Vietnam Agricultural Machinery and Equipment Market Share, Revenue, Trends, Demand, Future Strategy, Challenges and Growth Opportunities Till 2033


Vietnam Agricultural Machinery and Equipment Market Share, Revenue, Trends, Demand, Future Strategy, Challenges and Growth Opportunities Till 2033: SPER Market Research

 Category : Agriculture

 Published: Oct-2023
 Author: SPER Analyst

Vietnam Agriculture Machinery Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 11.71%.

Agriculture equipment comprises of machines or fabricated parts that boost land yield in agro-based economies around the world. The equipment directly encourages farmers or land operators to use automated technologies into their traditional farming techniques. Furthermore, the shortage of human labour and the high cost of cattle maintenance on the working site in many nations have led consumers to take advantage of the benefits of updated farming equipment.

Vietnam Agriculture Machinery Market Driving Factors and Challenges

There are several drivers that driving market growth. One of the main growth-driven factors is the Row-crop tractors are in great demand as a result of rising farm mechanization and a scarcity of farm personnel, which drives up agricultural machinery sales in Vietnam. The modern planter tractor was created and is continually being developed in response to the increased demand for low power on limited arable land, precision, handling, and efficiency. Row-crop tractors are used to grow crops that are specifically intended to meet all agricultural needs, such as weed management, plowing, harrowing, leveling, drawing seed drills, and working different machinery such as belt pulley threshers and water pumps.

However, there are some problems, such as the agricultural industry's expansion and technological advancements, which raise input costs for farm equipment commissioning. Furthermore, the use of such complex agricultural equipment leads in high maintenance and operation expenses, reducing the profitability of agricultural operations. Due of the intricate machine's engagement in farming activities, farmers were concerned about the necessity for qualified employees to manage and oversee operations.

Impact of COVID-19 on Vietnam Agriculture Machinery Market 
During the early stages of COVID-19, Agriculture activities were halted due to the virus's propagation and exponential expansion. Supply chain constraints and trade barriers harmed demand for agriculture equipment. Farmers' reluctance to spend large sums of money on machinery due to uncertain restrictions further weakened the market.

Vietnam Agriculture Machinery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 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:

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.

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