Agricultural Handling Machinery Market size was valued at USD 95 Billion in 2024 and is projected to reach USD 130 Billion by 2033, exhibiting a CAGR of 4.5% from 2026 to 2033.
South Korea's Agricultural Handling Machinery Market has experienced significant transformations, driven by technological advancements and evolving industry requirements. As of 2023, the market was valued at approximately USD 6.64 billion and is projected to reach USD 8.79 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.6%. This growth underscores the increasing adoption of modern agricultural equipment aimed at enhancing productivity and efficiency.
The market encompasses a diverse range of machinery types, including tractors, harvesters, planting equipment, irrigation and crop processing equipment, spraying equipment, and hay and forage equipment. Among these, tractors have historically dominated sales, while harvesters are anticipated to witness the fastest growth during the forecast period. This trend reflects a shift towards mechanized harvesting solutions to address labor shortages and improve operational efficiency.
Government initiatives have played a pivotal role in this evolution. Recognizing the challenges posed by an aging farmer population—over half of whom were over the age of 65 as of 2021—the South Korean government launched the 2023-2027 Agriculture Plan. This plan aims to increase the proportion of farmers under 40 to 10% by offering incentives such as direct monthly payments and favorable loan terms. Additionally, substantial investments have been made in smart farming technologies, with 248 billion won allocated in 2019 to promote innovations like autonomous machinery and AI integration.
Leading domestic manufacturers, including Daedong, LS Mtron, and TYM, have been instrumental in driving market growth. These companies have not only focused on the domestic market but have also expanded their footprint internationally. For instance, TYM established a European subsidiary in the Netherlands, aiming to diversify its global sales portfolio and reduce reliance on the North American market. Similarly, Daedong has been proactive in engaging European dealers to bolster its presence in the continent.
Despite these advancements, the market faces challenges. The high cost of advanced machinery can be a barrier for small and medium-sized farmers. Moreover, the industry contends with competition from imported machinery, particularly from countries like China and Japan. To navigate these challenges, there is a concerted effort to promote locally manufactured equipment and invest in research and development to produce cost-effective solutions tailored to local needs.
In conclusion, South Korea's Agricultural Handling Machinery Market is on a trajectory of steady growth, underpinned by technological innovation, supportive government policies, and strategic international expansion by domestic manufacturers. Addressing challenges related to cost and competition will be crucial in sustaining this momentum and ensuring the continued modernization of the agricultural sector.
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Manitou
Meridian
John Deere
AGCO
CNH Industrial
JCB
Kuhn
AGI
Aldersley Engineering
Weima Agricultural Machinery Co.
Ltd
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Agricultural Handling Machinery Market
Tractors
Harvesters
Ploughs
Tillers
Seeders and Planters
Forklifts
Conveyors
Balers
Manual
Semi-automated
Fully Automated
Small-Scale Farming
Medium-Scale Farming
Large-Scale Agricultural Enterprises
Crop Handling
Livestock Handling
Soil Preparation
Storage and Transportation
Planting and Seeding Operations
Farmers
Agricultural Cooperatives
Agricultural Contractors
Government Agencies and Research Organizations
Agro-based Industries
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Agricultural Handling Machinery Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Agricultural Handling Machinery Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Agricultural Handling Machinery Market, By Type
6. South Korea Agricultural Handling Machinery Market, By Application
7. South Korea Agricultural Handling Machinery Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Agricultural Handling Machinery Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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