How increasing labor costs is paving way for the Agricultural Equipment Market to flourish in Australia by 2026?: Ken Research

The Australian agricultural equipment market is expected to grow at a steady rate during 2021 and 2026. The agricultural equipment industry in Australia is currently driven by the drastic decline in the population involved in farming and agriculture and increasing labor costs. This has led to an increase in mechanization across the agricultural industry, which in turn is anticipated to generate lucrative opportunities for sector growth by 2026.

Here is an overview of how increasing labor costs is paving way for the Agricultural Equipment Market to flourish in Australia in the coming years.

1. Australia is a self-sustainable country in food production with 239,000 workers employed in agriculture in 2021

2. Due to increasing labor costs in Australia, farmers and farm owners are looking for alternative options which are mechanization and automation in the production process

3. High cost of purchase and Warranty and Repair related concerns are the major challenges in the Australia Agriculture Equipment industry

4. To curb the issues, the Australian Government provides concessions and credit loans to farmers to assist them in the purchase and maintenance of agricultural equipment in Australia

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5. Also, the rise of online physical-digital channels of purchase and increasing mechanization will intact the growth story of the Australian equipment industry in the coming years