U.S. Markets open in 4 hrs 18 mins

South Korea Agriculture Tractors Market is Expected to Grow at a CAGR of 6.3% from 2019 to 2024 - ResearchAndMarkets.com

The "South Korea Agriculture Tractors Market-Size, Trends, Competitive Analysis and Forecasts (2019-2024)" report has been added to ResearchAndMarkets.com's offering.

The total land under agriculture in South Korea is less than one-fourth of the country's total area. Agriculture accounts for a very small share of GDP as the country is more inclined towards the industrial sector. The Government has been pushing for the development of the agriculture sector lately by emphasizing on mechanization, specialization, and commercialization. The agricultural tractor industry in South Korea witnessed rapid development in the past decades. The agriculture tractor market in South Korea was worth USD 862.5 million in 2018.

Drivers

The rapid industrialization in the country attracted many of the village laborers to the cities causing a deficiency in farm labor. To accelerate the growth of industrialization and to maintain the required manpower in agriculture, the Korean Government actively promoted the agricultural mechanization program in the country. The Government also provides subsidies for agricultural machinery, especially for rice cultivation. Along with the subsidized cost for agricultural machinery, the Korean Government also offers agricultural loans with a little annual interest rate to reduce the economical burden on farmers and also push for mechanization. The Government also provides subsidies for lease and rental of agriculture machinery.

A permanent second-hand machinery exchange market was established in 2003 and supported with low interest loans offered to purchase second-hand machines. Thus a strong push from the Government has established a steady platform for agriculture tractor market and is further pushing the growth of the market.

The Korean agricultural mechanization has been a supply-oriented policy as a solution to shortage of labour. However the current policies are focused on enhancing the quality of life of farmers and acquiring an agricultural competitive edge. The current policies involve reduction of annual labor input-hours, maximization of agriculture productivity, strengthening of agriculture competitiveness and farmers welfare. These policies are reliant on farm mechanization and thereby creating a wide platform for expansion of agriculture tractors market.

Opportunity

Due to the promotion from the Government, the awareness among the farmers about the benefits of mechanized agricultural has been growing. The agriculture market in South Korea is in matured state of development. Although the sales of agriculture machineries has been steadily growing but there is an increasing demand for ergonomically suited mechanization for the farmers. Similarly the demand for small farm tractors with higher capacity has also been growing. With an aim to increase farm productivity and enhance production, the demand for driverless tractors and tractors meant for hill agriculture has also been growing progressively. These are the opportunity segments in South Korea agriculture tractors market.

Utility tractors are a general-purpose machine designed for plowing and driving other equipment. Utility tractors account for major market share. Garden tractors are forecasted to be the fastest growing segment to grow at a CAGR of 6.5% from 2019 to 2024.

Key Deliverables

  • Market trends since 2015 and five-year forecasts of market growth
  • Detailed analysis of the micro and macro elements influencing demand trends
  • Identifying opportunity spaces across segments
  • Supply & demand side trend and analysis
  • Price trend analysis, investment prospects and competition pattern
  • Insights on the growth potential of the market
  • Detailed analysis of major producers covering financial investments & strategies adopted
  • Competitive landscape of the industry

Key Topics Covered:

1. Introduction

1.1 Research Methodology

1.2 Scope of the Study

1.3 Assumptions

2. Summary

3. Industry Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Porter's Five Forces Analysis

3.5 Future Trends in the Industry

3.6 Value Chain Analysis

3.7 Industry Policies & Regulations

3.8 Market Innovations

4. Market Size and Forecast

4.1 Market Share, By Types

4.1.1 Utility Tractors

4.1.2 Row crop tractors

4.1.3 Garden Tractor

4.1.4 Orchard Tractor

4.1.4 Rotary Tillers

4.1.5 Others

4.2 Market Share, By Horse Power

4.2.1 Below 40 HP

4.2.2 40 HP-100 HP

4.2.3 Above 100 HP

4.3 Market Share, By Wheel Type

4.3.1 Two Wheel

4.3.2 Four Wheel

5. Competitive Analysis

5.1 Market Share Analysis

5.2 Growth Strategies of leading players

5.3 Investment and Development Prospects

5.3.1 Investment in past five years

5.3.2 Investment Opportunities

5.4 Competition Pattern

5.4.1 Concentration Ratio

5.4.2 Industry Competition

5.5 Price Trend Analysis

5.5.1 Product Classifications and Their Prices

5.5.2 Factors Influencing Prices

6. Company Profiles

6.1 AGCO Corp.

6.2 Claas KGaA mbH

6.3 CNH Industrial N.V

6.4 Deere and Company

6.5 Deutz-Fahr

6.6 Escorts Limited

6.7 Kubota Corporation

6.8 Kuhn Group

6.9 Mahindra & Mahindra Ltd.

6.10 Tractors and Farm Equipment Ltd.

6.11 Yanmar Company Limited

For more information about this report visit https://www.researchandmarkets.com/r/wwj6me

View source version on businesswire.com: https://www.businesswire.com/news/home/20200122005737/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900