Press Release

Japan Agriculture Equipment Market to Rise at a Steady CAGR of Around 2.4% During 2024-30

Japan Agriculture Equipment Market is anticipated to grow at a CAGR of 2.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The agriculture equipment industry in Japan is experiencing vast growth, driven by increasing production activities and greater government efforts to enhance manufacturing, among other elements. Recently, the Japanese authorities have actively worked to decorate its agriculture manufacturing activities to satisfy the rising export demand for items like rice and soybeans. Moreover, the demand for agricultural products is on the upward push throughout Japan because of an increasing population and growing tourism sector, which has, in turn, amplified the demand for derivative foods. Consequently, this condition has led to multiplied agricultural activities and, as a result, better utilization of equipment in the Japanese farming sector.

Additionally, the Japanese agriculture industry is undergoing substantial technological advancement, leading to a growing demand for equipment such as Japanese tractors and farm tools. Equipment from Japanese brands, particularly tractors, enables the improvement of farm productivity. With more farmers across the country moving toward mechanization, the demand for agriculture equipment has surged nationwide, significantly driving market growth.

Furthermore, the Japanese government is making efforts to upscale the use of advanced equipment across its farms, mainly to enhance production activities in response to the decreasing number of farmers across the country. Therefore, as mechanization bridges the gap in production activities, the demand for advanced agriculture equipment is expected to rise, supporting the growth of the Japan Agriculture Equipment Market in the coming years, further states the research report, “Japan Agriculture Equipment Market Analysis, 2024.”

Segmentation Analysis

Farm Tractors Lead the Japan Agriculture Equipment Market Growth

Based on the machinery, the market is further bifurcated into Farm Tractors, Harvesting Machinery, Plowing & Cultivation Machinery, Planting & Fertilizing Machinery, Haying Machinery, and Others (Irrigation Equipment, Crop Processing Equipment, etc.). Farm tractors have been one of the major contributors to the growth of the Japan Agriculture Equipment Market. The boost in farming activities and the increasing production of commodities like rice, wheat, soybeans, etc., have driven the increase in sales of tractors across Japan. Hence, as production activities have increased, so has the demand for tractors required during the farming process in recent years.

Moreover, Japanese tractor manufacturers, like Yanmar, Kubota, etc., are striving to advance their agriculture equipment technologies further by introducing tractors with high power efficiency. These companies are also planning to introduce tractors that run on renewable fuel sources, like hydrogen fuel-cell-powered tractors. Thus, with the advancement in Japanese tractors from Japanese tractor manufacturers, the segment is expected to continue a similar market trend in the coming years.

Land Development Segment Holds a Major Market Share

The land development segment has seized a remarkable market share in the past few years. Land development has served as one of the major applications of the Japan Agriculture Equipment Market in recent years, primarily due to the low levels of arable land available. This situation forces farmers to frequently prepare the available land area for production. Moreover, land development requires intensive labor, and with the elderly population's increasing involvement in farming practices, the demand for mechanization equipment for this task has substantially increased. However, as the government of Japan focuses on techniques to increase its agricultural yield, the demand for land development will surge since it is one of the fundamental steps in farming. Consequently, this will help drive the segment’s growth in the forthcoming years as well.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Mitsubishi Agricultural Machinery, Messey Ferguson (AGCO), Deere and Company, AGCO Corp., Iseki & Co., Ltd., Taiyo Co., Ltd., Kubota Tractor Corp., Mahindra & Mahindra Ltd, Yanmar Company Limited, IHI Shibaura Machinery Corporation, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
2. What are the market trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?