Agricultural machinery refers to the mechanical structures and tools used in farming and other agricultural tasks. These instruments come in a variety of forms, from power and hand tools to tractors and the innumerable varieties of agricultural implements they drive or tow. Numerous tools are used in farming, both organic and nonorganic. Agricultural machinery is an essential aspect of the world's food supply, especially since mechanized agriculture has been introduced. Agricultural machinery can be thought of as a subset of broader agricultural automation technology, such as robotics and more sophisticated digital equipment. While conventional motorized machinery is mostly employed to automate only the diagnosis, decision-making, and performance phases of any agricultural activity, agricultural robots have the ability to automate all three of these procedures.
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 market is mostly driven by the government's initiatives to modernize the agricultural sector. Vietnam has seen a rise in both public and private investment in agricultural technology, particularly machinery, as a result of its strategic focus on being a major agricultural producer. This raises yields and lowers operating costs by substituting more effective techniques for manual work. This shift is being expedited further by policies designed to offer farmers discounted rates for the purchase of sophisticated machinery. Furthermore, the requirement for machinery that can efficiently manage huge operations is expanding as large-scale farming expands and fragmented farmlands become less.
Vietnam can only produce less than half of its own agricultural gear; the majority of the machinery that is imported comes from other nations. Nevertheless, the industry that manufactures agricultural machinery is expanding quickly and has helped to partially close the gap between the domestic supply and market demand. Tractors, farming equipment, soil preparation supplies, and harvesting machinery are among the main products whose import value has decreased. The high price of agricultural equipment and machinery is a significant barrier to market expansion.
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Impact of COVID-19 on Vietnam Agriculture Machinery Market
Following the COVID-19 outbreak In addition to its benefits and prospects, the domestic agricultural machinery market faced other obstacles. In other words, the effects of climate change become evident early in the year, impacting the aquaculture and crop sectors with saline intrusion and drought in the Mekong Delta. Additionally, the limitations imposed during the epidemic made it difficult for Vietnamese farmers to upgrade their equipment, forcing them to change careers and enter non-farming industries.
Vietnam Agriculture Machinery Market Key Players:
Due to its bigger land holdings and emphasis on rice production, the Mekong Delta emerges as the region with the biggest need for agricultural equipment, particularly rice transplanters. It is anticipated that this region will command a sizable market share. But if mechanization initiatives take off, it's also anticipated that equipment sales in other regions would rise. Major market players in this market 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 Agriculture Machinery Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. 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.
For More Information, refer to below link:-
Vietnam Agriculture Machinery Market Share
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