DUBLIN--(BUSINESS WIRE)--The "Southeast Asia Agriculture Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Southeast Asian agriculture equipment market size will be valued at USD 13.1 billion and to reach a volume of 16,92,905 units by 2028, growing at a compound annual growth rate (CAGR) of 7.20% by volume during 2022-2028.
- Rising income and transformation of food consumption pushing the demand for organic food products, thus driving demand in the South-east Asian agriculture equipment market
- The Indonesian government has invested in the development of rice science institutes for adopting new agriculture technologies to increase crop yield.
- The Southeast Asian government is taking initiatives to increase crop yield. The land preparation equipment helps speed up crop cultivation by providing soft soil mass for transplanting and speeding.
The agriculture industry is a vital contributor to GDP in the southeast Asian region. Indonesia, Vietnam, and Malaysia are the major producer and exporter of rice across the globe. Countries such as Malaysia, Vietnam and Thailand are facing challenges of labor shortage, thus there is a demand for digitization and automation in the region. The government initiatives to focus on technological adoption in agriculture industry is expected to draw more investment in the industry.
Key Report Highlights:
- Seeding, planting, and Irrigation equipment account for the largest share of 31.3% in 2021.
- The pandemic has triggered demand for organic and healthy food consumption, which pushes the demand for agricultural produce in the region. So, the governments in the region are focusing on increasing crop yield.
- The upsurge in demand for organic and healthy food post-pandemic has triggered the need for the fertile land. Therefore, the cultivators are expected to have robust demand during the forecast period in the Southeast Asia agricultural tractors market
- Indonesia, Thailand, and Vietnam are the leading producers of rice and maize in the region. So, the demand for seedling plants and irrigation equipment is expected to rise due to government investment in recent technologies for enhancing rice production.
- The labor shortage issues in Malaysia, Indonesia, and Thailand have triggered seed drillers in the agriculture industry across the region. The demand is expected to increase due to government initiatives such as crop insurance and automation in the agriculture industry, thus surging the demand in the region's powered agriculture equipment market.
- The labor shortage and governments' aim to introduce automation in the agriculture industry has surged the demand for power weeders in the region compared to machinal weeders.
- The key players in the Southeast Asia agriculture equipment market are John Deere, AGCO, Mahindra & Mahindra Ltd, CNH Industrial, Kubota Corporation, CLASS, Changzhou Dongfeng Agriculture Machinery Group Co. Ltd, Jiangsu Changfa Agriculture Equipment co Ltd, Weichai Lovol & Shandong Heavy Industry, SDF Group, YTO Group, and Yanmar.
- CNH industrial implemented a decarbonization strategy and is planning to develop new product lines by 2022 and 2024 by implementing alternative fuel engines, natural gas engine technology, and alternative fuel tractors.
- John Deere
- Mahindra & Mahindra ltd
- CNH Industrial
- Kubota Corporation
- Changzhou Dongfeng Agriculture Machinery Group co. Ltd
- Jiangsu Changfa Agriculture Equipment co Ltd
- Weichai Lovol & Shandong Heavy Industry
- SDF Group
- YTO Group
- Cans Agrinusa
- PT Wahana Inti Selaras
- ETM Valstar Tractors
- Cans Agrinusa
- ALL Planters
Key Questions Answered:
- What is the size and share of the Southeast Asia agriculture equipment market?
- What is the key market driver for the growth of the Southeast Asia agriculture equipment market?
- What are the gardening and agriculture equipment market opportunities in the Southeast Asia agriculture equipment market?
- Who are the key players in the Southeast Asia agriculture equipment market?
- What are the types of agriculture equipment discussed in the report?
For more information about this report visit https://www.researchandmarkets.com/r/xci83n
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