Industry Analysis & Industry Trends
The Tractors and Agricultural Machinery Manufacturing industry has struggled over the past five years. Despite above-average performance of the agricultural sector in the early part of the period, the industry has been in decline since 2014. Lower demand for agricultural equipment and currency headwinds have contributed to lower revenue and margins for farmers, who as a result, have reduced purchases in 2013 and 2014. During the five years to 2021, demand for crops will continue to generate low to moderate demand for agricultural machinery. Industry operators are projected to benefit from growing demand for tractors and other machinery in South America and Asia because of their growing agricultural economy and population.
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Industry Report - Industry Locations Chapter
IBISWorld estimates that industry activity is concentrated in the Plains, Southeast and Great Lakes regions. Since about two-thirds of production is destined for the domestic market, agricultural activity is a primary determinant of the industry's geographical concentration.
The Plains region accounts for the majority (31.0%) of industry establishments. This region is the largest producer of field crops in the United States. The top four US field crops are corn, soybeans, wheat and hay. Accordingly, the Plains region accounts for about half of total corn production, 46.0% of total soybean production, 37.7% of total wheat production and 23.0% of total hay production... purchase to read more