Asia Pacific Farm Equipment Market Size, Share, and COVID-19 Impact Analysis, By Type (Tractors, Harvesters, Planting Equipment, Spraying Equipment, Others), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Others), By Region (India, China, Japan, and Rest of Asia-Pacific), and the Asia Pacific Farm Equipment Market Insights Forecast to 2033

Industry: Agriculture

RELEASE DATE Feb 2024
REPORT ID SI3663
PAGES 200
REPORT FORMAT PathSoft

Asia Pacific Farm Equipment Market Insights Forecasts to 2033

  • The Asia Pacific Farm Equipment Market Size was valued at USD 123.46 Billion in 2023.
  • The Market Size is Growing at a CAGR of 5.03% from 2023 to 2033.
  • The Asia Pacific Farm Equipment Market Size is Expected to Reach USD 201.66 Billion by 2033.

 

Asia Pacific Farm Equipment Market

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The Asia Pacific Farm Equipment Market size is expected to reach USD 201.66 Billion by 2033, at a CAGR of 5.03% during the forecast period 2023 to 2033.

 

Market Overview

Farm equipment consists of mechanical devices such as tractors and various attached implements that are designed to be used in a variety of farming operations to save time and labor. These tools are easy to use and useful in a variety of agricultural operations, including primary and secondary soil tillage, cultivation, fertilizer spraying, insecticide, pesticide, and herbicide spraying, crop harvesting, irrigation systems, water conservation management, and livestock farming. Farm equipment is a necessary component of farming operations. The agricultural industry is transitioning from traditional to modern farming, which includes modern machinery. These tools are essential for increasing yield, improving soil maintenance, and making farming easier. The rise in agricultural practices for simple agro practices and increasing crop productivity drives demand for the Asia Pacific farm equipment market during this forecast period. The region's agricultural sector is rapidly changing as a result of technological advancements such as precision agriculture and automation, which are driving up demand for modern and efficient farm equipment. These technological advancements are transforming traditional farming practices and increasing productivity, allowing farmers to optimize operations and achieve higher yields. The Asia Pacific farm equipment market is expected to expand greatly, driven by technological advancements, government support, and the region's strong agricultural sector. As such, it provides a significant opportunity for agricultural machinery manufacturers and investors.

 

Report Coverage

This research report categorizes the market for the Asia Pacific farm equipment market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific farm equipment market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Asia Pacific farm equipment market.                 

 

Asia Pacific Farm Equipment Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 123.46 Billion
Forecast Period:2023 - 2033
Forecast Period 2023 - 2033 CAGR:5.03%
2033 Value Projection:USD 201.66 Billion
Historical Data for:2019 - 2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Application, By Region and COVID-19 Impact Analysis.
Companies Covered: J C Bamford Excavators Limited, Iseki & Co. Ltd., China National Machinery Industry Corporation Limited (Sinomach), Escorts Kubota Limited, AGCO Corporation, John Deere (Deere & Company), CNH Industrial (India) Pvt. Ltd., Kubota Corporation, Mahindra & Mahindra Limited, SDF SpA, and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The growing use of semi-automatic and automatic machines for planting and fertilization has increased the demand for advanced equipment in Asia-Pacific. Additionally, driven spreaders and sprayers are now more efficient, resulting in faster operation over large areas. These machines in the agricultural field ensure an even distribution of fertilizers and nutrients, lowering overall operating costs and time while increasing crop yield. Technological advancements in the agricultural sector have contributed considerably to the market's remarkable growth. Precision farming, AI, IoT, and automation have all contributed significantly to increased agricultural productivity. Furthermore, increased demand for used agricultural equipment is driving the market forward. Pre-owned equipment is a cost-effective solution for farmers who cannot afford new, high-tech machinery, expanding the market base.

