Agricoltura
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
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.
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 in their latest publication 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.
South Africa has a dual-agricultural economy, with both well-developed commercial farming being carried out by commercial farmers & cooperatives in large estates along with subsistence-based agriculture production being done by peripheral farmers in smaller rural areas. The market is currently in its recovery stage after witnessing major decline in 2016 owing to drought. Domestic demand is principally being met through imports which are sourced primarily from India and China . The major stakeholders in the market have been international OEMs, domestic distributors & importers and domestic OEMs. Prominent business strategies adopted by major players include forming extensive dealer network, farmer-magazine advertisement; new product launches product innovation and improved after sales services. The market registered a CAGR of close to 3.0% in terms of sales volume of machinery during 2012-2018.
Germany Agriculture Market is projected to witness a CAGR of ~% between 2022P to 2027F. Farm Mechanization and improved infrastructure is a major contributor. It has become a key focus area for the Government's growth strategy. Massive technological progress of Germany has also developed a very well-trained and skilled workforce to use its state-of-the-art agricultural machinery, which enables the utilization of top technology in crop fields. It is further estimated to rise during the forecast period by a CAGR of about ~%.
Indian Used Agricultural Equipment market grew at a CAGR of ~16.5 % by volume, and ~19.1% by transaction value, during FY'16-FY'21. Used tractors dominated the Used Agricultural Equipment in India , by volume sold, in FY'21 followed by used tractor-attachable equipment (sprayer, rotavator, cultivator, ploughs, drills, harrow, etc.), used power tillers and used harvesters. The market was also observed to be highly fragmented and dominated by the unorganized dealers. Apart from that, peer to peer sales are also quite frequent in India . Ambitious government initiatives, rising adoption of mechanization in India , paired with economic feasibility of purchasing second hand equipment has led to the growth of Used Agricultural Equipment market in India .
Philippines Agricultural Equipment Market is expected to experience an upward trend in terms of sales volume as well as sales value owing to increasing demand for food due to steady growing population, increasing prices of agricultural equipments with emerging players in the market, increasing number of financing options and penetration of driverless tractors in Philippines . Various government supporting policies such as the Rural Development Project and Inclusive Partnerships for Agricultural Competitiveness Project are expected to facilitate growth of agricultural sector and hence increasing the demand for agricultural equipment.
Ken Research Private Limited
Ankur Gupta , Director Strategy and Growth
+91-9015378249
Logo: https://mma.prnewswire.com/media/1954972/Ken_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/governments-ag2030-mission-aims-to-generate-aud-100-bn-in-agricultural-production-by-2030-driving-huge-demand-for-agriculture-equipment-in-australia-ken-research-301719001.html