Japan Agricultural Machinery Market Size Set to Grow at Steady CAGR of 3.7% During 2023–2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Japan agricultural machinery market size to grow at a CAGR of 3.69% during the forecast period between 2023 and 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Japan agricultural machinery market size to grow at a CAGR of 3.69% during the forecast period between 2023 and 2029. The increasing need for advanced and automated farming equipment, technological breakthroughs in agricultural machinery, and government measures supporting agricultural modernization are the primary factors driving the growth of Japan's agricultural machinery industry. Japan's aging farming population has produced a demand for labor-saving gear, while the emphasis on environmentally friendly and energy-efficient agricultural equipment has created a demand. The use of precision agriculture techniques and the incorporation of Internet of Things (IoT) technology into farming equipment has fueled the market expansion.
Japan Agricultural Machinery Market – Overview
A variety of tools used in farming and agriculture to increase productivity and efficiency are referred to as agricultural machinery. Tractors, harvesters, plows, irrigation systems, and other equipment are included. Modern agricultural practices are being revolutionized by these machines which help with a variety of duties including planting, cultivating, harvesting, and processing crops.
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Impact of COVID-19 on Japan Agricultural Machinery Market
The COVID-19 pandemic significantly impacted Japan agricultural machinery market. The market experienced disruptions due to supply chain disruptions, labor shortages, and reduced consumer demand. Lockdown measures and restrictions affected the production and distribution of agricultural machinery, leading to delays in deliveries and increased costs. Farmers faced challenges in accessing machinery, impacting their productivity and overall agricultural output. However, as the pandemic gradually recedes, the market is witnessing a slow recovery with the easing of restrictions. The industry is adapting to the new normal by adopting digital technologies and exploring innovative solutions to meet the evolving needs of the agricultural sector in Japan.
Japan Agricultural Machinery Market – By End User
On the basis of end user, Japan agricultural machinery market is split into Original Equipment Manufacturers (OEMs) and Aftersales segments. The OEMs segment is a larger segment in the Japan agricultural machinery market. OEMs are primarily responsible for designing, producing, and selling new agricultural machinery and equipment. They play a crucial role in shaping the industry by introducing innovative technologies and advanced features. OEMs cater to the growing demand for efficient and high-performance agricultural machinery in Japan. On the other hand, the aftersales segment focuses on providing maintenance, repair, and spare parts services for existing agricultural machinery. While aftersales support is essential for ensuring the longevity and functionality of equipment, the OEMs segment holds a higher market size and influence in the Japan agricultural machinery market by end user.
Competitive Landscape
Japan agricultural machinery market is significantly competitive. Major companies in the market include Kubota Corporation, Yanmar, Iseki & Co. Ltd, Hinomoto, Mitsubishi Heavy Industries, Kubota Farm Machinery, Toyotrac, Yanmar America, Shibaura Machinery, and Kubota Tractor Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Japan agricultural machinery market.
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