Australia Tractor Market to Grow at CAGR of Over 9% During the Forecast Period
Growing agriculture industry, increasing labor cost and rising population to drive Australia tractor market through 2024
According to TechSci Research report, “Australia Tractor Market By Tractor Type, By Power Output, Competition Forecast & Opportunities, 2014 – 2024”, tractor market in Australia is projected to reach over $ 1.1 billion by the end of 2024. Growing agriculture industry coupled with rising labor cost and increasing technological advancements in tractor manufacturing processes are among the major factors expected to fuel the country’s tractor market. In addition, rising population, growing demand for mini tractors and strong infrastructure developments are anticipated to intensify the tractor market over the course of next five years. John Deere Limited (Australia), Kubota Australia Pty Ltd., AGCO Australia Limited and CNH Industrial Australia Pty Limited are the major players operating in Australia tractor market.
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With nearly one third of the market share in volume terms, tractors with power up to 39 HP dominated the country’s tractor market in 2018. Over the coming years, this segment is expected to maintain its market dominance, as major companies such as Kubota, John Deere, and New Holland are expanding their product portfolio and preference of farmers for these tractors is increasing. Queensland holds the largest share in Australia tractor market, on account of highest proportion of the agricultural land in the region. Growing presence of various companies such as Kubota, John Deere, Massey Ferguson and Mahindra through their strong dealer and distribution network in the country is expected to fuel Australia tractor market during the forecast period. Additionally, growing government support in the agricultural sector and easy availability of financing options are likely to boost demand for tractors in the country through 2024.
“With growing construction and agricultural sectors, demand for tractors is expected to increase in Australia in the coming years. Moreover, increasing focus of automakers towards manufacturing affordable yet reliable tractors, along with growing preference of agricultural machinery manufacturers towards small-sized tractors, is expected to have a positive impact on Australia tractor market during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Australia Tractor Market By Tractor Type, By Power Output, Competition Forecast & Opportunities, 2014 – 2024” has analyzed the potential of tractor market in Australia, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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