Asia Pacific Farm Equipment Market to Grow with a CAGR of 5.08% through 2029
Surge in research and development activities is expected
to drive the Asia Pacific Farm Equipment Market growth in the forecast period,
2025-2029.
According to TechSci Research report, “Asia Pacific
Farm Equipment Market– By Country, Competition, Forecast and Opportunities,
2019-2029F”, the Asia Pacific Farm Equipment Market stood at USD117.52
billion in 2023 and is anticipated to grow with a CAGR of 5.08% in the forecast
period, 2024-2029. Government initiatives regarding farm equipment have created favorable market conditions for the Asia Pacific Farm Equipment Market. Various factors contribute to the growth of different farm equipment products. For instance, the Chinese government offers substantial subsidies and financial aid to farmers, encouraging the adoption of intelligent equipment like automatic plowing tractors. These subsidies aim to enhance productivity and efficiency in the agricultural sector by making farm machinery more affordable and accessible, thereby fostering food security and economic growth.
The Food and Agriculture Organization (FAO) is leading efforts to improve digital capabilities in the Asia-Pacific region, with a specific focus on empowering small-scale farmers, entrepreneurs, women, youth, and other vulnerable groups. Through targeted initiatives and partnerships, the FAO is striving to expand the implementation of digital innovations in agriculture, utilizing advanced farm equipment and technologies. These digital solutions have the potential to transform farming practices, increase yields, and establish sustainable livelihoods for rural communities. By bridging the digital gap, the FAO aims to ensure that every farmer benefits from the digital transformation of the agricultural sector.
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Cooperative endeavors involving governments, academic institutions, and private enterprises are instrumental in fostering innovation. An exemplary instance is the Australian Centre for Field Robotics, which engages closely with industry collaborators to pioneer state-of-the-art robotic systems customized for the agricultural domain. Through their collaborative approach, they aspire to transform farming methods by harnessing advanced robotics technology to elevate efficiency, productivity, and sustainability in agriculture.
The Asia Pacific
Farm Equipment Market is segmented into type, application, country distribution, and company.
Based on its type,
the tractors segment held the largest share in the Asia Pacific Farm Equipment market. Tractors are engineered to endure harsh conditions and extensive usage, guaranteeing durability and prolonged lifespan. Their sturdy design and consistent functionality position tractors as enduring investments for farmers, consolidating their prominence in the agricultural equipment sector.
Based on country, China segment is expected to grow
during the forecast period. China's increasing engagement in global trade and investment within the agricultural sector, both as a buyer and seller, impacts the market demand for farm equipment. As China endeavors to satisfy local needs and export agricultural goods worldwide, the requirement for modernized machinery arises to uphold competitiveness and adhere to quality benchmarks.
China's strong online commerce infrastructure has simplified the process of purchasing and distributing farm equipment through digital platforms, enhancing accessibility for rural farmers. Services like Alibaba's Rural Taobao directly link farmers with suppliers, streamlining the procurement and delivery of agricultural machinery, thereby stimulating market expansion.
Major companies operating in Asia Pacific Farm
Equipment Market are:
- AGCO (China) Investment Co., Ltd.
- John Deere Asia (Singapore) Pte Ltd
- CNH Industrial (India) Pvt. Ltd
- Kubota Korea Co., Ltd.
- Mahindra and Mahindra Ltd.
- Deutz-Fahr Machinery Company
- JCB India Ltd
- Iseki & Co., Ltd.
- China National Machinery Industry
Corporation
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“The rising popularity of tourism and agritourism in the Asia Pacific region offers a lucrative opportunity for farm equipment manufacturers to seize. To meet this demand, manufacturers are innovating and tailoring their offerings specifically for the agritourism sector. An example of this is the introduction of tractor-driven tour trailers, intricately designed to deliver an authentic and immersive farm encounter. These trailers, furnished with comfortable seating and expansive vistas, provide guided excursions through scenic farm settings, enabling tourists to observe agricultural operations firsthand while gaining insights into farming techniques and regional customs.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Asia
Pacific Farm Equipment Market By Type (Tractors, Harvesters, Planting
Equipment, Spraying Equipment, Others), By Application (Land Development &
Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant
Protection, Others), By Country, Competition, Forecast and Opportunities,
2019-2029F”, has evaluated
the future growth potential of Asia Pacific 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 take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Asia Pacific Farm Equipment Market.
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