and technological innovation to develop innovative agricultural machinery are the factors driving the market growth over the forecast period.
