Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Southeast Asia Agriculture Equipment Market - Strategic Assessment & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Southeast Asia Agriculture Equipment Market consisted of 1.16 million units in 2023, and is expected to reach 1.64 million units by 2029, rising at a CAGR of 5.91%.
The Southeast Asia agriculture equipment market is expected to grow in the coming years, driven by increasing population, rising urbanization, and changing dietary patterns. The agricultural equipment market is highly concentrated, with the top players controlling most of the market.
Domestic and global brands, on the other hand, are equally represented in the industry. Several governments of Southeast Asian countries plan schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the industry. The focus on enhancing productivity and expanding agricultural exports has driven the demand for advanced equipment in the region.
The Southeast Asia agriculture equipment market is characterized by various global vendors that account for most of the market share. Therefore, it would be difficult for new players to compete with well-established vendors in the industry. The industry players' key competitive factors include efficiency, product reliability & availability, after-sales service, and price.
The key players in the Southeast Asia agriculture equipment market include John Deere, CNH Industrial, AGCO Corporation, and Kubota Corporation. These companies invest heavily in research and development (R&D) to develop new and innovative equipment technologies. They are also expanding their presence in emerging markets to capitalize on the growing demand for agricultural equipment.
Vendors in the Southeast Asia agriculture equipment market invest in R&D to develop fundamental technology to establish competitiveness by enhancing core product technology in the agricultural equipment industry. Vendors differentiate themselves by improving product development, focusing on after-sales business, and cutting costs through greater operational efficiency. There is competition in the industry in the pursuit of large-scale farming.
The agriculture industry experiencing slow growth tends to have a competitive environment, heavily influenced by price due to supply balancing demand. Price competition tends to be more significant for new equipment orders than aftermarket services. Considering the forecast for 2029, pricing for new equipment orders is expected to be a particularly influential competitive factor. Competition in the aftermarket portion is majorly against large, well-established national and global competitors and, in the countries, against regional and local companies.
Indonesia has the highest demand for agricultural equipment across the Southeast Asia agriculture equipment market. Moreover, Indonesia is expected to be the largest market for agriculture equipment during the forecast period due to the large number of farmers in the country and the increasing government support for agricultural mechanization. Indonesia's agricultural equipment market has also been growing steadily due to the increase in mechanization in the agricultural sector. The seedling, planting, and irrigation equipment market will grow significantly in the coming years.
The industry presents opportunities for equipment manufacturers to introduce innovative and cost-effective solutions tailored to the needs of Indonesian farmers. Furthermore, Thailand and Vietnam are also expected to be major markets for agriculture equipment due to the high adoption of advanced farming practices in these countries.
MARKET OPPORTUNITIES
Adoption of Mechanization
The Southeast Asian agriculture equipment market is experiencing a significant uptick in mechanization adoption. With rising labor costs and a growing need for efficiency, farmers increasingly turn to mechanized solutions to enhance productivity and reduce manual labor.
Focus on Sustainable Agriculture
There is a noticeable shift towards sustainable agriculture practices in Southeast Asia. Farmers are becoming more aware of minimizing environmental impact and optimizing resource utilization. This trend is fuelling demand for precision farming technologies like GPS-guided equipment and drones, which can improve crop yields while reducing inputs such as water and fertilizers.
Government Support and Initiatives
Governments in the region are actively supporting the adoption of modern agricultural practices. Various programs and initiatives are being implemented to encourage using advanced agricultural technologies and equipment.
INSIGHTS BY EQUIPMENT TYPE
In 2023, the seedling, planting, & irrigation equipment segment recorded a high industry share in the Southeast Asia agriculture equipment market. The increasing demand for advanced agriculture equipment in Southeast Asia, particularly in countries like Indonesia, Thailand, and Vietnam, is boosting the need for efficient seedling, planting, and irrigation equipment. Seedling includes tools for seedling preparation and transplanting.
Planting equipment is machines that sow seeds or plant seedlings into the soil. Irrigation equipment is tools and systems used to provide water to crops. The seedling, planting, and irrigation equipment segment generated the highest sales in all the countries. Market trends driving seedling, planting, and irrigation equipment sales include the following:
Increasing adoption of automated and precision planting equipment to improve efficiency and productivity. Farmers are embracing advanced seed drills, planters, and air seeders, allowing for precise seed placement, optimizing spacing, and seed-to-soil contact.
The rising demand for drip irrigation systems, particularly in row crops and horticulture, is due to their ability to deliver water directly to plant roots and reduce water wastage. Drip irrigation is expected to be the fastest-growing segment in the Southeast Asia agriculture irrigation equipment market.
WHY SHOULD YOU BUY THIS REPORT?
- Market Size & Forecast Volume (units) 2020-2029
- Production and trade values
- Major current and upcoming projects and investments
- Competitive intelligence about the economic scenario, advantages, industry dynamics, and industry shares
- Innovative technologies
- Share by each equipment segment
- Share by each country
- Company profiles of the major and other prominent vendors
- Company profiles of the distributors
- Market shares of major vendors
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value in 2023 | 1.16 Million Units |
| Forecasted Market Value by 2029 | 1.64 Million Units |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Asia Pacific |
Market Landscape
- PESTLE Analysis
- Economic Scenario
- Key Projects
- Market Dynamics
- Import & Export Analysis
- Supply Chain Analysis
Major Vendors
- John Deere
- AGCO
- CNH Industrial
- Kubota
- Mahindra Tractors
- JCB
Other Prominent Vendors
- Yanmar
- SDF
- CLAAS
- KIOTI
- ISEKI & CO., LTD.
- LOVOL
- TAFE
- Argo Tractors S.p.A.
- MERLO S.p.A.
- Bobcat
- Arbos Group
- BCS S.p.A.
- LS MTRON LTD.
- Changfa
- Wuzheng Group
- YTO
- Zoomlion Heavy Industry Science&Technology Co., Ltd.
Distributor Profile
- PT Indotruck Utama
- United Tractors
- PT. Cans Agrinusa
- PT Wahana Inti Selaras
- ETM Valstar Tractors
- All-Planters Sdn. Bhd.
- Agrimech
- AgroAsia Tractors
For more information about this report visit https://www.researchandmarkets.com/r/9veef7
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