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Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia 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.’
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According to this latest publication from Meticulous Research®, the South East Asia agriculture equipment market is projected to reach $2.50 billion by 2030, at a CAGR of 4.1% from 2023 to 2030. The growth of this market is driven by the growing demand for mechanization of agricultural operations, rising farm labor insufficiency, and rising government initiatives to support farmers. However, the high costs of advanced agriculture equipment and the financial instability of farmers restrain the growth of this market.
Furthermore, increasing adoption of precision farming techniques and technological advancements are expected to create market growth opportunities. However, challenges for market players include the low awareness of advanced agriculture technologies and limited purchases of equipment, primarily driven by high reliance on rental services due to small land holdings and the high costs of advanced agricultural equipment. Additionally, digitalization in agriculture is a prominent trend in the South East Asia agriculture equipment market.
Key Players
The South East Asia 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.), ISEKI & CO., LTD. (Japan), KUBOTA Corporation (Japan), KUHN SAS (France), Mahindra & Mahindra Ltd. (India), SDF S.p.A. (Italy), and Valmont Industries, Inc. (U.S.).
The South East Asia agriculture equipment market is segmented by type (tractors {30-50 HP, less than 30 HP, 51-100 HP, and more than 100 HP}, harvesting equipment {combine harvesters, forage harvesters, and other harvesters}, soil preparation & cultivation equipment, irrigation equipment {by type [drip irrigation, sprinkler irrigation, and other irrigation equipment], by component [tubing, sprinklers, emitter/drippers, irrigation valves, filters, irrigation controllers, and other components]}, 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 (Indonesia, Thailand, Philippines, Vietnam, Malaysia, and Rest of South East Asia).
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Based on type, the South East Asia 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 South East Asia agriculture equipment market in 2023. The large market share of this segment is attributed to several factors, including the increasing scarcity of farm labor, the high demand for mechanized farming practices, the growing need for improved productivity and efficiency in agriculture, the availability of government subsidies and financing options for tractor purchases, a growing awareness of the benefits of mechanization in agriculture, technological advancements in tractors, and the increasing efforts by manufacturers to launch new product launches.
Based on mode of operation, the South East Asia 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 South East Asia agriculture equipment market. The significant market share of this segment is primarily attributed to the extensive availability of semi-automatic equipment in South East Asia due to the significant number of manufacturers specializing in this segment. Semi-automatic agriculture equipment is a more cost-effective option compared to automatic agriculture equipment, which makes it highly accessible, particularly to small- and medium-sized farmers in the South East Asia region.
Based on power source, the South East Asia 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 South East Asia agriculture equipment market in 2023. This significant market share is primarily attributed to several factors, including the high demand for low-cost and low-maintenance equipment due to the presence of a large number of smallholder farmers in South East Asia. Moreover, non-electric equipment is more easily manageable and benefits from the easy availability of spare parts, unlike electric parts required for electric-powered agriculture equipment. Additionally, non-electric equipment requires lower upfront costs and power requirements, making it more affordable and accessible to a broader range of South East Asian farmers with limited financial resources.
Based on application, the South East Asia 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 South East Asia agriculture equipment market. The large market share of this segment is attributed to factors such as the increasing adoption of advanced cultivation techniques to reduce labor costs, the availability of technologically advanced equipment, and the advantages offered by advanced agricultural equipment during land development and seedbed preparation, such as high productivity and efficiency.
Geographic Review
In 2023, Indonesia is expected to account for the largest share of the South East Asia agriculture equipment market. Indonesia’s significant market share is attributed to several factors, including the extensive agricultural land under cultivation, the increasing pace of digitalization in the country, which supports the adoption of automation and precision technologies in agriculture, growing demand for advanced agricultural equipment due to labor shortages, government initiatives aimed at assisting farmers in the acquisition of agriculture equipment, and the growing presence of 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 South East Asia?
• At what rate is the demand for agriculture equipment projected to grow in South East Asia in the next 5-7 years?
• What is the historical market size and growth rate of the South East Asia agriculture equipment market?
• What are the major factors impacting the growth of this market in South East Asia?
• 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 does Porter's five forces analysis reveal about the South East Asia agriculture equipment 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 agriculture equipment market in South East Asia?
• Who are the major players in the South East Asia agriculture equipment market? What are their specific product offerings in this market?
• What recent developments have taken place in the South East Asia agriculture equipment market? What are the impacts of these strategic developments on the market?
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