 

Restraining Factors

Farmers' lack of understanding of the benefits of using agricultural equipment is a significant market constraint. Illiteracy, insufficient resources, and monetary incentives all hurt agricultural equipment adoption. The cost of farm equipment fluctuates due to a variety of factors, including raw material prices, manufacturing costs, import/export duties, and exchange rates. Affordability is a further major obstacle for farmers, particularly in the Asia-Pacific region.

 

Market Segment

  • In 2023, the tractors segment accounted for the largest revenue share over the forecast period.

Based on type, the Asia Pacific farm equipment market is segmented into tractors, harvesters, planting equipment, spraying equipment, and others. Among these, the tractor segment has the largest revenue share over the forecast period. The increasing mechanization of agriculture has resulted in a higher demand for tractors, which significantly reduce time and tasks. Tractors are used for a variety of farming tasks. Tractors are versatile machines capable of plowing, tilling, planting, and harvesting, making them indispensable on farms. Tractors are less expensive and more widely available than other high-tech farm machinery. This makes them a viable option for many farmers, particularly those working on a small scale or with limited resources. Tractors come in a variety of sizes and horsepower options, allowing farmers to select one that meets their specific needs and budget. Tractors provide additional benefits in addition to their low cost and government support. They are relatively simple to use and maintain, and replacement parts are readily available. Tractors can also be outfitted with a variety of attachments and implements, including plows, seeders, and cultivators, enhancing their versatility and utility on the farm.

 

  • In 2023, the land development & seed bed preparation segment is witnessing the largest growth over the forecast period. 

Based on application, the Asia Pacific farm equipment market is segmented into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, and others. Among these, the land development & seed bed preparation segment is witnessing the largest growth over the forecast period. A lack of farm labor due to urban migration and an aging farmer population has led to a greater reliance on machinery for land development and seedbed preparation. This trend is especially noticeable in countries like China and India, where labor-intensive farming methods have traditionally prevailed. Furthermore, government initiatives to promote farm mechanization have a significant impact on this trend. Many governments in the Asia Pacific region recognize the importance of modernizing agriculture and have taken a variety of steps to help farmers. As such, the use of machinery in agriculture has increased drastically, assisting farmers in overcoming labor shortages and improving overall productivity. This shift to mechanization not only addresses the immediate labor shortage but also allows farmers to increase efficiency and yield, thus contributing to food security and sustainable agricultural practices.

 

  • China is projected to have the largest share of the Asia Pacific farm equipment market over the forecast period.

Based on region, China is projected to have the largest share of the Asia-Pacific farm equipment market over the forecast period. China, with its vast arable land, is one of the world's largest agricultural powerhouses. The vast amount of cultivable land in this country necessitates the use of sophisticated farm equipment, resulting in a thriving farm equipment market. Furthermore, as the Chinese population's income and living standards have increased, dietary preferences have shifted considerably. As people seek diverse and high-quality food products, the demand for efficient and advanced farming practices has skyrocketed, boosting the farm equipment market. In addition to these factors, rapid urbanization has contributed strongly to China's agricultural dominance. As more people move to cities, rural labor availability decreases, resulting in an increased reliance on mechanized farming techniques.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific farm equipment market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • J C Bamford Excavators Limited
  • Iseki & Co. Ltd.
  • China National Machinery Industry Corporation Limited (Sinomach)
  • Escorts Kubota Limited
  •  AGCO Corporation
  • John Deere (Deere & Company)
  • CNH Industrial (India) Pvt. Ltd.
  • Kubota Corporation
  • Mahindra & Mahindra Limited
  • SDF SpA
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Asia Pacific farm equipment market based on the below-mentioned segments:

 

Asia Pacific Farm Equipment Market, By Type

  • Tractors
  • Harvesters
  • Planting Equipment
  • Spraying Equipment
  • Others

 

Asia Pacific Farm Equipment Market, By Application

  • Land Development & Seed Bed Preparation
  • Sowing & Planting
  • Weed Cultivation, Plant Protection
  • Others

 

Asia Pacific Farm Equipment Market, By Region

  • India
  • China
  • Japan
  • Rest of Asia-Pacific

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