South Korea Agriculture Equipment Market Overview, 2029

The South Korea agricultural equipment market is expected to grow with more than 5.50% CAGR from 2024 to 2029.

South Korea possesses a unique agricultural landscape. Small, intensively farmed plots characterize the sector, with rice, vegetables, and fruits being the primary crops. This necessitates compact, versatile equipment suitable for varied tasks. The history of Korea's agricultural equipment market reveals a shift from manual labor to rapid mechanization in the 1960s and 70s, driven by government initiatives. Local manufacturers like TYM and LS Tractor emerged during this period to meet the growing demand for affordable equipment. The 80s and 90s witnessed advancements in specialized machinery for various crops, supported by government research. Presently, the market features a mature domestic sector alongside imports of high-end technology, with a focus on precision agriculture and smart equipment. Trends favor compact, versatile machinery suited for small farms, emphasizing affordability and multi-functionality, influenced by government policies. Despite increasing awareness, adoption of precision agriculture remains gradual. According to the research report "South Korea Agricultural Equipment Market Overview, 2029," published by Bonafide Research, the South Korean agricultural equipment market is expected to grow with more than 5.50% CAGR from 2024 to 2029. The growth of the South Korean agricultural equipment market is driven by aging farmer populations, prompting mechanization to tackle labor shortages. Government support through subsidies and tax breaks makes equipment acquisition more affordable, while the increasing awareness of precision agriculture benefits fuels demand for smart equipment. Limited land availability necessitates compact and efficient machinery for maximizing productivity on small farms. Rising farmer income levels drive investment in advanced equipment to enhance efficiency and profitability. However, challenges persist: price sensitivity prioritizes affordability over high-end technology adoption, a skill gap in operating and maintaining advanced equipment exists, and competition from established international brands challenges domestic manufacturers. Moreover, land fragmentation and infrastructure limitations, particularly in remote areas, pose additional roadblocks to market growth.

What's Inside a Bonafide Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

Download Sample

One key segmentation avenue revolves around equipment type, where tractors reign supreme, subdivided into compact (below 40 HP), medium (40-100 HP), and large (above 100 HP) categories, catering to varying farm sizes and tasks. Harvesters, pivotal in rice production, see a surge in automated rice combines and specialized vegetable harvesters, aligning with the nation's crop diversity. Planting equipment witnesses a shift towards precision planters for enhanced accuracy, while irrigation systems, particularly drip irrigation, gain momentum for water conservation. Engine power emerges as another crucial segmentation criterion, with the below 30 HP segment dominating due to compact tractors, while the 30 HP - 100 HP range grows alongside medium tractor adoption. Application-based segmentation further delineates equipment usage, from land development and seed bed preparation dominated by smaller tractors to harvesting and threshing reliant on rice combines and vegetable harvesters. Weed cultivation and plant protection segments feature rotary tillers, sprayers, and drones, emphasizing precision and efficiency. Post-harvest and agro-processing needs are met with sorting, drying, and storage equipment tailored to specific crops, reflecting the market's nuanced demands. The agricultural equipment market in South Korea relies on both domestic and imported raw materials, with a robust domestic steel industry meeting a significant portion of demand. Domestic production also covers rubber, plastics, and electronics components, although some specialized grades and electronic components may require imports. High-power engines are primarily imported from global leaders like Cummins, John Deere, and Kubota. Additionally, certain specialized components such as hydraulic systems and gearboxes are imported due to technological advancements or cost-effectiveness. High-performance steel may be imported from countries like Germany and Japan for specific applications. Over 400 domestic manufacturers, primarily focusing on smaller equipment, contribute to the market, while larger global players like John Deere, Kubota, and New Holland focus on larger tractors and specialized equipment. Domestic manufacturers are increasingly prioritizing localization of components and production to reduce dependence on imports and improve cost efficiency.

Make this report your own

Have queries/questions regarding a report?

