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Vietnam Agriculture Machinery Market Revenue, Size, Share, Rising Trends, Challenges, Growth Strategy, Business Analysis, Future Opportunities and Forecast 2033: SPER Market Research

admin July 25, 2024 Agriculture

While the agriculture sector plays a crucial role in enhancing food availability, ensuring food security has grown in relevance for nations with varying degrees of economic growth. Agricultural machinery demand is being supported globally by a few main factors, including dwindling arable land areas, increasing large-scale farming, a declining labor force, and more mechanization in the agriculture industry. The scarcity of labor and the exorbitant expenses associated with maintaining livestock on the farm in numerous countries have prompted consumers to reap the advantages of modern farming equipment.

According to SPER Market Research, ‘Vietnam Agriculture Machinery Market Size- By Product Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Vietnam Agriculture machinery market is estimated to reach USD XX billion by 2033 with a CAGR of 11.71%.

Vietnam’s agricultural equipment industry is currently expanding. The primary drivers of the agricultural machinery market’s positive rise in revenue are the growing need for food, the increased emphasis on minimizing post-harvest losses, labor shortages, harsh weather, and the signing of free trade agreements with numerous nations. In order to boost agricultural production efficiency and reduce costs, government attempts to promote farm mechanization are another important factor. Demand is driving the industry toward intelligent agricultural and resource management tools that are incorporated with sensors and data analytics. The market for agricultural equipment is expanding as the sector shifts to efficiency and sustainability.

The cost of inputs for equipment commissioning on farms is rising due to the expansion of agriculture and technical advancements in the sector. Additionally, using such sophisticated agricultural equipment results in expensive maintenance and operating costs, which reduces the profitability of agricultural operations. Farmers were concerned about the need for specialized workers to manage and oversee operations due to the machine’s detailed engagement in farming activities, which increased complexity.

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Agriculture operations were suspended in the early phases of COVID-19 because of the virus’s exponential growth and spread. The market for agricultural equipment was negatively impacted by trade restrictions and supply chain limitations. An additional factor weakening the market was farmers’ reluctance to spend big money on machinery because of unclear limitations. After the Covid-19 pandemic is expected to have passed, and the agricultural machinery market will be expanding. Sales of farm equipment are anticipated to be boosted by the government’s growing push for mechanization and the labor shortage.

Due to its larger land holding farms, the Mekong Delta is home to the greatest number of rice transplanters. The Mekong region is the primary user of combine harvesters for its multipurpose use in rice and corn production. Some of the key players are Kubota Corporation, CLAAS KGaA GmbH, Vietnam Engine and Agricultural Machinery Corporation (VEAM), Yanmar Vietnam, Vietnam Agrotech Co., Ltd.

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Vietnam Agricultural Machinery Market Growth Revenue

Netherlands Agriculture Equipment Market Size- By Product, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

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Vietnam Agricultural Machinery and Equipment Market Share, Revenue, Emerging Trends, Demand, Business Challenges, Growth Opportunities and Future Strategy Till 2033: SPER Market Research

The machinery or manufactured components that increase land yield in agro-based economies worldwide are referred to as agriculture equipment. Farmers and landowners are directly encouraged by the equipment to incorporate automated technology into their conventional farming methods. In addition, customers are now taking use of the advantages of modern farming equipment due to the scarcity of labour and the high expense of maintaining cattle on the job site in many countries.

According to SPER market research, ‘Vietnam Agriculture Machinery Market Size By Product Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Vietnam Agriculture Machinery Market is predicted to reach USD XX billion by 2033 with a CAGR of 11.71%.

One of the primary causes driving growth is the increased demand for row-crop tractors due to increased farm mechanization and a shortage of farm labor, which boosts sales of agricultural machinery in Vietnam. The rising need for efficiency, precision, handling, low power on scarce arable land led to the creation of the contemporary planter tractor, which is still being developed today. Crops specifically designed to fulfill all agricultural requirements, including weed control, plowing, harrowing, leveling, drawing seed drills, and operating various equipment like belt pulley threshers and water pumps, are grown under row-crop tractors.

However, there are several issues that drive up input prices for farm equipment commissioning, such as the growth of the agricultural sector and technological developments. Furthermore, the profitability of agricultural operations is decreased by the high maintenance and operating costs associated with the usage of such sophisticated agricultural equipment. Farmers were worried about the need for skilled personnel to oversee and manage operations because of the complex machine’s involvement in farming tasks.

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Impact of COVID-19 on Vietnam Agricultural Market

Agriculture operations were suspended in the early phases of COVID-19 because of the virus’s exponential growth and spread. Trade restrictions and supply chain limitations reduced the market for agricultural equipment. The market was further undermined by farmers’ reluctance to spend big money on machinery because of unclear constraints.

Vietnam Agricultural Market key players

Furthermore, Vietnam’s market for agricultural equipment is a vibrant, developing industry that is essential to the nation’s economic expansion and agricultural production. Vietnam has had a consistent rise in the need for contemporary agricultural technology and equipment due to its large area of fertile land and predominately agrarian economy. The market for irrigation and rice planting and harvesting machinery has grown significantly in the northern regions, which are mostly known for their rice agriculture. In contrast, a wider variety of products, including fruits and cash crops, are grown in the southern regions. Additionally, some of the market companies are Kubota Corporation, CLAAS KGaA GmbH, Vietnam Engine and Agricultural Machinery Corporation (VEAM), Yanmar Vietnam, Vietnam Agrotech Co.,

Ltd, CNH Industrial, ShanDong Huaxin Machinery Co. Ltd.6.3.8 Iseki Corporation, Truong Hai Auto Corporation (THACO), Tong Yang Moolsan Company Limited.

Vietnam Agricultural Market Segmentation:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.

By Product Type: Based on the Product Type, Vietnam Agriculture Machinery Market is segmented as; Tractor, Rice Transplanters, Harvesting Machinery, Haying & Forage Machinery, Others.

By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.