The Asia Pacific Tractor Implements Market would witness market growth of 5.8% CAGR during the forecast period (2022-2028).
There is a labor shortage in the agricultural industry as a consequence of factors such as higher wages in metropolitan areas, a better quality of life there than in rural areas, and restricted access to workers. As a way to improve agriculture's efficacy and efficiency and alleviate manpower shortages, mechanization and automation are increasingly gaining popularity. The demand for agricultural tractors is rising quickly as a result of improved and sophisticated automation in the agricultural sector.
The growth of the agricultural industry has increased demand for farming-related equipment. The demand for agricultural products that people utilize on a daily basis has grown due to the expanding global population. The popularity of self-directing (driver-less) tractors and growing consumer desire for small-scale tractors, which typically have lower power output, are two key drivers anticipated to drive up agricultural tractor sales worldwide over the course of the projected year.
Many farmers would be encouraged to adopt such cutting-edge equipment for various tasks by easy access to credit, rising labor costs, and increased investments in tractor product lines by well-known agricultural machinery manufacturers such as Mahindra & Mahindra, John Deere, Tractors & Farm Equipment Limited.
Around 60.0 percent of China's farm activities are mechanized. China produced 617,700 tractors in 2019, according to estimates from the National Bureau of Statistics of China. In addition, small tractors were eventually replaced by large and medium-sized tractors. China had 22.24 million agricultural tractors at the end of 2019, with 4.44 million large and medium-sized tractors. Agriculture machinery was featured in the government's "Made in China 2025" campaign in 2018.
The China market dominated the Asia Pacific Tractor Implements Market by Country in 2021; thereby, achieving a market value of $4,042 Million by 2028. The Japan market is registering a CAGR of 5.1% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 6.4% during (2022 - 2028).
Based on Product, the market is segmented into Cultivator & Tiller, Harrows, Plough, Planters, Spreaders & Baler, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Tractor Implements Market is Projected to reach USD 39.1 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CNH Industrial N.V., Deere & Company, KUBOTA Corporation, Mahindra & Mahindra Limited (Mahindra Group), J C Bamford Excavators Ltd., AGCO Corporation, Claas KGaA mbH, SDF S.p.A., KUHN SAS (Bucher Industries AG) and Tractors and Farm Equipment Limited.
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