South Korea Agriculture Tractor Market Overview, 2029

In the market for agricultural tractors, South Korea has a significant local manufacturing presence. Leading manufacturers in the industry are businesses like Daedong Industrial Co., Ltd., which makes KIOTI tractors. Incorporating cutting-edge technologies into their products, these home grown manufacturers serve the unique requirements of South Korean farmers. The agricultural industry benefits from South Korea's well-known superior technology environment. Modern features like GPS guiding systems, precision farming tools, and ergonomic designs are all incorporated by South Korean tractor manufacturers into their models. The purpose of these developments is to improve South Korean farmers' comfort level, production, and efficiency. Over the course of the projection period, considerable growth in the South Korean farm tractor market is expected. The government of South Korea is working harder to put laws and incentives in place that will minimize worker input hours, improve farmer welfare, boost agricultural production, and make agriculture more competitive. Such actions are anticipated to be dependent on each other and to support the country's sound agricultural expansion. It is also believed that they will support the farm tractor market in South Korea over the estimated length of time. Korean agriculture was mostly dependent on traditional techniques until the 1950s. The government gave rehabilitation and modernization first priority after the Korean War damaged the industry. This paved the way for the arrival of tractors. The Green Revolution, a time of tremendous agricultural innovation and advancement, occurred in the 1970s. With financial aid and other incentives, the Korean government aggressively supported mechanization. This increased the need for tractors, which led to a boom in domestic manufacture. Automated features and GPS-guided tractors have become commonplace in precision farming. Farmers began using data-driven decision-making to maximize resource utilization and yields. According to the research report "South Korea Agriculture Tractor Market Overview, 2029," published by Bonafide Research, the South Korea Agriculture Tractor market is expected to grow with more than 6% CAGR from 2024 to 2029. In order to enhance farm mechanization and boost productivity within the agriculture industry, South Korea is anticipated to witness a gradual increase in demand for agricultural tractors in the upcoming years. Additionally, the government's five-year agricultural vision, which promotes the agriculture sector, is working to improve arable land for crop production, provide value-added sustainability to the agriculture sector, and strengthen local government's role in a cooperative agricultural policy with the central government. These initiatives are expected to further trigger the growth of the agriculture sector in the nation and boost the farm tractor market in South Korea in the years to come. Due to the expanding agricultural industry, the farm tractor market in South Korea is anticipated to see strong revenue growth in the near future. In addition, growing innovation that is continuously reshaping the agricultural sector by maximizing arable land through the use of fertilizers and organic garden soil, which increases productivity, is anticipated to fuel the nation's adoption of farm tractors in the upcoming years. In addition, farming provides raw materials for rapid industrialization. As a result, the best use of farm tractors to support this rapid industrialization is anticipated to be a major factor in the growth of the South Korean farm tractor market, leading to a rise in the number of farm tractors deployed in the nation in the upcoming years.

Based on the Engine Power, the market is divided into 30 HP, 30 HP - 100 HP, 100 HP - 200 HP, and Above 200 HP. In fact, the South Korean agricultural tractor market is seeing a notable uptick in the 30 HP - 100 HP class. Tractors in this horsepower range find their sweet spot on the many medium-sized farms in South Korea. They can maneuver through smaller fields and orchards with ease, while still having the strength to tackle a variety of agricultural activities like planting, harvesting, and ploughing. These models are more affordable and offer a better balance of power than larger tractors, which makes them a desirable choice for farmers on a tight budget. Based on the Drive Type, the market is divided into 2WD, 4WD. The agricultural landscape of South Korea is characterized by hilly areas and terraced farms. Although 4WD tractors provide superior traction on steep inclines, 2WD tractors are frequently enough for more level, well-kept fields which are becoming more prevalent as a result of land consolidation initiatives. As was already noted, a large number of farms in South Korea are somewhat small. Because they are lighter and more nimble in general, 2WD tractors are perfect for operating on smaller plots and confined spaces. Based on the Level of Autonomy, the market is divided into Manual Tractor Vehicle, Autonomous Tractor Vehicle. The South Korean market for agricultural tractors may be seeing an increase in the significance of the Manual Tractor Vehicle category. It is frequently possible to modify or personalize manual tractor vehicles to meet particular farming needs. South Korean farmers might value having more adaptability in their agricultural operations by being able to equip their vehicles with attachments or tools that are specifically designed for their needs. Selecting manual tractor vehicles over automatic transmission versions may be influenced by government rules or incentives pertaining to pollution, fuel efficiency, or agricultural operations.

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Manmayi Raval

Research Consultant

Based on the Application the market is divided into Harvesting, Seed Sowing, Spraying, Others. In the South Korean market for agricultural tractors, the harvesting category is becoming more significant. The use of harvesting machinery is part of a global trend toward agricultural mechanization. South Korea is not an exception, where farmers are increasingly turning to robotic solutions for productive and economical crop harvesting as labour costs rise and labour availability declines. Considered in this report: • Geography: South Korea • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report: • South Korea Agriculture Tractor market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Engine Power: • Below 30 HP • 30 HP – 100 HP • 100 HP – 200 HP • Above 200 HP By Drive Type: • 2WD • 4WD By Level of Autonomy: • Manual Tractor Vehicle • Autonomous Tractor Behaviour By Application: • Harvesting • Seed Sowing • Spraying • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Agriculture Tractor industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.