Combines & Grain Harvesters
Manufacturers of combine harvesters and grain headers for row crop harvesting.
Market snapshot
These figures describe Agricultural & Farm Equipment (5.6.2), the segment that Combines & Grain Harvesters sits within — not Combines & Grain Harvesters on its own.
- Market size
- ~$53B
- Growth
- ~10.0%CAGR (2017–22, nominal)
- Companies
- ~1,300
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 333111 (farm machinery) + 333112 (lawn & garden equipment); 2022 reflects strong farm economics and pricing.
Business model & economics
Revenue model
Equipment sales through dealers plus parts and service
Key economics
- Recurring revenue
- Moderate–High
- EBITDA margin
- Cyclical equipment; strong aftermarket
- Capex intensity
- High
recurring parts, service, and precision-ag
Characteristics
- Consolidated around Deere, CNH, AGCO, Kubota.
- Precision agriculture, autonomy, and connectivity rising.
- Cyclical with farm income and crop prices.
Geographic concentration
Agricultural and farm equipment manufacturing concentrates in the farm-belt core — Nebraska, Iowa, and Kansas — close to the row-crop operations that drive demand.
U.S. Census Bureau — 2022 County Business Patterns (establishments by state), NAICS 333111. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- Agricultural-equipment majors
- Precision-ag & ag-tech acquirers
- PE-backed dealer/component platforms
What’s driving deals
- Precision-ag and autonomy technology.
- Aftermarket and dealer consolidation.
- Farm-economics cyclicality.
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