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Japan Agricultural Machinery Market – Growth, Trends, Covid-19 Impact, And Forecasts (2021 – 2026)
The Japanese agriculture machinery market is projected to register a CAGR of 2.2% during the forecast period (2021-2026).The Covid-19 has directly impacted the market due to stringent lockdown regulations that affect the supply chain in the agricultural machinery industry. However, the industry experts believe that post-covid-19, precision agriculture will take an exponential growth in helping the farmers and food industry for higher and sustainable yield. Therefore, this will enhance the demand for agricultural machinery in the coming years.
The agriculture sector contributes only 1.4% to the country's GDP and as low as 12% of the land is suited for agriculture in the country. Being a highly industrialized country, Japan's agriculture equipment industry is also quite developed. However, to fully utilize the limited arable land, the Japanese agriculture equipment market is expected to witness a surge during the forecast period. In order to sustain its population, compiled with a low level of arable land, Japan strives toward utilizing its agricultural land to its fullest.
Key Market Trends
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Need to Increase the Farm Productivity Triggers the Demand
According to the World Bank, total agricultural land in Japan is 12.26 % of the total land in 2016. This land is challenging to meet the food demands of the Japanese population with limited agricultural land. This causes the urgency to increase farm productivity, which can be achieved by farm mechanization. The machines with the latest technology, such as precision agriculture machinery utilize most of the land effectively and aid in increasing production. Machines, such as combine harvesters reduce the grain wastage during harvesting and support in meeting the food demand in the country.
Rise in the Number of Tractors
The tractor is one of the basic farm machinery, which most of farmers use. The tractor sales were recorded as 32,816 in 2018. The majority of tractors sold are mid-sized tractors with 21 – 30 HP capacity. The number of tractors utilized has been increasing significantly since 2016. Lack of labor, increased labor cost, favorable government policies, credit facilities, and the need to increase agricultural productivity are some of the major factors that are causing the rise in tractor sales.
Furthermore, driverless tractors are likely to gain popularity in the coming years, as they augment farming efficiency, as compared to other tractors. The Ministry of Agriculture, Forestry, and Fisheries (Japan) are planning to reduce the production costs of rice through the development of technology like autonomous tractors.
The agriculture machinery market in Japan is fragmented with major players holding a small share. These companies follow strategies such as new product launches and extensive promotions to increase their sales. The Japanese agricultural machinery industry is dominated by domestic players like Mitsubishi Agricultural Machinery Co. Ltd, Yanmar Co. Ltd, Iseki Co. Ltd, and Kubota Corporation.
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