The Asia Pacific planting machinery market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 3.7% during 2023–2031. The growth of the market is attributed to the growing technological developments of plant machinery equipment.
Farm mechanization equipment and agricultural automation include planting machines. The adoption of planting and fertilizing gear is being driven by rising tractor demand in developing countries such as India and China. Increased government assistance in the form of subsidies on the purchase of agricultural equipment and the establishment of a minimum crop price to stabilize farmers' income is one of the main reasons for the rise.
India's Sub-Mission on Agriculture Mechanization Scheme and Indonesia's Agriculture Work Plan 2019 are two examples. Rapid urbanization, rising food consumption, migration and ageing of the rural population are projected to drive the Asia Pacific agricultural equipment market over the forecast period, resulting in a decrease in the number of farmers and a rise in the region's reliance on farm mechanization.
One of the primary reasons for expanding agricultural mechanization in India is the scarcity of farmworkers and the need to boost farm output. The government of India has established a scheme under mission on agricultural mechanization to enhance farm mechanization in the nation, according to the Ministry of Agriculture and Farmers' Welfare.
According to the National Bank for Agriculture and Rural Development (NABARD), India received 1.02 billion USD in loan facilities for farm mechanization in 2018–2019, representing 2.68 per cent of the total priority sector. Farmers in the nation are heavily reliant on government subsidies and financial facilities. Another governmental endeavor supporting the tractor industry's expansion is the Mahatma Gandhi National Rural Employment Guarantee Act.
Agriculture's macro-management programme provides a 25% subsidy on equipment and other agricultural machines. In addition to the aforementioned schemes, the government offers subsidies for the purchase of tractors with less than 18 horsepower through central sector extension initiatives. This payment is available to farmers who have irrigated land of between 2.4 and 3.2 hectares, either individually or in groups.
Planters are used in Japan to sow seeds that are too big to be planted with regular seed drills. It also aids in increasing cropping frequency, which leads to improved seed planting and seed placement accuracy. According to the World Bank, a reduction in the labor force fuels the growth of the planting machinery market in a given region. China's agricultural employment rate was 27.7% in 2016, but it fell to 26.6 per cent in 2019.
In addition, the employment rate in India has been dropping year after year. Agriculture's employment rate fell to 43.21 per cent in 2019, down from 45.12 per cent in 2016. The tendency is anticipated to continue, propelling the industry forward. With a growing population and urbanization, agricultural land area is shrinking, driving the use of technology in agriculture. Seed drills, planters, and transplanters have all seen substantial increases in output in the Asia Pacific area.
Market Trends, Drivers, Restraints, and Opportunities
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Rising government support is expected to drive market growth in the coming years.
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Shortage of agricultural labor, rising farm revenue, precision farming integration, and widespread tractor use are estimated to spur market expansion during the forecast period.
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High cost of labor is projected to restrict the market growth.
Scope of Asia Pacific Planting Machinery Market Report
The report on the Asia Pacific planting machinery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Planting Machinery Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Planting Machinery and Fertilizing Machinery)
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Country Scope
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India, China, Japan, Australia, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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John Deere, AGCO Corporation, Kuhn Group, YANMAR HOLDINGS CO. LTD, and Kverneland AS
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Asia Pacific Planting Machinery Market Segment Insights
Planting machinery segment is projected to account for a large market share
In terms of types, the Asia Pacific planting machinery market is divided into planting machinery and fertilizing machinery. The planting machinery segment is expected to account for a key share of the market during the forecast period due to the rise in the need for agricultural equipment by the farmers.
China is anticipated to dominate the market
On the basis of countries, the Asia Pacific planting machinery market is categorized as India, China, Japan, Australia, and Rest of Asia Pacific. The market of China is anticipated to expand at an impressive CAGR during the forecast period. The country’s market growth can be attributed to change in the characteristics of agricultural practice.
Segments
The Asia Pacific planting machinery market has been segmented on the basis of
Types
- Planting Machinery
- Fertilizing Machinery
Countries
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
Key Players
- John Deere
- AGCO Corporation
- Kuhn Group
- YANMAR HOLDINGS CO. LTD
- Kverneland AS
Competitive Landscape
Key players competing in the Asia Pacific planting machinery market include John Deere, AGCO Corporation, Kuhn Group, YANMAR HOLDINGS CO. LTD, and Kverneland AS.
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