An agricultural tractor is a type of tractor specifically designed for agricultural production, used to pull and drive machinery to complete various mobile operations. Agricultural tractors play an important role in agricultural production, which can significantly improve agricultural production efficiency and economic benefits.
Overview of Market Development
According to our research data, the estimated size of the agricultural tractor market in Southeast Asia in 2024 is $1753 million, an increase of 17.36% compared to 2023. In the future, with the further improvement of agricultural mechanization level, the market is expected to further expand, but the growth rate may slow down. It is expected that the market size of agricultural tractors in Southeast Asia will increase to $2588 million by 2029, with a compound annual growth rate of 8.10% estimated from 2024 to 2029.
Segmented Market Analysis
From the perspective of product types, agricultural tractors can usually be divided into two categories: wheel tractors and crawler tractors, based on their structural characteristics and different modes of movement. Among them, wheel agricultural tractors dominate the market. The data shows that the estimated size of the segmented market for wheel agricultural tractors in Southeast Asia in 2024 is $1602 million, and the market share is expected to reach 91.39%.
Southeast Asia Agricultural Tractor Market Size and Market Share by Type Forecast
Source: www.globalmarketmonitor.com
Market Analysis of Major Countries
Research shows that the agricultural tractor market in Southeast Asia is dominated by three major countries: Indonesia, the Philippines, and Malaysia. Among them, Indonesia is the largest revenue-generating country. The data shows that the estimated revenue of the agricultural tractor market in Indonesia in 2024 is $1205 billion, and the market share is expected to reach 68.74%.
Southeast Asia Agricultural Tractor Market Revenue and Market Share by Country
Forecast in 2024
|
Countries
|
Market Revenue (Million USD)
|
Market Share
|
|
Indonesia
|
12.05
|
68.74%
|
|
Vietnam
|
0.84
|
4.79%
|
|
Philippines
|
2.63
|
15.00%
|
|
Bangladesh
|
0.36
|
2.05%
|
|
Malaysia
|
1.57
|
8.96%
|
|
Others
|
0.08
|
0.46%
|
Source: www.globalmarketmonitor.com
Market Outlook Forecast
The level of agricultural mechanization in
Southeast Asia is constantly improving, and there is still significant room for
growth in the demand for agricultural tractors in the future. At the same time,
some companies have started to expand their presence in the Southeast Asian
market, such as Jinlu Group setting up branches in Malaysia and Indonesia,
based in Hainan, to sell agricultural tractors and other products to the
Southeast Asian market.
For more industry information, please refer to our latest released"2023 Global Agricultural Tractor Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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