Increasing disposable income of farmers is expected to drive the growth of the Asia Pacific farm equipment market. According to TechSci Research report, “Asia Pacific Farm Equipment Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), By Automation (Automatic, Semi-Automatic, Manual), By Sales Channel (OEMs v/s Aftermarket), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro Processing, Others), By Country, Forecast & Opportunities, 2025”, the APAC farm equipment market is expected to grow at a formidable rate during the forecast period on account of the increasing awareness among the farmers pertaining to smart agricultural practices, wherein they can minimize their efforts and increase the yield.
The Important Elements of the Asia Pacific Farm Equipment Market
This has also increased the demand for supportive equipment and machinery required in the farm, which in turn is expected to propel the market growth through 2025. Furthermore, governments across the region are fixing minimum crop prices to stabilize the economic status of the farmers, thereby fueling the market growth. Also, decreasing per capita land has led to the widespread adoption of agricultural equipment and machinery which can help in increasing the yields on a small piece of land also. Furthermore, trade activities, especially in countries like India and China are expected to boost the market as both countries are exporters of various agricultural commodities such as fruits & vegetables, jute, and cotton, among others.
This in turn is expected to positively influence the market growth during the forecast period. Moreover, technological advancements and new product launches by the major players operating in the market are expected to create lucrative opportunities for growth until 2025. However, the high cost of agricultural equipment might hamper the market growth owing to affordability and budget constraints. Besides, a lack of awareness pertaining to the availability of agricultural machinery and equipment might further restrict the market growth. Also, the dearth of skilled professionals to use these farm equipment might further impede the market growth across the region. Moreover, the availability of farm equipment and machinery on rent might further obstruct the market growth until 2025.
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The APAC farm equipment market is segmented based on type, automation, sales channel, application, company, and country. Based on type, the market can be categorized into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment, and others. Among these, the harvesters segment is expected to witness significant growth in the market on account of their widespread use in performing more than one activity or process in a single step. This in turn helps in saving cost, time, and effort and increases overall productivity. Based on sales channels, the market can be split into OEM and aftermarket.
Here, the OEM segment is expected to dominate the market on account of the large-scale production of agricultural equipment in the country both by the global players and local players. On the other hand, the aftermarket segment is expected to witness significant growth in the market owing to the emergence of several aftermarket centers, especially in countries like China and India. Based on application, the market can be fragmented into land development & seedbed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing, post-harvest & agro-processing, and others. Moreover, the availability of farm equipment and machinery on rent might further obstruct the market growth until 2025. The land development & seed bed preparation segment is expected to dominate the market on account of the growing need to maintain soil health and nutritional profile in order to increase overall yield.
The Major Competitors of the APAC Farm Equipment Market
- John Deere (Deere & Company)
- AGCO Corporation
- CNH Industrial (India) Pvt. Ltd
- Kubota Corporation
- Mahindra & Mahindra Limited
- SDF Group
- J C Bamford Excavators Limited
- Iseki & Co. Ltd.
- China National Machinery Industry Corporation Ltd. (Sinomach)
- Escorts Group and others are some of the leading players operating in Asia Pacific farm equipment market. The companies operating in the market are using organic strategies such as product launches, mergers, and collaborations to boost their share.
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“Asia Pacific farm equipment market is expected to witness significant growth during the forecast period. Japan has the highest level of mechanization across the agricultural industry followed by South Korea, China, Thailand, Vietnam, and India. Australia has witnessed the largest development in farm mechanization and farm equipment production. Additionally, the market growth in the region is supported by government policies and subsidies, and the availability of low-interest loans for the purchase of agricultural machinery and equipment. Furthermore, automation and modernization across the agricultural industry are further expected to propel market growth through 2025. Also, the presence of major players operating in the market such as John Deere, AGCO Corporation, Mahindra & Mahindra, among others in the region, is further expected to create lucrative opportunities for the market growth over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia Pacific Farm Equipment Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), By Automation (Automatic, Semi-Automatic, Manual), By Sales Channel (OEMs v/s Aftermarket), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro Processing, Others), By Country, Forecast & Opportunities, 2025”, has evaluated the future growth potential of APAC farm equipment market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the APAC farm equipment market.
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