VIETNAM AGRICULTURE MACHINERY MARKET IS ESTIMATED TO REACH USD XX BILLION BY 2033: SPER MARKET RESEARCH
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.
For More Information, refer to below link:-
Vietnam Agricultural Machinery Market Growth Revenue
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