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North America Agricultural Tractor Machinery Market – Growth, Trends, Covid-19 Impact, And Forecasts

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By Author: Statzy Market Research
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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.

For sample report please visit: www.statzyreports.com/report/sr496546/north-america-agricultural-tractor-machinery-market

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.

Increasing Cost of Labor Driving Mechanization

Farming has traditionally been a highly-labor intensive method in agriculture. However, the continually rising real wage of farm labor had a positive impact on the demand for tractors in the region, as farmers are increasingly adopting agricultural mechanization, including tractors, as a substitute for manual labor. According to the World Bank database, in 2019, in the United States, the agriculture sector accounted for 1.5% of the total employment rate, as compared to 1.4% in 2016. Moreover, the average hourly real wage for non-supervisory hired farmworkers increased by 17.4%, from USD 12.07 to USD 14.17 during 2014-2019, which further increased the demand for tractors in the country.

According to the Canadian Agriculture Human Resource Council, Canada's farm labor deficit is expected to double by 2029 to 123,000 workers, or one in three jobs, as shortages continue to hit the sector's bottom line. As such, the rapid shrinkage of farm labor has given a boost to the tractor market, and thus, driving the demand for tractors in the region.

Competitive Landscape

The North America agricultural tractor machinery market is consolidated, with few players dominating the market. Deere & Company, AGCO Corp., CNH Industrial NV, Same Deutz-Fahr Deutschland GmbH, and Claas KGaA mbH are some of the major players operating in the market. The companies are focusing on strengthening their base, by offering enhanced product features, competitive pricing, enhanced quality, increased scale of operation, and technological innovation.

Reasons to Purchase this report:

– The market estimate (ME) sheet in Excel format

– 3 months of analyst support

For sample report please visit: www.statzyreports.com/report/sr496546/north-america-agricultural-tractor-machinery-market

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Poojan Dogra

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Statzy Market Research

Email : sales@statzyreports.com

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Website : www.statzyreports.com

More About the Author

StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.

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