Research and Development Investment: Deere & Company vs Snap-on Incorporated

A Tale of Two Innovators: Deere & Company vs Snap-on Incorporated

In the ever-evolving landscape of industrial innovation, research and development (R&D) investments are pivotal. Deere & Company, a titan in agricultural machinery, has consistently outpaced Snap-on Incorporated, a leader in professional tools, in R&D spending. From 2014 to 2023, Deere & Company increased its R&D investment by approximately 58%, peaking at an impressive $2.29 billion in 2024. In contrast, Snap-on's R&D expenses remained relatively stable, with a modest 9% increase over the same period, reaching $64.7 million in 2023.

This disparity highlights Deere's commitment to innovation, likely driven by the need to integrate advanced technologies into its machinery. Meanwhile, Snap-on's steady investment reflects a focus on incremental improvements. As we look to the future, the question remains: will Snap-on ramp up its R&D to compete with industry giants like Deere, or will it continue its steady path?