Tractors & Agricultural Machinery Manufacturing in the US - Industry Market Research Report

Mowed down: Increased consumer spending is expected to support industry revenue growth

The Tractors and Agricultural Machinery Manufacturing industry is extremely sensitive to the performance of downstream markets. The agriculture industry has been extremely volatile over the current period. Overproduction due to heightened foreign demand and supply chain disruptions associated with the COVID-19 (coronavirus) pandemic kept crop prices low, stifling revenue, and consequently, demand for new equipment and machinery in 2020. However, increases in crop prices in 2021 due to rising consumer spending and demand from service establishments have helped downstream markets recover. In addition, the low interest rate environment over much of the current period increased private investment in industrial and manufacturing equipment, aiding the industry. Overall, industry revenue has increased an annualized 2.6% to $50.2 billion over the past five years. However, a decrease of 7.9% in 2023 alone is due to increasing interest rates.

Industry operators manufacture agricultural machinery and equipment, in addition to powered lawn and garden equipment for homes. Key agricultural equipment includes tractors, harvesting and seeding machinery, grinders, mixers, wool presses, windmills and other hardware.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.