Take advantage of intelligence tailored to your business objective

Manmayi Raval

Manmayi Raval

Research Consultant

In South Korea, the regulatory landscape governing the agricultural equipment market is overseen by various governmental bodies. The Ministry of Agriculture, Food and Rural Affairs (MAFRA) is primarily responsible for regulating agricultural machinery, while the Korea Occupational Safety and Health Agency (KOSHA) ensures compliance with safety standards. Additionally, the Ministry of Environment (MOE) regulates environmental aspects such as noise emissions and energy efficiency, and the Tariff Commission determines import tariffs based on international agreements and domestic needs. Key regulations include safety certifications mandated by KOSHA, compliance with MOE emission standards, potential import licenses, and product registration with MAFRA. Equivalency agreements with countries like the US and EU streamline safety certifications, but local testing or adaptation may still be necessary. Equipment must be labeled in Korean, and robust after-sales service is crucial. Government subsidies incentivize domestic equipment purchase, while environmental regulations and the push for smart agriculture practices shape future developments in the market. The South Korean agricultural equipment market holds immense potential, driven by government support, technological advancements, and an aging farmer population. Addressing affordability concerns, providing skill development programs, and embracing niche markets are key to success for domestic and international players alike. Additionally, the integration of advanced technologies like IoT and robotics holds promise for further market growth and transformation.

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now
Manmayi Raval

Table of Contents

  • 1. Executive Summary
  • 2. Market Structure
  • 2.1. Market Considerate
  • 2.2. Assumptions
  • 2.3. Limitations
  • 2.4. Abbreviations
  • 2.5. Sources
  • 2.6. Definitions
  • 2.7. Geography
  • 3. Research Methodology
  • 3.1. Secondary Research
  • 3.2. Primary Data Collection
  • 3.3. Market Formation & Validation
  • 3.4. Report Writing, Quality Check & Delivery
  • 4. South Korea Macro Economic Indicators
  • 5. Market Dynamics
  • 5.1. Key Findings
  • 5.2. Key Developments - 2021
  • 5.3. Market Drivers & Opportunities
  • 5.4. Market Restraints & Challenges
  • 5.5. Market Trends
  • 5.6. Covid-19 Effect
  • 5.7. Supply chain Analysis
  • 5.8. Policy & Regulatory Framework
  • 5.9. Industry Experts Views
  • 6. South Korea Agriculture Equipment Market Overview
  • 6.1. Market Size By Value
  • 6.2. Market Size and Forecast By Equipments Type
  • 6.3. Market Size and Forecast By Engine Power
  • 6.4. Market Size and Forecast By Application
  • 7. South Korea Agriculture Equipment Market Segmentations
  • 7.1. South Korea Agriculture Equipment Market, By Equipments Type
  • 7.1.1. South Korea Agriculture Equipment Market Size, By Tractors, 2018-2029
  • 7.1.2. South Korea Agriculture Equipment Market Size, By Harvesters, 2018-2029
  • 7.1.3. South Korea Agriculture Equipment Market Size, By Planting Equipment, 2018-2029
  • 7.1.4. South Korea Agriculture Equipment Market Size, By Irrigation & Crop Processing Equipment, 2018-2029
  • 7.1.5. South Korea Agriculture Equipment Market Size, By Spraying Equipment, 2018-2029
  • 7.1.6. South Korea Agriculture Equipment Market Size, By Hay & Forage Equipment, 2018-2029
  • 7.1.7. South Korea Agriculture Equipment Market Size, By Others, 2018-2029
  • 7.2. South Korea Agriculture Equipment Market, By Engine Power
  • 7.2.1. South Korea Agriculture Equipment Market Size, By Below 30 HP, 2018-2029
  • 7.2.2. South Korea Agriculture Equipment Market Size, By 30 HP - 100 HP, 2018-2029
  • 7.2.3. South Korea Agriculture Equipment Market Size, By 100 HP - 200 HP, 2018-2029
  • 7.2.4. South Korea Agriculture Equipment Market Size, By Above 200 HP, 2018-2029
  • 7.3. South Korea Agriculture Equipment Market, By Application
  • 7.3.1. South Korea Agriculture Equipment Market Size, By Land Development & Seed Bed Preparation, 2018-2029
  • 7.3.2. South Korea Agriculture Equipment Market Size, By Sowing & Planting, 2018-2029
  • 7.3.3. South Korea Agriculture Equipment Market Size, By Harvesting & Threshing, 2018-2029
  • 7.3.4. South Korea Agriculture Equipment Market Size, By Weed Cultivation, 2018-2029
  • 7.3.5. South Korea Agriculture Equipment Market Size, By Plant Protection, 2018-2029
  • 7.3.6. South Korea Agriculture Equipment Market Size, By Post-harvest & Agro-processing, 2018-2029
  • 8. South Korea Agriculture Equipment Market Opportunity Assessment
  • 8.1. By Equipments Type, 2024 to 2029
  • 8.2. By Engine Power, 2024 to 2029
  • 8.3. By Application, 2024 to 2029
  • 9. Competitive Landscape
  • 9.1. Porter's Five Forces
  • 9.2. Company Profile
  • 9.2.1. Company 1
  • 9.2.1.1. Company Snapshot
  • 9.2.1.2. Company Overview
  • 9.2.1.3. Financial Highlights
  • 9.2.1.4. Geographic Insights
  • 9.2.1.5. Business Segment & Performance
  • 9.2.1.6. Product Portfolio
  • 9.2.1.7. Key Executives
  • 9.2.1.8. Strategic Moves & Developments
  • 9.2.2. Company 2
  • 9.2.3. Company 3
  • 9.2.4. Company 4
  • 9.2.5. Company 5
  • 9.2.6. Company 6
  • 9.2.7. Company 7
  • 9.2.8. Company 8
  • 10. Strategic Recommendations
  • 11. Disclaimer

