South Korea Agricultural Tractor Market Size & Outlook
South Korea agricultural tractor market, 2018-2030 (US$M)
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South Korea agricultural tractor market highlights
- The South Korea agricultural tractor market generated a revenue of USD 593.5 million in 2023 and is expected to reach USD 975.5 million by 2030.
- The South Korea market is expected to grow at a CAGR of 7.4% from 2024 to 2030.
- In terms of segment, more than 100 hp was the largest revenue generating engine power in 2023.
- Less than 40 Hp is the most lucrative engine power segment registering the fastest growth during the forecast period.
Agricultural tractor market data book summary
| Market revenue in 2023 | USD 593.5 million |
| Market revenue in 2030 | USD 975.5 million |
| Growth rate | 7.4% (CAGR from 2023 to 2030) |
| Largest segment | More than 100 hp |
| Fastest growing segment | Less than 40 Hp |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Less than 40 Hp, 41 to 100 Hp, More than 100 Hp |
| Key market players worldwide | AGCO Corp, CNH Industrial NV, Deere & Co, CLAAS, Kubota Corp, Mahindra & Mahindra Ltd DR, International Tractors Ltd, Yanmar, Escorts, Tractors and Farm Equipment |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.6% of the global agricultural tractor market in 2023.
- Country-wise, India is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, India agricultural tractor market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 78,205.1 million by 2030.
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Agricultural Tractor Market Scope
Agricultural Tractor Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea agricultural tractor market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to agricultural tractor market will help companies and investors design strategic landscapes.
More than 100 hp was the largest segment with a revenue share of 33.72% in 2023. Horizon Databook has segmented the South Korea agricultural tractor market based on less than 40 hp, 41 to 100 hp, more than 100 hp covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea faces a farm labor shortage due to rapid industrialization, drawing workers from rural areas to urban centers. To counter this, the South Korean government is actively promoting an agriculture mechanization program by offering incentives and low-interest agricultural loans, particularly for rice farming, to alleviate financial burdens on farmers and encourage automation.
Additional financial support from the local government aids the renting and leasing of agricultural equipment. The government introduced the used machinery exchange program in 2003, coupled with low-interest loans, to facilitate equipment transactions and support the growth of the agricultural sector.
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Target buyers of South Korea agricultural tractor market databook
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Our clientele includes a mix of agricultural tractor market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea agricultural tractor market , including forecasts for subscribers. This country databook contains high-level insights into South Korea agricultural tractor market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea agricultural tractor market size, by engine power, 2018-2030 (US$M)
South Korea Agricultural Tractor Market Outlook Share, 2023 & 2030 (US$M)
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