Government's Ag2030 mission aims to generate AUD 100 Bn in agricultural production by 2030 driving huge demand for Agriculture equipment in Australia: Ken Research
Government Initiatives to Regulate Agri-equipment Market: Regional Investment Corporation (RIC) administers concessional loans on behalf of the Australian Government for farm businesses, drought-affected small businesses and other eligible businesses. These farmer loans assist farmers to purchase, establish or develop a farm business or machinery. Rural Research and Development Corporation (RDC) invest around AUD 1,176 Mn each year in agricultural innovation, with more than $300 million of funding coming from the Australian Government. RDC focuses on investing in digital agriculture and mechanization to deliver new trade and market access for producers, create jobs and reduce red tape.
Importance of loans and credit schemes: Increasing price of agriculture equipment will necessitate the importance for loans and credit schemes to invest in the purchase of machineries. Availability of credit and loans at a lower interest rate increases the preference for financed purchases. 13% of the total workforce employed in agriculture will be young population of 15 to 34 years of age by 2025. Young farmers will prefer financed purchases owing to the low capital in hand and easy availability of credit from different sources.
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.
Key Segments Covered in the report:-
Australia Agri-Equipment Market
By Type of Equipment
By Mode of Sales
By Type of Purchase
By Automation
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Key Target Audience
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Australia Agricultural Equipment Market
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