Nov 26, 2017   SOURCE: BusinessWire

Agricultural Machinery Market in the US - Segmentation Analysis and Forecast by Technavio

According to the latest market study released by Technavio, the agricultural machinery market in the US is expected to grow at a CAGR of over 5% during the forecast period.

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Technavio has published a new report on the agricultural machinery market in the US from 2017-2021. ...

Technavio has published a new report on the agricultural machinery market in the US from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Agricultural Machinery Market in the US 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

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The market research analysis categorizes the agricultural machinery market in the US into the following type of product based segments:

  • Tractors
  • Combined harvesters
  • Haying machinery
  • Planting and fertilizing machinery
  • Plowing and cultivating machinery
  • Livestock machinery

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The top three product segments are discussed below:

Tractors

The tractors market in the US is an established market, and it is expected to grow at a slow rate during the forecasted period. The incorporation of precision farming techniques using advanced tractors in agriculture practices will assist in further enhancing the agricultural output. During the forecast period, this method is expected to become popular among farmers. Mid-range and compact tractors witnessed a strong growth during the review period.

According to Shikha Kaushik, a lead analyst at Technavio for agricultural equipment research, “In the tractors segment, environmental concerns and cost of operations have caused manufacturers to come up with several types of fuel-compatible tractors such as LNG, CNG, kerosene, vegetable oil, diesel, and propane. The use of other fuels apart from traditional fuel provides benefits such as longevity of fuel engine and considerably lower operating cost due to low maintenance requirements. Manufacturers in this market are extensively investing in R&D to manufacture tractors that can be operated on alternative fuels.”

Combined harvesters

Large farms require big agricultural machinery to accomplish sustainable farming needs. Thus, the manufacturers in this segment are engaged in manufacturing advanced combined harvesters because of the increase in farm operations. For instance, corn combine harvester accounted for 50% of the overall market for combine harvester in the US in 2015. Farmers have started adopting advanced agricultural equipment to cut down their variable costs for agriculture practices, primarily due to increased labor costs.

“The initial cost of combine harvester is high. But, the improving economic conditions are propelling the market to grow. Seasonal variations have reduced the time interval for farming operations such as planting and harvesting of crops. To maximize the efficiency of yield in a short period, large and powerful equipment is required to perform the tasks,” says Shikha.

Haying machinery

The growth of dairy and animal farming has increased the demand for hay in the market during the forecast period. To meet this high demand of hay for dairy and animal farming, farmers producing hay are equipping their agriculture practices with machines such as haying machines. With the moderate growth in the economy in the year 2016, the demand for meat products has also increased, which was further supported by a lot of meat supplies. Livestock producers in the market will have access to better profit margins and increase their hay production, further driving the demand for hay machinery.

The top vendors highlighted by Technavio’s market research analysts in this report are:

  • Deere & Company
  • CNH Industrial
  • AGCO
  • Kubota

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