The Asia-Pacific Agricultural Machinery Market research report provides detailed observation of several aspects, including the rate of growth, regional scope and technological developments by the primary market players. The report offers Porter’s Five Forces, PESTEL, and market analysis to provide a 360-degree research study on the Asia-Pacific Agricultural Machinery market. The research study discusses about important market strategies, future plans, market share growth, and product portfolios of leading companies. The final report copy provides the impact analysis of novel COVID-19 pandemic on the Asia-Pacific Agricultural Machinery market as well as fluctuations during the forecast period.
Deere and Company, AGCO Corp, CNH Industrial N.V, Kuhn Group, Kubota Tractor Corp., Mahindra & Mahindra Ltd, and Tractors and Farm Equipment Ltd, are some of the leading players in this region.
The agriculture machinery market is expected to grow at a rate of 6.1% during the forecast period.
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Key Market Trends
Lack of Farm Labor and Increase in Farm Wages
The cost of farm labor is directly proportional to the cost of production, hence increasing labor wages and lack of farm labor is driving the agriculture machinery market in the Asia-Pacific region. For instance, the average rise in the daily farm wages noticed in India is USD 0.2 in the last few years. This trend is anticipated to continue further as farm labor is decreasing because of the migration of rural people to urban regions. For example, every year 0.5 to 1% decline is noticed in farm labor availability in China.
India and China Dominates the Market
India and China together account for 60% of farm machinery share in the Asia-Pacific region. The demand for farm mechanization in India and China has been continuously increasing at a significant rate. Lack of labor, the need to increase farm productivity, contract farming, and government incentives are the prime market drivers. A high labor wage is also a key factor in the market. Tractors occupy the major part of market share among all the farm machinery in this region with 63.19% of the total Asia-Pacific tractor sales in the year 2019.
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The Asia-Pacific Agricultural Machinery market report highlights are
– A comprehensive evaluation of all opportunities and risks in the market.
– Asia-Pacific Agricultural Machinery current developments and significant occasions.
– A deep study of business techniques for the development of the market-driving players.
– Conclusive study about the improvement plot of the market for approaching years.
– Top to the bottom approach of market-express drivers, targets, and major littler scale markets.
– Favorable impressions inside imperative mechanical and publicize the latest examples striking the Asia-Pacific Agricultural Machinery market.
Finally, the Asia-Pacific Agricultural Machinery Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Asia-Pacific Agricultural Machinery Industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.