Vietnam Agricultural Machinery Market - Growth, Trends and Forecast (2019 - 2024)

The Vietnam Agricultural Machinery Market is Segmented into tractors, rice transplanters, harvesting machinery and haying and forage machinery.

Market Snapshot

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Study Period:

2016-2024

Base Year:

2018

Key Players:

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Market Overview

The Vietnamese Agricultural Machinery Market is projected to register a CAGR of 13.1% during the forecast period (2019-2024). The factors that are driving this market are population growth, urbanization and higher productivity demand with the shrinking agricultural land, which have led to the growth in demand for agricultural machinery. Rice, maize, and sugarcane are the most cultivated crops, with rice being the most mechanized crop. Most than 70% of the cultivated area under Vietnam is mechanized. To make these expensive machinery affordable by farmers, the government is implanting supporting schemes. This is one of the major factors driving the growth of the market. Custom hiring of agriculture machinery can be observed in Vietnam as the local production of agriculture machinery is low. Agricultural co-operatives and private enterprises are the providers of machinery for hire. Organizations that offer hiring services have efficient machinery in tillage, harvesting, threshing, drying, storage of grains, and transportation. These organizations are concentrated especially in Mekong River Delta and Red River Delta.

Scope of the Report

Agricultural machinery includes harvesting machinery, tractors, sprayer, transplanter, tractor implements and irrigation system among others. The market studied has been segmented by different types of agricultural machinery.

Tractors
Engine Power
Less than 15 HP
15 to 30 HP
31 to 45 HP
46-75 HP
More than 75 HP
Rice Transplanters
By Number of Rows
4-Row Rice Transplanters
6-Row Rice Transplanters
8-Row Rice Transplanters
Harvesting Machinery
Combine Harvesters
Forage Harvesters
Other Harvesters
Haying & Forage Machinery
Mowers & Conditioners
Balers
Tedders & Rakes

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Key Market Trends

Shortage of Seasonal Agricultural Labor

Though agricultural wages are low and the lifestyle of laborers in industrial background is poor, people prefer industrial jobs over agriculture, as the agricultural production in Vietnam is on the decline. This situation is leading to a shortage of agriculture labor in Vietnam, during the farming season.  Shortage of seasonal agriculture labor is the major driver for the implementation of machinery in agriculture, as the work of laborers can be replaced with machines. 

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Tractors Dominate the Vietnam Agricultural Machinery Market

The tractor segment is the major segment of the Vietnamese agricultural machinery market and accounts for nearly half of the market share. The segment was valued at USD 40.9 million in 2018 and is projected to register a CAGR of 11.5% during the forecast period. According to IFPRI, in 2016, there total of 532,600 tractors, among which 294,600 were two-wheel tractors with less 15 HP; 221,300 were four-wheel tractors with 15-35 HP; and 16,700 were four-wheel tractors with more than 35 HP. Technological advancement for developing more efficient products, while keeping in mind the country-specific requirements, will provide opportunities for the future growth of the sector.       

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Competitive Landscape

The Vietnamese agricultural machinery market is ready for investment and various companies are adopting different strategies to increase their market presence in this market in Vietnam. Kubota, CNH, and VEAM are the largest companies that provide combine harvesters in the Vietnamese agricultural machinery market. VEAM is the largest domestic supplier for tractors in Vietnam, Thaco recently opened a new plant in Vietnam, with the aim of increasing its domestic market share in agricultural machinery. Kubota is the largest manufacturer and distributor of rice transplanters in Vietnam. Local companies like HAMCO and Viện cơ điện nông nghiệp và Công nghệ sau thu hoạch (VIAEP) are very popular among farmers in Vietnam as these companies rely more upon direct sales rather than distributing products through agents and third-party distributors.

Major Players

  1. KUBOTA TRACTOR CORPORATION
  2. CLAAS KGaA mbH
  3. Yanmar America Corporation
  4. Vietnam Engine and Agricultural Machinery Corporation

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers & Restraints

    3. 4.3 Market Drivers

    4. 4.4 Market Restraints

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Suppliers

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Tractors

      1. 5.1.1 Engine Power

        1. 5.1.1.1 Less than 15 HP

        2. 5.1.1.2 15 to 30 HP

        3. 5.1.1.3 31 to 45 HP

        4. 5.1.1.4 46-75 HP

        5. 5.1.1.5 More than 75 HP

    2. 5.2 Rice Transplanters

      1. 5.2.1 By Number of Rows

        1. 5.2.1.1 4-Row Rice Transplanters

        2. 5.2.1.2 6-Row Rice Transplanters

        3. 5.2.1.3 8-Row Rice Transplanters

    3. 5.3 Harvesting Machinery

      1. 5.3.1 Combine Harvesters

      2. 5.3.2 Forage Harvesters

      3. 5.3.3 Other Harvesters

    4. 5.4 Haying & Forage Machinery

      1. 5.4.1 Mowers & Conditioners

      2. 5.4.2 Balers

      3. 5.4.3 Tedders & Rakes

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Kubota Corporation

      2. 6.3.2 CLAAS KGaA GmbH

      3. 6.3.3 Vietnam Engine and Agricultural Machinery Corporation (VEAM)

      4. 6.3.4 Yanmar Vietnam

      5. 6.3.5 Vietnam Agrotech Co., Ltd

      6. 6.3.6 CNH Industrial

      7. 6.3.7 ShanDong Huaxin Machinery Co. Ltd.

      8. 6.3.8 Iseki Corporation

      9. 6.3.9 Truong Hai Auto Corporation (THACO)

      10. 6.3.10 Tong Yang Moolsan Company Limited

  7. 7. MARKET OPPORTUNITIES & FUTURE TRENDS

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