NEW YORK, May 27, 2021 /PRNewswire/ — Growing demand for tractors, brush cutters, water pumps, and lawn mowers for agriculture and horticulture is lending impetus to the growth of the South Asia agriculture equipment market. The agriculture sector has seen significant growth in the past few years, and the same is expected over the coming years as well. The market is estimated to expand at an impressive CAGR of around 9% over the forecast period of 2021-2031.
India, Bangladesh, and ASEAN countries are major markets for agriculture equipment in the region. With a fragmented market, manufacturers are highly concentrated on their increasing sales and distribution networks across the South Asian region.
Key Take aways from Market Study
- Utilization of agricultural equipment has witnessed significant increase for gardening and horticulture applications, in addition to farming activities.
- Increasing mechanization has been attributed as a key driver for the sales and utilization of agriculture equipment in South Asia.
- Tractors are identified to lead the agriculture and farming domain, where as lawn movers are identified as the prominent equipment for use in gardening and landscaping applications.
- Subsidies announced by governments as well as financing schemes by OEMs are aiding low-to-middle income famers in the procurement agriculture equipment.
- Over the coming years, the tractor segment is expected to hold a considerable share in the South Asia market.
- Consumption of…
