APAC agriculture equipment market is anticipated to witness a healthy growth as the region is going through a phase of transition from conventional methods of farming to mechanized farm practices. Declining number of workers involved in agricultural practices, rising labor cost, government subsidies on purchase of agriculture machines, need for operational efficiency and modernization of agriculture sector are the major reasons that are expected to drive the market of agriculture equipment in the Asia Pacific region.
According to 6Wresearch, Asia Pacific agriculture equipment market is expected to grow at a CAGR of 5.2% during 2019-25. Growth would be aided during the forecast period on account of government support to improve farmer’s purchasing power by increasing farm income and also subsidizing the purchase of farm machinery. The examples of such schemes include, ‘Sub-Mission on Agriculture Mechanization scheme’ in India and ‘China Rural Vitalization Strategy’, which aims to modernize agriculture over the coming years. Similarly, the Indonesian government has been distributing farm equipment at a very low price to the farmers across the country since 2014 in order to mechanize and modernize the agriculture sector.
According to Chhavi Malpani, Senior Research Analyst, Research and Consulting, 6Wresearch, "India and China are the dominant shareholders in terms of both market volume and revenues of agriculture equipment market in the Asia Pacific region owing to large area of arable land in these countries along with continued support from government towards the small and marginal farmers. The introduction of new advanced technology products by both domestic and international players to capture market share in these countries are some of the other key reasons for the growth of agriculture equipment market. "
According to Alpana Tyagi, Research Associate, Research and Consulting, 6Wresearch, "Tractor market is the fastest growing market in the Asia Pacific region, however, in some countries such as Indonesia and Japan, power tillers market acquired majority of the market share of agriculture equipment due to suitability for small farmers as the average farming land in these countries is very small as compared to their counterparts in the region.
Further, 30.1-70 HP acquired the major share in the market revenue of tractors while 70.1- 130 hp is the major contributor in the market revenues of harvesters in the Asia Pacific region. However, the segment less than 30 HP is the major segment in terms of market revenues of power tillers, " Alpana concluded.
Some of the key players in Asia Pacific agriculture equipment market are Kubota, Mahindra & Mahindra, Yanmar, John Deere, CLAAS, CNH Industrial, CNP Pumps, Ebara and Torishima.
"Asia Pacific Agriculture Equipment Market (2019-2025)" report provides an in-depth analysis with 220 figures and 65 tables covered in more than 250 pages. The report estimates and forecast the overall Asia Pacific agriculture equipment market by products, by HP range and by countries that include India, China, Indonesia, Japan and Rest of APAC. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.