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The Latest Growth Trends in the Farm Machinery & Equipment Industry

Posted by IndustryNet on Monday, April 29, 2019

100000375_farm_machinery-minThe farm machinery and equipment industry is a significant industry in the agricultural sector. Agricultural operations cannot function without proper equipment and machinery.

The farm machinery and equipment industry is large, encompassing machines for tillage, planting, fertilizing, seeding, irrigation, pest control, haymaking, harvesting, milking, wool presses, windmills, and more, as well as tractors.

Market Influences on Farm Machinery

One of the biggest influences on the farm machinery sector at the moment is the changes in tariffs.

This has led to higher prices in the industry, which means farms are in search of ways to cut costs. Through the farm equipment industry, farmers are able to reduce time spent and labor costs, helping with reductions of their own spending.

The advancement of technology and cost-cutting strategies also play a role in the industry. Even before the tariffs began influencing the market, farmers were searching for ways to cut on costs, which the use of proper machinery and equipment can provide.

This has worked closely with the introduction of new technology into machinery, such as GPS software or tractors that feature telematics. The industry is also influenced by the cost, availability and reliability of used equipment.

This offers a cost-saving strategy for farmers, which can reduce the cost of purchasing new equipment when quality pre-owned machinery is available.

Number of Companies

To better understand the current market influences on the farm machinery and equipment industry, gain a deeper understanding of where it currently stands. According to MNI, compiler and publisher of the industrial data that powers IndustryNet, there are 1,574 companies within the given space, including 16 (or 1%) that are woman-owned and one (or less than 0%) that is minority-owned.

A total of 250 (or 16%) import raw materials, while 915 (58%) focus on domestic distribution with 631 (40%) focusing on international distribution.

Most companies in the sector are private, with 1,490 (95%) compared to just 73 (5%) public companies.

Employment Trends in Farm Machinery & Equipment

The farm machinery and equipment industry currently has 76,489 jobs. One year ago, this figure was 74,693, indicating an increase of 2.40%. Of the individual companies in the industry, 67 (4%) report employment increases and 68 (also 4%) report employment decreases.

Sales Trends in Farm Machinery & Equipment

The current average sales for the agricultural equipment industry is $109.87 billion. One year ago, this figure was $109.09 billion. This indicates an increase of 0.72%. Looking at individual companies within the industry, 13 (or 1%) report sales growth with just seven (less than 0%) reporting sales declines.

Regional Data

A look at regional data can also provide some insights into the farm equipment industry. Most of the companies are in the Midwest, where you will find 828 or 53% of them. The South has the next largest quantity of companies in the industry, with 369 or 23%.

This is followed by the West with 280 or 17.79%, and, finally, the Northeast with just 97 or 6.16%.

Factors like tariffs are currently influencing the farm machinery and equipment industry. This industry is large and is showing growth at the moment. Future changes to tariffs and other market influences will impact the direction of the industry as well as the speed of its growth.

Finding Farm Equipment Suppliers

Looking for farm equipment supplies or farm machinery? IndustryNet is a free industrial marketplace, connecting buyers with 400,000 U.S. manufacturers and suppliers of more than 10,000 products and services. Click here to see a listing of all the farm equipment companies in the U.S.

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