Sales of farm machinery and equipment in the US stood at 26.114 billion USD in 2023. Historically, the sales figures illustrated significant fluctuations: a decline from 38.524 billion USD in 2014 to a low of 22.568 billion USD in 2016, followed by a modest recovery and stabilization. Over the last two years, the market has shown a minimal increase, with a year-on-year variation of 0.12% in both 2022 and 2023. The CAGR over the past five years was 0.12%, highlighting a stagnant market trend.
For the future, forecasted data suggests a continued slow growth, achieving a 2028 figure of 26.257 billion USD with an average annual growth rate of just 0.09%. This indicates a market with little expansion.
Future trends to watch for include:
- Technological advancements in agricultural machinery.
- Government policies and subsidies affecting farm equipment purchases.
- Market consolidation and mergers within the farm machinery sector.
- Shifts in agricultural practices and sustainability efforts influencing equipment needs.
