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New Zealand Tractors Industry to 2028 - Financial Support to Farmers Through Loans & Subsidies is Driving Growth
New Zealand Tractors Market
Dublin, Nov. 25, 2022 (GLOBE NEWSWIRE) -- The "New Zealand Tractors Market - Industry Analysis & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The New Zealand tractors market is expected to grow at a CAGR of 3.14% during 2022-2028.
New Zealand has over 5.1 million food consumers and is one of Oceania's second largest food markets. The country is implementing the concept of precision agriculture to increase productivity. The focus on agricultural mechanization in developing countries will increase the demand for tractors and the growing sense of accuracy in farming for technologically advanced tractors in the New Zealand tractors market.
As the global challenge regarding the shortage of food crops mirrors that of New Zealand, stakeholders in food production, including public and private bodies and farmers, are shifting focus toward closing the yield gap and substantial increments in the amount of food produced.
The New Zealand tractor market will again play a pivotal role in operating all the new-age, technologically advanced equipment to fulfill the need for increased farm output. Governments must adopt effective and sustainable farming practices to ensure food security and safety. The country has witnessed a massive increase in farm mechanization, both in terms of agricultural and industrial productivity, over the past four decades, driven by the technological renaissance.
Key Highlights
Regarding agricultural acreage, New Zealand is one of the second largest countries in Oceania. Arable land covers 491 thousand hectares of the total land of New Zealand.
The New Zealand tractor market increased by 22% in 2021 compared to 2020. The increase in crop production and tractor sales was due to favorable monsoon rains in 2020 and 2021, which helped to recover post-COVID-19 pandemic.
New Zealand's farmers are wealthy and have sufficient money to invest in agriculture machinery such as tractors. In addition, the country's farmers also benefit from easy credit loans for purchasing agricultural machinery.
In 2020, New Zealand imported USD 187 million worth of tractors, of which Germany accounted for a 28.1% share of the imports, followed by Australia (14.8%) and France (11.6%).
The New Zealand agricultural industry exports about one-third of its products. Cereals are grown on about one-third of New Zealand's agricultural land. Barley is the leading crop grown on around 55,500 hectares of land, followed by wheat and maize; such factors promote the New Zealand tractor market.
In 2020, New Zealand exported USD 10 million worth of tractors, of which Australia accounted for an 82.5% share of the overall exports of tractors from New Zealand, followed by Germany (4.1%) and the Cook Islands (2.8%).
Market Trends & Opportunities
Increasing Usage of Energy Efficient Tractors
The AgriStarters project aims to improve the living conditions of those who are a part of the agricultural supply chain and to provide essential equipment sustainably. This aim joins an already announced objective to reduce total greenhouse gas (GHC) emissions by 40% by 2030 and zero emissions by 2040. Adopting energy-efficient tractors in the New Zealand tractor market will fulfill these objectives.
Use of Non-conventional Fuels in Tractors
The New Zealand tractor market is witnessing a massive demand for tractors running on different fuels. The sale of tractors is affected due to fluctuating prices of conventional fuels such as diesel. Thus, manufacturers are focusing on developing alternative fuel-based tractors; nowadays, tractors running on liquefied natural gas (LNG), compressed natural gas (CNG), propane, diesel, and kerosene are also available. To support net zero emissions use of diesel in a tractor in the Auckland region are in a high position.
Competitive Landscape
John Deere and New Holland dominate the New Zealand tractor market with a collective market share of over 40%. The threat of rivalry is high in the New Zealand agriculture tractor market since more than 50% of the share belongs to the top three key players
John Deere offers new Electric Variable Transmission for select 8 Series Tractors new JD14X engine for 9 Series; EVT enables electric power generation, a way the industry will leverage power produced by the tractor for its implements in the future
In February 2022, Massey Ferguson launched the MF 6S series tractors. This machine provides up to 180 HP with advanced technology
In March 2021, CNH Industrial partnered with Monarch Tractors, a US-based Agri-technology company, to improve long-term sustainability and raise awareness among farmers of the importance of zero-emission agriculture
Massey Ferguson launched the MF 8S series tractors. This series of tractors is distinguished by a guard-u install engine and a neo-retro design. These tractors are designed to advance smart farming technologies
Key Questions Answered:
