NEW YORK, May 27, 2021 / PRNewswire / – Growing demand for tractors, brush cutters, water pumps and lawn mowers for agriculture and horticulture is fueling the growth of the South Asia agricultural equipment market. The agricultural sector has experienced significant growth in recent years, and the same is expected over the next few years. The market is expected to grow at an impressive CAGR of around 9% during the forecast period 2021-2031.
India, Bangladesh, and ASEAN countries are the main agricultural equipment markets in the region. With a fragmented market, manufacturers are heavily focused on their growing sales and distribution networks in the South Asia region.
Main takeaways from market research
- The use of agricultural equipment has seen a significant increase for gardening and horticultural applications, in addition to agricultural activities.
- Increasing mechanization has been attributed as a key factor in the sale and use of agricultural equipment in South Asia.
- Tractors are identified to lead the field of agriculture and agriculture, where, as lawn movers, they are identified as the primary equipment to be used in gardening and landscaping applications.
- Subsidies announced by governments as well as financing programs for OEMs help low- and middle-income farmers buy farm equipment.
- Over the next few years, the tractor segment is expected to hold a considerable share South Asia market.
- Consumption of agricultural equipment, in particular India, Bangladesh, and ASEAN countries, among others, are expected to grow at a sustained rate during the forecast period. As a result, in order to meet this growing demand, major manufacturers are channeling their resources towards increasing their existing production capacities.
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“Increase in agricultural production to promote market growth in South AsiaSays a Persistence Market Research analyst.
the South Asia The agricultural equipment market has been identified as a moderately competitive space, with the organized sector occupying a significant share of the overall market share. Major players included in the report such as Tractors and Farm Equipment Ltd., Yanmar Holdings, Honda India Power Products Ltd, CNH Industrial NV, Makita Corporation, Andreas Stihl AG & Co. and Mahindra & Mahindra Ltd. are expected to create environment competitive difficult in this space.
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The market is expected to grow considerably due to the increase in agricultural production in the region, where agricultural / horticultural products are mainly destined for export and trade. Growing use of agricultural equipment South Asia for forestry and landscaping has been witnessing in recent times. The demand for tractors and lawn mowers for agricultural applications is expected to increase during the forecast period 2021-2031.
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Find more valuable information
The research report analyzes the demand for agricultural equipment in South Asia. The market has been analyzed with the impact of COVID-19, various macroeconomic factors, market trends and market background. In accordance with the research scope of Persistence Market Research, the market has been analyzed on the basis of product, application, and country / region. The report provides qualitative and quantitative insights into the various players in this market. This report also tracks the market from the supply and demand side.
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