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.
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“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.
About TechSci Research
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