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

Vaughan Immerwahr Vaughan Immerwahr New York, United States Last Updated: September 2024 NAICS 33311

Revenue

$38.1bn

2024

$37.7bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

70,517

Businesses

1,016

Wages

$X.Xbn

Tractors & Agricultural Machinery Manufacturing in the US industry analysis

The agricultural machinery manufacturing industry in the US is currently experiencing significant challenges due to high crop production and persistently high interest rates. While crop prices expanded machinery sales early in the current period, record-high crop production levels have since led to an oversupply, causing crop prices to plummet. Consequently, farmers' incomes have fallen, resulting in tightened budgets and deferred machinery purchases. Additionally, the market has been impacted by consistently high interest rates, making financing for new equipment less accessible. This financial strain has narrowed the profit for manufacturers, affecting smaller manufacturers more severely. Despite these obstacles, emerging markets in Southeast Asia, Africa and Latin America are providing new avenues for growth, with increased demand driven by the modernization of farming practices in these regions. Industry revenue has fallen at a CAGR of 3.4% over the current period to reach an estimated $38.1 billion after an increase of 1.0% in 2025.

Trends and Insights

  • High interest rates have reduced demand for new agricultural machinery. However, as borrowing costs begin to ease, farmers will have easier access to financing to upgrade their machinery.
  • Demand for farm machinery and equipment is rising due to the growing global population and advancements in technology. Farmers are turning to more efficient and advanced machinery to increase productivity and adopt precision farming practices.
  • The Plains is a prime location for agricultural machinery manufacturers due to its high concentration of farms. The ample open spaces and supportive government policies make it ideal for large-scale manufacturing establishments, particularly those producing tractors and other farming equipment.
  • Stringent environmental and safety regulations create significant barriers to entry into the agricultural machinery manufacturing industry. Compliance with these laws and standards can be both costly and time-consuming for new manufacturers.

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  • Market estimates from 2015-2030
  • Critical performance data and rankings
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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has declined at a CAGR of 3.4 % over the past five years, to reach an estimated $38.1bn in 2024.

Trends and Insights

High crop production pushes down prices and hurts machinery demand

  • US farmers have achieved record-high crop production in recent years, driven by advancements in agricultural mechanization and favorable growing conditions. For example, the USDA's January 2025 Crop Production Report highlights that US corn production for 2024 totaled 14.9 billion bushels, while soybean production reached 4.37 billion bushels, a 5% increase from the previous year. However, this surge in production has led to oversupply, pushing prices downward. Corn prices are projected to decline further to $4.25 per bushel in 2025, down from $4.40 in 2024 and significantly lower than the highs of $6.54 per bushel in 2022. Similarly, soybean prices remain under pressure due to increased global production.
  • Additional trends and insights available with purchase
Tractors & Agricultural Machinery Manufacturing in the US
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2025-2030)

Market size is projected to decline over the next five years.

Trends and Insights

Agricultural price declines will continue to pressure industry revenue

  • Declines in the global agricultural price index are projected to persist through 2030, driven by record-high crop production in major exporting regions like Brazil, Argentina and the US. According to the USDA’s Agricultural Projections to 2033, global corn production is expected to grow steadily, with Brazil surpassing the US as the top exporter due to expanded acreage and higher yields. Similarly, soybean production in South America is anticipated to remain robust, with Brazil and Argentina a significant proportion of global exports. The oversupply of these and other core crops and stagnant demand growth in key markets like China will push prices downward.

Biggest companies in the Tractors & Agricultural Machinery Manufacturing in the US

Company
Market Share (%)
2025
Revenue ($m)
2025
Profit ($m)
2025
Profit Margin (%)
2025
14,374.4
2,809.0
19.5
4,935.2
567.1
11.5
2,559.2
456.7
17.8

To view the market share and analysis for all 7 top companies in this industry, view purchase options.

Products & Services Segmentation

Tractors & Agricultural Machinery Manufacturing in the US
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Other farm machinery and equipment, Tractors and attachments and Consumer lawn, garden and snow equipment. Other farm machinery and equipment is the largest segment of the Tractors & Agricultural Machinery Manufacturing in the US.

Trends and Insights

Unlocking potential with all farm machinery and equipment

  • This farm machinery and equipment segment refers to a wide range of products, including haying machinery, planting, seeding and fertilizing machinery, plows, parts and all other related agricultural machinery and equipment.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

Industry producers 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.

What's included in this industry?

