Australian Economy

Agriculture remains a vital contributor to Australia’s economy

Agriculture remains a vital contributor to Australia's economy

Focus on Embracing Technological Advancements, Government Initiatives and Entry of Online portals in the market are major factors contributing towards the development of Agriculture equipment Market in Australia.
Pandemic led impact: In 2021, huge demand for grains coupled with high prices, a tax-write off from the Australian government, and low interest rates created the highest level of demand on the farm machinery market. A shortage of components interfered with the production of many items of machinery. This shortage was due to disruptions in the supply chain caused by COVID-19 restrictions including manufacturing industry closures, shortage of labor and scarcity of raw materials due to transportation controls.

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Rental agricultural equipment market became popular during the pandemic which allowed farmers to rent advanced agriculture equipment and machinery at competitive prices.
High demand for Tractors: Tractor is the most sold equipment as it is a multi-purpose vehicle and all the farmers need a tractor to carry out agricultural activities. Demand for alternative fuel-based tractors rather than conventional diesel- based tractors will drive the market owing to their fluctuating prices. Low operating cost and less maintenance requirements will fuel the demand for biodiesel tractors. Utility Tractors are the most used tractors due to their application in farming operations like ploughing and pulling heavy implements. These are multifunctional tractors. 4WD tractors are more efficient and durable as compared to 2WD tractors.

Factors leading to consumer purchase decision: Consumers purchase agriculture equipment based on the type of equipment required for the agricultural operation, brand and availability of financing methods. Owing to the rough terrain of agricultural lands in Australia, large-scale farming operations require tractors and harvesters. Consumers focus on financial services provided by brands and aftermarket and customer support prior to purchasing an equipment. Captives are generally preferred in the market as the companies provide better deals for equipment. Down payment charged by them is ~5-10%. Price and quality of the equipment along with the level of automation and type of commodity produced by the farmer affects the decision-making process of purchasing an equipment.

Analysts at Ken Research in their latest publication “Australia Agricultural Equipment Market Outlook to 2026F – Driven by Adoption of Technological Advancements in Farming Techniques and Financial support of Government”by Ken Research observed that Agri-equipment Market in Australia is at a growing stage. The rising government policies and demand in Agri-equipment industry, an increase in credit availability along with rising online platforms for sale of Agri-equipment is expected to contribute to the market growth over the forecast period. The market is expected to grow at 9.1% CAGR by value, during 2021-2026F.

For More Insights On The Market Intelligence, Refer To The Link Below: –
https://www.kenresearch.com/agriculture-and-animal-care/agriculture-equipment/australia-agricultural-equipment-market-outlook-to-2026/596224-104.html

Key Segments Covered in the report: –
Australia Agri-Equipment Market

By Type of Equipment
• Tractors
• Harvesters
• Planting Equipment
• Irrigation and crop processing Equipment
• Spraying Equipment
• Hay and Forage equipment

By Mode of Sales
• Online
• Offline

By Type of Purchase
• Financed purchase
• Non-Financed purchase

By Automation
• Semi-automatic
• Manual
• Automatic

By Sales Channel
• OEM
• Aftermarket

By Application
• Harvesting& Threshing
• Land development and seed bed preparation
• Sowing and Planting
• Weed cultivation
• Post-harvest & Agro-processing
• Plant protection

By Region
• Western Australia
• New South Wales
• Queensland
• Northern territory
• South Australia
• Victoria
• Tasmania

Key Target Audience
• Existing Agricultural Equipment Companies
• New Market Entrants- Domestic OEMs
• New Market Entrants- Foreign OEMs
• Agricultural Equipment Financing Companies
• Government Bodies
• Investors & Venture Capital Firm
• Agricultural Equipment Manufacturers
• Agricultural Equipment Distributors
• Agricultural Equipment Associations
• Market Research and Consulting Firms
• Government Bodies & Regulating Authorities

Time Period Captured in the Report:
• Historical Period: 2016-2021
• Base Period: 2021
• Forecast Period: 2021-2026F

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Companies Covered:
Leading companies
• John Deere
• Kubota
• CLAAS
• AGCO
• CNH Industrial
• Massey Ferguson
• CASE Agriculture
• AGRIFARM
• Farm Tech
• DOBMAC
• GASON
• VIN ROWE
• PELLENC

Key Topics Covered in the Report
• Executive Summary
• Country Overview of the Australia
• Overview and Genesis of Agriculture Equipment Market in Australia
• Ecosystem of Australia Agriculture Equipment Market
• Market Segmentations of Agriculture Equipment Market in Australia
• Snapshots on different Agriculture Equipment Markets in Australia
• SWOT Analysis of Australia Agriculture Equipment Market
• Growth Drivers of Australia Agriculture Equipment Market
• Trends and Developments of Australia Agriculture Equipment Market
• Challenges of Australia Agriculture Equipment Market
• Competitive Analysis of Agriculture Equipment Market in Australia
• Future Outlook and Projections of Agriculture Equipment Market in Australia, 2021-2026
• Government Initiatives to Regulate Australia Agri-equipment Market
• Cross Comparison of Major Players in Australia Agri-equipment Market
• Covid-19 Impact on Australia Agri-equipment Market
• Outlook and Future Projections for Australia Agri-equipment Market
• Market Opportunity and Analyst Recommendations
• Research Methodology

Related Reports by Ken Research: –
https://www.kenresearch.com/agriculture-and-animal-care/agriculture-equipment/south-africa-agricultural-equipment-market/142610-104.html

https://www.kenresearch.com/agriculture-and-animal-care/agriculture-equipment/indonesia-agriculture-equipment-market-outlook-to-2025/409962-104.html

Ken Research Pvt. Ltd.

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.

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