1. How many tractors are sold in New Zealand each year?
2. What are the expected units to be sold in the New Zealand tractor market by 2028?
3. What is the growth rate of the New Zealand tractor market?
4. Tractors with which horsepower type will constitute the largest share by 2028 in New Zealand?
5. Which wheel drive holds the highest market shares in the New Zealand tractor market?
6. Which companies dominate the New Zealand tractor market share?
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2021 - 2028 |
Estimated Market Value in 2021 | 3255 Units |
Forecasted Market Value by 2028 | 4042 Units |
Compound Annual Growth Rate | 3.1% |
Regions Covered | New Zealand |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 Report Coverage in Terms of Data
8 Introduction
8.1 Overview
8.2 New Zealand Agricultural Innovation Policy
8.2.1 Recent Changes to Agricultural Policies
8.3 Value Chain Analysis
8.3.1 Overview
8.3.2 Raw Material & Component Suppliers
8.3.3 Manufacturers
8.3.4 Dealers/Distributors
8.3.5 Retailers
8.3.6 End-Users
8.4 New Zealand Agricultural Evolution
8.5 Land Holding Structures by Regions
8.6 Import & Export Analysis
8.7 Technological Advances
9 Market Landscape
9.1 Market Overview
9.1.1 Major Labor Shortage in Agriculture Sector
9.2 Market Size & Forecast
10 Horsepower
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Less Than 80 Hp
10.3.1 Market Overview
10.3.2 Market Size & Forecast
10.3.3 Less Than 80 Hp Agriculture Tractor Market in New Zealand by Regions
10.4 80-160 Hp
10.4.1 Market Overview
10.4.2 Market Size & Forecast
10.4.3 80-160 Hp Tractor Market in New Zealand by Regions
10.5 161-260 Hp
10.5.1 Market Overview
10.5.2 Market Size & Forecast
10.5.3 161-260 Hp Tractor Market in New Zealand by Regions
10.6 Above 260 Hp
10.6.1 Market Overview
10.6.2 Market Size & Forecast
10.6.3 Above 260 Hp Agriculture Tractor Market in New Zealand by Regions
11 Wheel Drive
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.2.1 Market Size & Forecast
11.3 2Wd Tractors
11.3.1 Market Overview
11.3.2 Market Size & Forecast
11.3.3 2Wd Agriculture Tractor Market in New Zealand by Regions
11.4 4Wd Tractors
11.4.1 Market Overview
11.4.2 Market Size & Forecast
11.4.3 4Wd Agriculture Tractor Market in New Zealand by Regions
12 Regions
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Auckland
12.3.1 Market Overview
12.3.2 Market Size & Forecast
12.3.3 Auckland Agriculture Tractor Market by Hp
12.3.4 Auckland Agriculture Tractor Market by Wheel Drive
12.4 Nelson
12.4.1 Market Overview
12.4.2 Market Size & Forecast
12.4.3 Nelson Agriculture Tractor Market by Hp
12.4.4 Nelson Agriculture Tractor Market by Wheel Drive
12.5 Taranaki
12.5.1 Market Overview
12.5.2 Market Size & Forecast
12.5.3 Taranaki Agriculture Tractor Market by Hp
12.5.4 Taranaki Agriculture Tractor Market by Wheel Drive
12.6 Wellington
12.6.1 Market Overview
12.6.2 Market Size & Forecast
12.6.3 Wellington Agriculture Tractor Market by Hp
12.6.4 Wellington Agriculture Tractor Market by Wheel Drive
12.7 Otago
12.7.1 Market Overview
12.7.2 Market Size & Forecast
12.7.3 Otago Agriculture Tractor Market by Hp
12.7.4 Otago Region Agriculture Tractor Market by Wheel Drive
12.8 Canterbury
12.8.1 Market Overview
12.8.2 Market Size & Forecast
12.8.3 Canterbury Agriculture Tractor Market by Hp
12.8.4 Canterbury Agriculture Tractor Market by Wheel Drive
12.9 Hawke'S Bay
12.9.1 Market Overview
12.9.2 Market Size & Forecast
12.9.3 Hawke'S Bay Agriculture Tractor Market by Hp
12.9.4 Hawke'S Bay Agriculture Tractor Market by Wheel Drive
13 Market Opportunities & Trends
13.1 Technological Advances in Tractors
13.1.1 Gps Technology
13.1.2 Growing Demand for Autonomous Tractors
13.2 Increasing Potential for Low-Emission and Electric Tractors
13.3 Increasing Use of Non-Conventional Fuel in Tractors
14 Market Growth Enablers
14.1 Financial Support to Farmers Through Loans & Subsidies
14.2 Increased Food Consumption & Population Growth
14.3 Reducing Workforce to Boost Farm Mechanization
14.4 Growth in Agricultural Productivity & Exports
14.4.1 Agricultural Exports
15 Market Restraints
15.1 Farmers Unaware of Latest Innovations in Agricultural Equipment
15.1.1 Low Levels of Education Among Farmers in Emerging Countries
15.1.2 Resource Scarcity of Small and Medium Farmers
15.2 Rising Demand for Used & Rental Tractors
15.3 Climate Change Adversely Impacting Agricultural Activities
16 Five Forces Analysis
16.1.1 Threat of New Entrants
16.1.2 Bargaining Power of Suppliers
16.1.3 Bargaining Power of Buyers
16.1.4 Threat of Substitutes
16.1.5 Competitive Rivalry
17 Competitive Landscape
17.1 Competition Overview
17.1.1 Brand Loyalty Among Farmers
17.1.2 Recent Developments by Top Players
17.1.3 Sales & Exports
18 Key Company Profiles
18.1 John Deere
18.1.1 Business Overview
18.1.2 John Deere in Agriculture Tractor Market
18.1.3 Product Offerings
18.1.4 Key Strategies
18.1.5 Key Strengths
18.1.6 Key Opportunities
18.2 Agco
18.2.1 Business Overview
18.2.2 Agco in Agriculture Tractor Market
18.2.3 Product Offerings
18.2.4 Key Strategies
18.2.5 Key Strengths
18.2.6 Key Opportunities
18.3 Cnh Industrial
18.3.1 Business Overview
18.3.2 Cnh in Agriculture Tractor Market
18.3.3 Product Offerings
18.3.4 Key Strategies
18.3.5 Key Strengths
18.3.6 Key Opportunities
18.4 Kubota
18.4.1 Business Overview
18.4.2 Kubota in Agriculture Tractor Market
18.4.3 Product Offerings
18.4.4 Key Strategies
18.4.5 Key Strengths
18.4.6 Key Opportunities
19 Other Prominent Vendors
19.1 Deutz-Fahr
19.1.1 Business Overview
19.1.2 Product Offerings
19.2 Yanmar
19.2.1 Business Overview
19.2.2 Product Offerings
19.3 Claas Group
19.3.1 Business Overview
19.3.2 Product Offerings
19.4 Jcb
19.4.1 Business Overview
19.4.2 Product Offerings
19.5 Iseki
19.5.1 Business Overview
19.5.2 Product Offerings
19.6 Kioti
19.6.1 Business Overview
19.6.2 Product Offerings
20 Report Summary
21 Quantitative Summary
22 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/k4otu5
Attachment
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