Press release
South Asia Agriculture Equipment Market to Cross US$ 23.1 billion at CAGR of 9% from 2022 to 2031
South Asia Agriculture Equipment Market 2022 to 2031
The Southeast Asian farm equipment market is expected to reach a volume of 19,72,405 units by 2031 and be valued at US$ 23.1 billion, expanding at a volume compound annual growth rate (CAGR) of 9% from 2022 to 2031.
Over the forecast period of 2021-2031, the South Asian farm equipment market is anticipated to grow at a remarkable CAGR of around 9%. In the upcoming years, demand for tractors and lawn mowers is anticipated to increase more quickly than that for other equipment categories.
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Growing demand for tractors, brush cutters, water pumps, and lawn mowers for agriculture and horticulture is lending impetus to the growth of the South Asia agriculture equipment market. The agriculture sector has seen significant growth in the past few years, and the same is expected over the coming years as well. The market is estimated to expand at an impressive CAGR of around 9% over the forecast period of 2021-2031.
Key Companies-
• Lemken
• Mitsubishi Mahindra Agricultural Machinery
• Tractors and Farm Equipment Ltd.
• Yanmar Holdings
• Vermeer Corporation
• SDF Group
• AGCO Corporation
• Bucher Industries AG
• Honda India Power Products Ltd
• CLAAS kGaAmbH
• CNH Industrial N.V.
• ISEKI & Co., Ltd
• Deere & Company and more
As South Asian countries continue to grow, it is essential that their agricultural sector keeps up with the pace of progress. South Asian countries must have access to appropriate and modern agricultural equipment if they are to ensure food security and increase crop yields. India, Bangladesh, and ASEAN countries are major markets for agriculture equipment in the region. With a fragmented market, manufacturers are highly concentrated on their increasing sales and distribution networks across the South Asian region.
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South Asia Agriculture Equipment Market by Segmentation-
South Asia Agriculture Equipment Market by Product
• Tractors
• Tillers
• Water Pumps
• Chain Saws
• Brush Cutters
• Blowers
• Ride-on Mowers
• Lawn Mowers
South Asia Agriculture Equipment Market by Application
• Agriculture Equipment for Agriculture
• Agriculture Equipment for Horticulture
• Agriculture Equipment for Forests
• Agriculture Equipment for Lawns
South Asia Agriculture Equipment Market by Country
• India
• Nepal
• Sri Lanka
• Bangladesh
• ASEAN
o Indonesia
o Thailand
o Malaysia
o Vietnam
o Philippines
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South Asia is home to a large and diverse population, with over 1.9 billion people spread out across the region. As South Asian countries continue to grow, it is essential that their agricultural sector keeps up with the pace of progress. South Asian countries must have access to appropriate and modern agricultural equipment if they are to ensure food security and increase crop yields.
The South Asia Agriculture Equipment Market is on the rise, with demand increasing as farmers seek out better ways of working their land. Traditionally cheap labor has been used in South Asian countries for harvesting crops but higher wages and rising living standards mean this system is becoming unsustainable. Many farmers are now turning to mechanization as an alternative solution, investing in tools such as tractors and harvesters to increase production and make their work more efficient.
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