Market Size of Asia-Pacific Agricultural Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Agricultural Machinery Market Analysis
The agriculture machinery market is expected to grow at a rate of 6.1% during the forecast period.
- The shrinking labor force and increased awareness among farmers regarding advanced agricultural practices are the prime reasons for the demand for agricultural machinery. Furthermore, the rise in technological advancements in agriculture equipment, and an increase in demand for pre-owned agriculture equipment, is likely to accelerate the revenue share. Additionally, population growth and high demand for agricultural products, primarily from countries, like India and China, are also aiding the growth of the market.
- China and India dominate the regional markets for agricultural equipment due to their enormous areas of arable land and low levels of automation, despite Japan having the greatest level of mechanization among the Asian nations. Australia is also a major market for agricultural equipment in the Asia-Pacific region. According to the Tractor and Machinery Association of Australia (TMA), the backing of the Instant Asset Write-off scheme increased sales of small tractors in Australia. In 2020-21, the tractor under 40 horsepower (30 kilowatts) increased by 72% for the month and completed the year 36% ahead. The growing emphasis on farm mechanization and governments' push for mechanization may enhance sales and lead to innovations, such as driverless machinery, which may drive the market throughout the forecast period. On the other hand, the lack of skilled professionals and the high cost of machinery are the key constraints of the market.
