South Korea Agriculture Equipment Market Introduction and Overview
According to SPER Market Research, the South Korea Agriculture Equipment Market is estimated to reach USD 200.41 billion by 2033 with a CAGR of 4.11%.
The report includes an in-depth analysis of the South Korea Agriculture Equipment Market, including market size and trends, product mix, applications, and supplier analysis. The machines and implements used in agricultural and livestock production are referred to as agriculture equipment. This covers a broad spectrum of equipment, including irrigation systems, harvesters, plows, tractors, and seeders. These technologies make it easier for farmers to carry out a variety of duties, such as planting, harvesting, and processing crops, more effectively. Utilizing contemporary agricultural machinery greatly boosts output, lowers labour expenses, and enhances produce quality. The automation and GPS systems included into this equipment further improve the accuracy and productivity of farming operations.
- January 2024; LS Mtron unveiled its newest range of intelligent tractors, which come with cutting-edge GPS and IoT capabilities. By offering automated functions and real-time data, these tractors are intended to improve resource management and productivity in precision farming.
- March 2024; To develop electric-powered agricultural gear, Daedong Industrial Co., Ltd. (KIOTI) announced a strategic alliance with a top IT company. Daedong's commitment to sustainability and lowering carbon emissions in farming operations is reflected in this effort.
Market Opportunities and Challenges
Opportunities- The potential for growth and expansion in the South Korean farm equipment market due to technological and innovative advancements is referred to as market opportunities. The need for IoT-enabled equipment, automated harvesters, and smart tractors is growing along with the demand for precision farming. A favourable atmosphere for market participants is also created by government initiatives that support modern farming methods and sustainable agriculture. Businesses can take advantage of these opportunities by creating environmentally friendly machinery and improving agricultural operations' efficiency. To take advantage of these prospects, crucial tactics include investing in R&D to create cutting-edge equipment and collaborating with tech companies.
Challenges- The high upfront expenditures and complexity of sophisticated technology in the South Korean agriculture equipment sector might be obstacles for small and medium-sized farms. For farmers with limited resources, the integration of new technologies frequently necessitates a substantial financial investment and training program. The market also has problems with outdated infrastructure and restricted financing choices. The issues are compounded by environmental concerns and regulatory compliance, which require enterprises to maintain affordability while adapting to exacting standards. For both producers and consumers of agricultural equipment, these variables result in a complicated environment.
Market Competitive Landscape
The dynamic competitive landscape of the South Korean agriculture equipment market is fuelled by cost competitiveness, sustainability, and technological innovation. Businesses concentrate on creating environmentally friendly machinery, integrating cutting-edge technologies like IoT and AI, and offering strong after-sales service. Targeting the distinct requirements of both large- and small-scale farms through market segmentation is also essential. Firms are able to acquire market share and adapt to changing agricultural demands by utilizing established trust and strategic alliances, which further boost competitiveness. The major players in this market are Daedong Industrial Co., Ltd., Tong Yang Moolsan Co., Ltd., LS Mtron, Samyang Chemical Co., Ltd., Asia Agricultural Machinery Co., Ltd., Kukje Machinery Co., Ltd., Hinomoto Co., Ltd., Sungboo Industry Co., Ltd., Others.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Equipment Type, By Application, By Sale Channel |
| Regions covered | Seoul Capital Area, Yeongam (Southeastern Region), Honam (Southwestern), Hoseo (central Region)
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| Companies Covered | Daedong Industrial Co., Ltd., Tong Yang Moolsan Co., Ltd., LS Mtron, Samyang Chemical Co., Ltd., Asia Agricultural Machinery Co., Ltd., Kukje Machinery Co., Ltd., Hinomoto Co., Ltd., Sungboo Industry Co., Ltd., Others.
