Tractors & Agricultural Machinery Manufacturing in Canada - Market Research Report (2014-2029)

Harvest Time: Rising Productivity and Commodity Prices Are Expected to Drive Industry Demand

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.

Agricultural machinery manufacturers in Canada have had tepid growth despite fluctuating demand over the five years to 2023. These companies manufacture a variety of products, including tractors and harvesters, that are essential to modern-day farming. While these products are ubiquitous on farms, revenue remains exposed to the volatility of farm income, which affects farm demand for new equipment. Agricultural machinery manufacturers have endured uneven demand from farms in Canada and the United States as agricultural commodity prices had increased volatility in recent years, especially amid the COVID-19 pandemic, though subsidies muted this trend. Revenue is anticipated to climb at a CAGR of 1.0% to $5.2 billion over the five years to 2023. This includes an increase of 2.0% in 2023 alone as the economy continues to normalize following the pandemic. Profit has also inched upward as technological advances have encouraged farmers to buy new machines.

The Tractors and Agricultural Machinery Manufacturing industry in Canada manufactures agricultural machinery and equipment and powered home lawn and garden equipment. Agricultural equipment includes tractors, harvesting and seeding machinery and other machinery, such as grinders, mixers, wool presses and windmills.