Agricultural Machinery Components Market Report Published: Profiling Deere, CNH Industrial, and Other Major Players
Analysts project the global agricultural machinery components market to reach $77.91 billion by 2031, driven by the demand for aging fleet maintenance and precision farming technology adoption.
Research and Markets has released its latest report titled "Agricultural Machinery Components - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)." The document highlights that the global market for agricultural machinery components is projected to grow from USD 58.12 billion in 2026 to USD 77.91 billion by 2031, representing a compound annual growth rate (CAGR) of 6.04%.
The primary driver of the market is the aging of current equipment fleets. Farmers globally are extending the service lives of their tractors, harvesters, and other machinery, fueling the demand for filters, bearings, gaskets, and driveline parts. For instance, in Italy, the average machine age reached 22 years, with the used tractor market hitting 57,000 units. Major manufacturers like Deere & Company and AGCO Corporation report lower demand for new units, indicating a strategic shift by agricultural producers toward long-term maintenance and equipment life-extension.
Another significant growth factor is the retrofitting of existing equipment with precision farming technologies. The rising need for sensors, GPS guidance, telematics, and electronic control units is propelling the electronics segment. Electrical and electronic components are expected to record the fastest growth, advancing at a 8.1% CAGR through 2031. Innovations like AGRA-GPS’s JD-Bridge—which enables cross-brand integration—demonstrate the growing market appetite for compatibility across mixed fleets.
However, financial constraints remain a restraint. Elevated energy and fertilizer costs, combined with weaker agricultural incomes, have encouraged buyers to focus on safety-critical and uptime-critical repairs rather than discretionary upgrades. Despite this, the baseline demand for components remains resilient. In 2025, engine components accounted for 28.4% of the total market, maintaining their position as the leading segment for aftermarket revenue.
North America remains the largest regional market, holding 32.7% of global revenue in 2025, supported by a vast base of high-horsepower equipment. In the United States, repair-access initiatives are further empowering independent service providers. Meanwhile, the Asia-Pacific region is forecast to be the fastest-growing market, expanding at a 6.9% CAGR through 2031. The report provides detailed profiles for 15 industry leaders, including Deere, CNH Industrial, AGCO, and Kubota.