Manufacturing farm tractors and attachments Manufacturing harvesting equipment and machinery Manufacturing consumer lawn, garden and snow equipmentManufacturing commercial turf and grounds equipment Manufacturing farm dairy equipment, sprayers, dusters and blowersManufacturing other farm machinery and equipment

Companies

Deere & CoCnh Global N VStanley Black & Decker, Inc.

Purchase this report to view all 7 major companies in this industry.

Related Terms

TILLAGESEEDERWINDROWWINDROWERCOMBINEYIELDPRECISION FARMING

Industry Code

NAICS 2017

NAICS 33311 - Tractors & Agricultural Machinery Manufacturing in the US

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

High interest rates have reduced demand for new agricultural machinery. However, as borrowing costs begin to ease, farmers will have easier access to financing to upgrade the...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Demand for farm machinery and equipment is rising due to the growing global population and advancements in technology. Farmers are turning to more efficient and advanced mach...

In this chapter

  • Products & Services
  • Major Markets
  • International Trade

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level
  • Total imports, level and trend
  • Total exports, level and trend
  • Trade Balance

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024
  • International trade, including imports by country and exports by country

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services
  • Recent trends in import and export volumes, country of origin or destination, and expected future trends

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

The Plains is a prime location for agricultural machinery manufacturers due to its high concentration of farms. The ample open spaces and supportive government policies make ...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each state
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each state in 2024
  • Number and share of revenue each state accounts for in 2024
  • Number and share of wages each state accounts for in 2024
  • Number and share of employees in each state in 2024

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Stringent environmental and safety regulations create significant barriers to entry into the agricultural machinery manufacturing industry. Compliance with these laws and sta...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Established brands like John Deere, CNH Industrial, AGCO and Stanley Black and Decker dominate the tractor and agricultural machinery industry. Their strong brand recognition...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Deere & Co's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Cnh Global N V's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Stanley Black & Decker, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for 4 additional companies

Detailed analysis

  • Description and key data for Deere & Co, and factors influencing its performance in the industry
  • Description and key data for Cnh Global N V, and factors influencing its performance in the industry
  • Description and key data for Stanley Black & Decker, Inc., and factors influencing its performance in the industry
  • Description, key data and performance trends for 4 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

The USDA and other public sector entities provide financial support to foster economic development in rural areas. This assistance includes loans and grants for purchasing ma...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

The profitability of agricultural machinery manufacturers is subject to various factors, including operational scale, production efficiency and market conditions. Influences ...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Industry Multiples (2017-2022)
  • Industry Tax Structure (2017-2022)
  • Income Statement (2017-2022)
  • Balance Sheet (2017-2022)
  • Liquidity Ratios (2017-2022)
  • Coverage Ratios (2017-2022)
  • Leverage Ratios  (2017-2022)
  • Operating Ratios (2017-2022)
  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Tractors & Agricultural Machinery Manufacturing in the US industry in United States in 2025?

The market size of the Tractors & Agricultural Machinery Manufacturing in the US industry in United States is $38.1bn in 2025.

How many businesses are there in the Tractors & Agricultural Machinery Manufacturing in the US industry in 2024?

There are 1,016 businesses in the Tractors & Agricultural Machinery Manufacturing in the US industry in United States, which has declined at a CAGR of 2.7 % between 2019 and 2024.

Has the Tractors & Agricultural Machinery Manufacturing in the US industry in United States grown or declined over the past 5 years?

The market size of the Tractors & Agricultural Machinery Manufacturing in the US industry in United States has been declining at a CAGR of 3.4 % between 2019 and 2024.

What is the forecast growth of the Tractors & Agricultural Machinery Manufacturing in the US industry in United States over the next 5 years?

Over the next five years, the Tractors & Agricultural Machinery Manufacturing in the US industry in United States is expected to decline.

What are the biggest companies in the Tractors & Agricultural Machinery Manufacturing in the US market in United States?

The biggest companies operating in the Tractors & Agricultural Machinery Manufacturing market in United States are Deere & Co, Cnh Global N V and Stanley Black & Decker, Inc.

What does the Tractors & Agricultural Machinery Manufacturing in the US in United States include?

Manufacturing farm tractors and attachments and Manufacturing harvesting equipment and machinery are part of the Tractors & Agricultural Machinery Manufacturing in the US industry.

Which companies have the highest market share in the Tractors & Agricultural Machinery Manufacturing in the US in United States?

The company holding the most market share in United States is Deere & Co.

How competitive is the Tractors & Agricultural Machinery Manufacturing in the US industry in United States?

The level of competition is moderate and steady in the Tractors & Agricultural Machinery Manufacturing in the US industry in United States.

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Competitors

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Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in the US include: 

  • US Census Bureau
  • US Bureau of Labor Statistics
  • US International Trade Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

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