South Korea Agriculture Equipment Market Growth, Size, Trends, Demand and Future Outlook
South Korea Agriculture Equipment Market Size- By Equipment Type, By Application, By Sale Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Aug-2024 | Report ID: AGRI2438 | Pages: 1 - 109 | Formats*: |
| Category : Agriculture | |||
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) |
| 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. |
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:
| By Equipment Type: |
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| By Application: |
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| By Sales Channel: |
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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 report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the South Korea Agriculture Equipment Market.
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Agriculture Equipment Market Manufacturing Base Distribution, Sales Area, Product Type6.2. 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, 2020-20267.2. South Korea Agriculture Equipment Market Size, Share and Forecast, By Equipment Type, 2027-20337.3. Agriculture Tractor7.4. Harvesting Equipment7.5. Irrigation and Crop Processing Equipment7.6. Agriculture Spraying and Handling Equipment7.7. 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, 2020-20268.2. South Korea Agriculture Equipment Market Size, Share and Forecast, By Application, 2027-20338.3. Land Development8.4. Threshing and Harvesting8.5. Plant Protection8.6. 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, 2020-20269.2. South Korea Agriculture Equipment Market Size, Share and Forecast, By Sales Channel, 2027-20339.3. Original Equipment Manufacturers9.4. 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 Area11.2.2. 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 details12.1.2. Financial outlook12.1.3. Product summary12.1.4. Recent developments12.2. Tong Yang Moolsan Co., Ltd.12.2.1. Company details12.2.2. Financial outlook12.2.3. Product summary12.2.4. Recent developments12.3. LS Mtron12.3.1. Company details12.3.2. Financial outlook12.3.3. Product summary12.3.4. Recent developments12.4. Samyang Chemical Co., Ltd.12.4.1. Company details12.4.2. Financial outlook12.4.3. Product summary12.4.4. Recent developments12.5. Asia Agricultural Machinery Co., Ltd.12.5.1. Company details12.5.2. Financial outlook12.5.3. Product summary12.5.4. Recent developments12.6. Kukje Machinery Co., Ltd.12.6.1. Company details12.6.2. Financial outlook12.6.3. Product summary12.6.4. Recent developments12.7. Hinomoto Co., Ltd.12.7.1. Company details12.7.2. Financial outlook12.7.3. Product summary12.7.4. Recent developments12.8. Sungboo Industry Co., Ltd.12.8.1. Company details12.8.2. Financial outlook12.8.3. Product summary12.9. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
South Korea Agriculture Equipment Market is projected to reach USD 200.41 billion by 2033, growing at a CAGR of 4.11% during the forecast period.
South Korea Agriculture Equipment Market grew in Market size from 2024. The Market is expected to reach USD 200.41 billion by 2033, at a CAGR of 4.11% during the forecast period.
South Korea Agriculture Equipment Market CAGR of 4.11% during the forecast period.
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South Korea Agriculture Equipment Market size is USD 200.41 billion from 2024 to 2033.
South Korea Agriculture Equipment Market is covered By Equipment Type, By Application, By Sale Channel
The Asia-Pacific is anticipated to have the highest Market share in the South Korea Agriculture Equipment Market.
The key players in the Market include 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.
The high cost of advanced diabetes drugs and the financial burden of treating diabetes remain major obstacles to market growth, despite the fact that numerous drugs have been approved for the condition and that governments and industry players are launching numerous initiatives.
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