Australia Agricultural Machinery Market Size Expands at Significant CAGR of 8.29% to Reach USD 2.07 Billion by 2029

Published | 02 January 2024

Australia Agricultural Machinery Market is flourishing because of an increasing emphasis on mechanization and a growing focus on climate variability.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Australia Agricultural Machinery Market size at USD 1.28 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Australia Agricultural Machinery Market size to grow at a significant CAGR of 8.29% reaching a value of USD 2.07 billion by 2029. Major growth drivers for the Australia Agricultural Machinery Market include a growing emphasis on mechanization and increasing introduction of innovative products from key industry players. This shift is propelled by the imperative to enhance productivity quality, coupled with a decreasing farming workforce. The country's expansive land availability allows it to meet domestic needs and export agricultural products. Notably, tractors and combine harvesters dominate the agricultural machinery sector, supported by a well-established network of regional and local manufacturers. The Tractor and Machinery Association of Australia (TMA) reports a surge in small tractor sales, attributed to the Instant Asset Write-off scheme. However, economic conditions and cost of equipment are anticipated to restrain the overall market growth during the period in analysis.

Opportunity – Rapid adoption of technological advancements

The progressive mechanization of agricultural processes in Australia reflects a continuous commitment to technological advancements. The surge in demand for machinery is driven by the imperative to enhance productivity and address a declining agricultural workforce. Notably, over 18,000 tractors were sold in Australia in 2021, showcasing resilience amid supply chain challenges. As a vast expanse of land becomes available, Australia not only fulfills domestic needs but also positions itself as a key exporter of agricultural products. Anticipated economic growth in the country further propels the Australia Agricultural Machinery Market. Despite these strides, challenges, such as the spike in agricultural commodity prices, threaten the seamless adoption of farming equipment.

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Impact of COVID-19 on Australia Agricultural Machinery Market

COVID-19 pandemic adversely affected the Australia Agricultural Machinery Market. Lockdowns and supply chain interruptions affected manufacturing and distribution, leading to delays and shortages of agricultural machinery. Travel restrictions hampered international trade, impacting the import of machinery components. Uncertainties and economic downturns influenced farmers' purchasing decisions, leading to deferred investments. However, the pandemic also accelerated digitization in agriculture, fostering increased interest in precision farming technologies. As recovery took place, the industry adapted with a renewed focus on resilience, innovation, and technology adoption to ensure sustained growth in the post-pandemic landscape.

Australia Agricultural Machinery Market – By Ploughing and Cultivating Machinery

Based on ploughing and cultivating machinery, the Australia Agricultural Machinery Market is divided into Ploughs, Harrows, and Cultivators & Tillers segments. The cultivator & tillers segment holds the highest share in the Australia Agricultural Machinery Market by ploughing and cultivating machinery. In Australia, cultivators play a crucial role in preparing optimal seedbeds for crop planting, burying crop residue, weed control, and ensuring proper soil mixing to provide essential water and nutrients for crop growth. The demand for used tiller machinery is significant, particularly among cost-conscious customers, including small-scale farmers, due to its affordability. Small-scale farmers prioritize minimizing agricultural expenses, contributing to market growth. The Australian agricultural equipment industry, encompassing cultivators and tillers, is influenced by a decline in the farming population and rising labor costs. Australia, ranking fourth globally in wage rates, faces these challenges. Also, support from the Regional Investment Corporation (RIC) and Rural Research and Development Corporations (RDC) will further propel market expansion.

Competitive Landscape

Major players operating in the Australia Agricultural Machinery Market include Mahindra Automotive Australia, Deere & Company, Kubota Australia, Valmont Industries Inc., Netafim, CNH Industrial NV, CLASS KGaA mbH, AGCO Corporation, Kuhn Farm Machinery Pty Ltd, and Daedong Industrial Co. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Australia Agricultural Machinery Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Australia Agricultural Machinery Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Australia Agricultural Machinery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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