Asia-Pacific Agriculture Equipment Market to Reach $128.2 Billion by 2030

Asia-Pacific Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation Equipment), Mode of Operation (Manual, Automatic), Power Source (Electric Equipment), Application (Sowing, Planting, Harvesting, Irrigation) - Forecast to 2030

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Asia-Pacific Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation Equipment), Mode of Operation (Manual, Automatic), Power Source (Electric Equipment), Application (Sowing, Planting, Harvesting, Irrigation) - Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the Asia-Pacific agriculture equipment market is projected to reach $128.2 billion by 2030, at a CAGR of 3.3% from 2023 to 2030.The growth of this market is driven by the improved credit availability for agriculture equipment manufacturers, increasing government initiatives to support farmers, a shrinking labor force coupled with rising farm wages, and growing awareness regarding the mechanization of agricultural operations. However, the rising fragmentation of land and the high costs of advanced agriculture equipment restrain the growth of this market.

Furthermore, technological advancements in agriculture equipment, the presence of prominent agriculture equipment manufacturers in the region, and the increasing adoption of precision farming techniques are expected to create market growth opportunities. However, challenges for market players include the low awareness of advanced agriculture technologies and limited purchases of highly advanced agriculture equipment due to high costs, resulting in a significant dependence on rental services. Additionally, digitalization in agriculture is a prominent trend in the Asia-Pacific agriculture equipment market.

Key Players

The Asia-Pacific agriculture equipment market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the agriculture equipment market are AGCO Corporation (U.S.), Agromaster (Turkey), AMAZONEN-WERKE H. DREYER SE & Co. KG (Germany), APV - Technische Produkte GmbH (Austria), CLAAS KGaA mbH (Germany), CNH Industrial N.V. (U.K.), Deere & Company (U.S.), HORSCH Maschinen GmbH (Germany), ISEKI & CO., LTD. (Japan), KUBOTA Corporation (Japan), KUHN SAS (France), Mahindra & Mahindra Ltd. (India), Mascar SpA (Italy), Morris Equipment Ltd (Canada), SDF S.p.A. (Italy), and Valmont Industries, Inc. (U.S.).

The Asia-Pacific agriculture equipment market is segmented by type (tractors, harvesting equipment, soil preparation & cultivation equipment, irrigation equipment, spraying equipment, and other agriculture equipment), mode of operation (semi-automatic, manual, and automatic), power source (non-electric powered agriculture equipment and electric-powered agriculture equipment), application (land development & seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, and other applications), and country (China, India, Japan, Australia, and Rest of Asia-Pacific).

Based on type, the Asia-Pacific agriculture equipment market is segmented into tractors, harvesting equipment, soil preparation & cultivation equipment, irrigation equipment, spraying equipment, and other agriculture equipment. The tractors segment is expected to account for the largest share of the Asia-Pacific agriculture equipment market in 2023. The large market share of this segment is attributed to several factors, including the heavy reliance of farmers on tractors for agricultural purposes, increasing demand for mechanization, a rise in farm labor shortages, government initiatives aimed at improving the agricultural sector, and technological advancements in tractors.

Based on mode of operation, the Asia-Pacific agriculture equipment market is segmented into semi-automatic, manual, and automatic. In 2023, the semi-automatic segment is expected to account for the largest share of the Asia-Pacific agriculture equipment market. The large market share of this segment is attributed to the higher adoption of semi-automatic agricultural equipment over automated agriculture equipment due to their easy availability and accessibility. Additionally, semi-automatic agriculture equipment is more cost-effective than automatic agriculture equipment, driving their adoption among small- and medium-sized farmers, particularly in China and India.

Based on power source, the Asia-Pacific agriculture equipment market is segmented into non-electric and electric-powered agriculture equipment. The non-electric equipment segment is expected to account for the largest share of the Asia-Pacific agriculture equipment market in 2023. The large market share of this segment is attributed to the growing adoption of non-electric equipment due to its simplicity and comparatively lower cost over its electric counterparts. Additionally, non-electric equipment typically comes with lower upfront costs and power requirements, making them more affordable and accessible to a wider range of farmers with limited financial resources in the Asia-Pacific region.

Based on application, the Asia-Pacific agriculture equipment market is segmented into land development and seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, and other applications. In 2023, the land development and seedbed preparation segment is expected to account for the largest share of the Asia-Pacific agriculture equipment market. The large market share of this segment is attributed to the wide availability of advanced land development and seedbed preparation equipment and the increasing adoption of advanced cultivation techniques to reduce labor costs.

Geographic Review

In 2023, China is expected to account for the largest share of the Asia-Pacific agriculture equipment market. China’s significant market share is attributed to the large number of farmers in the country coupled with an extensive area under agriculture cultivation, the increasing demand for advanced agriculture equipment due to labor shortages, the increase in government initiatives aimed at modernizing and mechanizing the agriculture sector, and the presence of numerous agriculture equipment manufacturers in the country.

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Key Questions Answered in the Report-

What is the revenue generated from the sales of agriculture equipment in Asia-Pacific?
At what rate is the demand for agriculture equipment projected to grow in Asia-Pacific in the next 5-7 years?
What is the historical market size and growth rate for the Asia-Pacific agriculture equipment market?
What are the major factors impacting the growth of this market in Asia-Pacific?
What are the major opportunities for existing players and new entrants in the market?
Which type, mode of operation, power source, and application segments are expected to create major traction for the manufacturers in this market?
What are the key geographical trends in this market?
Which countries are expected to offer significant growth opportunities for the manufacturers operating in the Asia-Pacific agriculture equipment market?
Who are the major players in the Asia-Pacific agriculture equipment market? What are their specific product offerings in this market?
What recent developments have taken place in the Asia-Pacific agriculture equipment market? What are the impacts of these strategic developments on the market?

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