Table 1: Influencing Factors for South Korea Agriculture Equipment Market, 2023
Table 2: South Korea Agriculture Equipment Market Size and Forecast By Equipments Type (2018, 2023 & 2029F)
Table 3: South Korea Agriculture Equipment Market Size and Forecast By Engine Power (2018, 2023 & 2029F)
Table 4: South Korea Agriculture Equipment Market Size and Forecast By Application (2018, 2023 & 2029F)
Table 5: South Korea Agriculture Equipment Market Size of Tractors (2018 to 2029) in USD Million
Table 6: South Korea Agriculture Equipment Market Size of Harvesters (2018 to 2029) in USD Million
Table 7: South Korea Agriculture Equipment Market Size of Planting Equipment (2018 to 2029) in USD Million
Table 8: South Korea Agriculture Equipment Market Size of Irrigation & Crop Processing Equipment (2018 to 2029) in USD Million
Table 9: South Korea Agriculture Equipment Market Size of Spraying Equipment (2018 to 2029) in USD Million
Table 10: South Korea Agriculture Equipment Market Size of Hay & Forage Equipment (2018 to 2029) in USD Million
Table 11: South Korea Agriculture Equipment Market Size of Others (2018 to 2029) in USD Million
Table 12: South Korea Agriculture Equipment Market Size of Below 30 HP (2018 to 2029) in USD Million
Table 13: South Korea Agriculture Equipment Market Size of 30 HP - 100 HP (2018 to 2029) in USD Million
Table 14: South Korea Agriculture Equipment Market Size of 100 HP - 200 HP (2018 to 2029) in USD Million
Table 15: South Korea Agriculture Equipment Market Size of Above 200 HP (2018 to 2029) in USD Million
Table 16: South Korea Agriculture Equipment Market Size of Land Development & Seed Bed Preparation (2018 to 2029) in USD Million
Table 17: South Korea Agriculture Equipment Market Size of Sowing & Planting (2018 to 2029) in USD Million
Table 18: South Korea Agriculture Equipment Market Size of Harvesting & Threshing (2018 to 2029) in USD Million
Table 19: South Korea Agriculture Equipment Market Size of Weed Cultivation (2018 to 2029) in USD Million
Table 20: South Korea Agriculture Equipment Market Size of Plant Protection (2018 to 2029) in USD Million
Table 21: South Korea Agriculture Equipment Market Size of Post-harvest & Agro-processing (2018 to 2029) in USD Million

Figure 1: South Korea Agriculture Equipment Market Size By Value (2018, 2023 & 2029F) (in USD Million)
Figure 2: Market Attractiveness Index, By Equipments Type
Figure 3: Market Attractiveness Index, By Engine Power
Figure 4: Market Attractiveness Index, By Application
Figure 5: Porter's Five Forces of South Korea Agriculture Equipment Market
Logo

South Korea Agriculture Equipment Market Overview, 2029

Contact usWe are friendly and approachable, give us a call.