Canada Agricultural Machinery Market Size (2024 - 2029)

Canada Agricultural Machinery Market Analysis

The Canada Agricultural Machinery Market size is estimated at USD 8.37 billion in 2024, and is expected to reach USD 12.08 billion by 2029, growing at a CAGR of 7.60% during the forecast period (2024-2029).

• Rising mechanization in the Canadian agriculture sector coupled with the surge in farmers' income is likely to be the primary factor driving the growth. Furthermore, the extensive pressure to improve the productivity of agricultural land is expected to foster over the forecast period, which will directly promote the tendency of farmers or land operators toward the incorporation of agricultural machinery in farming.
• Additionally, technologically advanced agricultural robotics, like autonomous tractors, plowing and cultivating machinery, planting machinery, sprayer irrigation machinery, and haying and forage machinery to help Canadian farmers produce food at low costs to fulfill the growing demand for food, are anticipated to be better prospects for market growth during the coming year. However, heavy initial procurement costs and high expenditure on maintenance will act as a barrier to the market.
• Furthermore, an increase in demand for large-capacity farm machinery due to a shortage in farm labor, favorable government subsidies for farm mechanization, and technological innovation to develop innovative agricultural machinery are some of the factors driving the market growth. For instance, in 2020, the Canadian government introduced a program 'Canadian Agricultural Loans Act', which provided farmers with a loan of around USD 500 thousand on the purchase of land or tractors. All these factors are boosting the agricultural machinery market in the country.

Canada Agricultural Machinery Industry Segmentation

Agricultural machinery relates to the devices and mechanical structures used in farming or other agriculture. For the purpose of this report, the machinery used in agricultural operations has been considered. The report does not cover machinery used for industrial and construction purposes or multi-purpose tractors, machinery, and equipment used for both agricultural and non-agricultural operations.

The Canada Agricultural Machinery Market is segmented by Type into Tractors (Less than 40 HP, 40 HP to 99 HP, and Greater than 100 HP), Ploughing and Cultivating Machinery (Plows, Harrows, Rotavators and Cultivators, and Other Equipment), Planting Machinery (Seed Drills, Planters, Spreaders, and Other Planting Machinery), Sprayers, Irrigation Machinery (Drip Irrigation, Sprinkler Irrigation, and Other Irrigation Machinery), Harvesting Machinery (Combine Harvesters and Other Harvesting Machinery), Haying and Forage Machinery (Mowers and Conditioners, Balers, and Other Haying and Forage Machinery), and Other Types. The report offers the market size and forecasts for agricultural machinery in value ( USD million) for all the above segments.