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COVID-19 Impact on South Korea Agriculture Equipment Market
The agriculture equipment market in South Korea was severely disrupted by COVID-19, which also affected manufacturing and supply chains. Lockdowns and other limitations made it more difficult to produce and distribute goods, which delayed the delivery of equipment and raised expenses. Further stressing supply networks was the unpredictability of global markets, which had an impact on the cost and availability of raw materials. The epidemic also decreased farmer earnings, which made cautious investments in new gear and equipment upgrades necessary. Notwithstanding these obstacles, the crisis hastened the introduction of digital technology in agriculture, highlighting the necessity of remotely operated and automated equipment
Key Target Audience:
- Manufacturers and Suppliers
- Government Agencies and Policymakers
- Investors and Financial Institutions
- Farmers and Agricultural Cooperatives
- Research and Academic Institutions
- Industry Associations and Trade Organizations
Our in-depth analysis of the South Korea Agriculture Equipment Market includes the following segments:
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By Equipment Type:
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Agriculture Tractor
Harvesting Equipment
Irrigation and Crop Processing Equipment
Agriculture Spraying and Handling Equipment
Soil Preparation and Cultivation Equipment
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By Application:
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Land Development
Threshing and Harvesting
Plant Protection
After Agro Processing
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By Sales Channel:
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Original Equipment Manufacturers
Aftermarket
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Key Topics Covered in the Report:
- South Korea Agriculture Equipment Market Size (FY’2024-FY’2033)
- Overview of South Korea Agriculture Equipment Market
- Segmentation of South Korea Agriculture Equipment Market by Equipment Type (Agriculture Tractor, Harvesting Equipment, Irrigation and Crop Processing Equipment, Agriculture Spraying and Handling Equipment, Soil Preparation and Cultivation Equipment)
- Segmentation of South Korea Agriculture Equipment Market by Application (Land Development, Threshing and Harvesting, Plant Protection, After Agro Processing)
- Segmentation of South Korea Agriculture Equipment Market by Sales Channel (Original Equipment Manufacturers, Aftermarket)
- Statistical Snap of South Korea Agriculture Equipment Market
- Expansion Analysis of South Korea Agriculture Equipment Market
- Problems and Obstacles in South Korea Agriculture Equipment Market
- Competitive Landscape in the South Korea Agriculture Equipment Market
- Impact of COVID-19 and Demonetization on South Korea Agriculture Equipment Market
- Details on Current Investment in South Korea Agriculture Equipment Market
- Competitive Analysis of South Korea Agriculture Equipment Market
- Prominent Players in the South Korea Agriculture Equipment Market
- SWOT Analysis of South Korea Agriculture Equipment Market
- South Korea Agriculture Equipment Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Agriculture Equipment Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Agriculture Equipment Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Agriculture Equipment Market
7. South Korea Agriculture Equipment Market, By Equipment Type (USD Million) 2020-2033
7.1. South Korea Agriculture Equipment Market Size, Share and Forecast, By Equipment Type, 2020-2026
7.2. South Korea Agriculture Equipment Market Size, Share and Forecast, By Equipment Type, 2027-2033
7.3. Agriculture Tractor
7.4. Harvesting Equipment
7.5. Irrigation and Crop Processing Equipment
7.6. Agriculture Spraying and Handling Equipment
7.7. Soil Preparation and Cultivation Equipment
8. South Korea Agriculture Equipment Market, By Application (USD Million) 2020-2033
8.1. South Korea Agriculture Equipment Market Size, Share and Forecast, By Application, 2020-2026
8.2. South Korea Agriculture Equipment Market Size, Share and Forecast, By Application, 2027-2033
8.3. Land Development
8.4. Threshing and Harvesting
8.5. Plant Protection
8.6. After Agro Processing
9. South Korea Agriculture Equipment Market, By Sales Channel (USD Million) 2020-2033
9.1. South Korea Agriculture Equipment Market Size, Share and Forecast, By Sales Channel, 2020-2026
9.2. South Korea Agriculture Equipment Market Size, Share and Forecast, By Sales Channel, 2027-2033
9.3. Original Equipment Manufacturers
9.4. Aftermarket
10. South Korea Agriculture Equipment Market Forecast, 2020-2033 (USD Million)
10.1. South Korea Agriculture Equipment Market Size and Market Share
11. South Korea Agriculture Equipment Market, By Region, 2020-2033 (USD Million)
11.1. South Korea Agriculture Equipment Market Size and Market Share By Region (2020-2026)
11.2. South Korea Agriculture Equipment Market Size and Market Share By Region (2027-2033)
11.2.1. Seoul Capital Area
11.2.2. Yeongam (Southeastern Region)
11.2.3. Honam (Southwestern)
11.2.4. Hoseo (central Region)
12. Company Profile
12.1. Daedong Industrial Co., Ltd.
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Tong Yang Moolsan Co., Ltd.
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. LS Mtron
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Samyang Chemical Co., Ltd.
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. Asia Agricultural Machinery Co., Ltd.
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Kukje Machinery Co., Ltd.
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Hinomoto Co., Ltd.
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Sungboo Industry Co., Ltd.
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.9. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links