2014-04-30 09:01:02 - Machinery Market in Japan 2014-2018 - a new market research report on companiesandmarkets.com
In Japan, agriculture is being increasingly carried out in urban areas across the nation. In fact, urban agricultural output accounted for one-third of the total agricultural output, and urban farmers accounted for 25 percent of the overall farmers in Japan. In Tokyo, urban agricultural output provides food grains for more than 700,000 residents. It also helps in reducing transport time for agricultural output from rural areas and maintains a balanced ecosystem. As a result, with increasing urban agriculture, the demand for agricultural equipment is on the rise, thereby contributing to the growth of Machinery market in Japan.
The Machinery market in Japan is driven by several factors; one such driver is the increasing growth in the construction industry. The rise in
the construction of roads, railways, ports, and airports has led to higher demand for construction equipment such as earthmoving machinery, cranes, road machinery, and concrete machinery.
Further, one of the major challenges is the high total cost of ownership because of the increasing price of iron and steel used in the assembly of construction equipment such as backhoe loaders, crawler excavators, and mobile cranes, which require huge amounts of steel and iron.
The key players operating in the machinery market in Japan include Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., and Kubota Corp.
The machinery market in Japan is forecast to expand at a CAGR of 12.41 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing growth in the Construction industry. The Machinery market in Japan has also been witnessing the increase in urban agriculture. However, the high total cost of ownership could pose a challenge to the growth of this market.
Other vendors operating in Japan´s machinery market include AB Volvo, IHI Construction Machinery Ltd., Kawasaki Heavy Industries, Ltd., Kobelco Construction Machinery Co., Ltd., Mitsubishi Corp., and Okada Aiyon Corporation.
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