DUBLIN--(BUSINESS WIRE)--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

1. 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.
2. 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.
3. 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.
4. 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%).
5. 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.
6. 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%).

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?

Market Dynamics

Opportunities & Trends

• Technological Advances in Tractors
• Increasing Potential for Low-Emission and Electric Tractors
• Increasing Use of Non-Conventional Fuel in Tractors

Growth Enablers

• Financial Support to Farmers Through Loans & Subsidies
• Increased Food Consumption & Population Growth
• Reducing Workforce to Boost Farm Mechanization
• Growth in Agricultural Productivity & Exports

Restraints

• Farmers Unaware of Latest Innovations in Agricultural Equipment
• Rising Demand for Used & Rental Tractors
• Climate Change Adversely Impacting Agricultural Activities

Market Segmentation

Segmentation by Horsepower

• Less Than 80 HP
• 80-160 HP
• 161-260 HP
• Above 260 HP

by Drive Type

• 2-Wheel Drive
• 4-Wheel Drive

by Regions

• New Zealand
• Auckland
• Nelson
• Taranaki
• Wellington
• Otago
• Canterbury
• Hawke's Bay

Key Vendors

• John Deere
• AGCO
• CNH Industrial
• Kubota

Other Prominent Vendors

• Deutz-Fahr
• Yanmar
• CLAAS Group
• JCB
• Iseki
• Kioti

For more information about this report visit https://www.researchandmarkets.com/r/zhy9hm

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