Market Forecast By Horsepower Rating (Below 40 Hp, 40 Hp – 100 Hp, Above 100 Hp), By Drive Type (Two-wheel Drive, Four-wheel Drive) and Competitive Landscape
|Product Code: ETC002146||Publication Date: Mar 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
Nigeria Farm Tractor Market is rising on account of the growing demand for small and medium-sized tractors in Nigeria, as they are more affordable and suitable for small-scale farmers. This trend is expected to continue over the coming years. Additionally, the Nigerian government has been supporting the mechanization of agriculture in the country. More policies and initiatives aimed at promoting the use of tractors and other agricultural machinery are expected over the coming years. Moreover, the adoption of precision agriculture technologies such as GPS mapping, yield mapping, and variable rate applications is gaining popularity in Nigeria. These technologies can improve the efficiency and productivity of farm operations. Further, sustainable farming practices are becoming increasingly important in Nigeria and around the world.
The Nigeria farm tractor industry is witnessing a greater focus on sustainable farming practices, which could include the adoption of more fuel-efficient tractors and the use of renewable energy sources. Additionally, the Nigerian government has made significant efforts to support agriculture, including initiatives aimed at promoting mechanization. These efforts have included the establishment of agricultural credit facilities, the provision of subsidized inputs, and the development of infrastructure to support agriculture. Further, Nigeria's population is growing rapidly, and as a result, the demand for food is increasing. Mechanized farming is seen as a more efficient way to increase agricultural production, and tractors are an important tool in mechanization. These factors will further spur the market demand over the coming years.
Particularly, farm tractors and harvest machinery are expected to grow due to increasing demand for high horse-power tractors ranging above 40(HP). Further, an increase in arable land area demand for agricultural mechanization in the markets from Africa is driving the tractor market in the country. Moreover, precision farming for quality harvest with an acute shortage of farm labor and the technological advancements in agricultural machinery in developing economies specifically.
Nigeria Farm Tractor Market is anticipated to register growth during the forecast period 2020-26F owing to increasing government efforts towards enhancing farm mechanization along with growth in the agricultural sector in the country. However, the rising effects of the COVID-19 virus are likely to disturb agricultural activities in the country in the first few months of 2020 coupled with the expected decline in the average consumer spending is likely to restrain the growth of the Nigeria Farm Tractor market, but as the disease outbreak registers slowdown, the Nigeria farm tractor market is anticipated to regain market value in the latter part of 2020 and would assist sound growth of the Nigeria farm tractor market during the projected period.
According to 6Wresearch, Nigeria Farm Tractor Market is anticipated to witness potential growth during the forecast period 2020-2026F. In lieu of a declining agricultural labor force, farmers in Nigeria are increasing the adoption of tractors to carry on sound agricultural activities in the country. Further, rising needs to increase farm productivity are leading to rising needs for intensification and mechanization in the agriculture sector. Also, government efforts towards policy frameworks to assist the adoption of tractors in the country are further expected to benefit the growth of the Nigerian farm tractor market during the projected period 2020-26F.
The Nigeria Farm Tractor report thoroughly covers the market by Horsepower rating and by Drive type. Nigeria Farm Tractor outlook report provides an unbiased and detailed analysis of the ongoing Nigeria Farm Tractor trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.
Nigeria farm tractor market is projected to witness potential growth during the forecast period 2020-26F backed by the growth of the agricultural sector. Moreover, accurate measurement of field parameters for the optimum performance would be a major factor to augment the demand for farm tractors and is expected to leave a positive impact on the market and would benefit the Nigeria farm tractor market garner progressive growth in the upcoming six years. Not only the increasing demand for farm tractors is benefitting the farm equipment industries and manufacturers, but also the higher middle-income farm tractor owners. The increasing advent of rent facility over farm tractors by providing farm tractors on rent to farmers is leading to good income sources and is instigating the higher middle-income groups residing in the remote and agricultural states of the country to invest in tractors for better income options and is expected to spur the significant deployment for farm tractors in the country in the coming years.
Nigeria farm tractor market is expected to register sound revenues in the upcoming six years on the back of the rising potential growth of the agriculture sector in the years ahead. Nigeria farm tractor is experiencing moderate growth due to a lack of access to finance but the rising middle-class population simultaneously increase the consumption of agriculture-based food is likely to increase agricultural activity, therefore, the government taking the initiative by providing the Anchor borrower program to small scale farmers with adequate financing is estimated to propel the deployment for agriculture machines like a farm tractor and is expected to benefit the growth of the Nigeria farm tractor market in the coming years.
The report provides a detailed analysis of the following market segments:
|1. Executive Summary|
|2.1. Key Highlights of the Report|
|2.2. Report Description|
|2.3. Market Scope & Segmentation|
|2.4. Research Methodology|
|3. Nigeria Farm Tractor Market Overview|
|3.1. Nigeria Farm Tractor Market Revenues & Volume, (2016-2026F)|
|3.2. Nigeria Farm Tractor Market – Industry Life Cycle|
|3.3. Nigeria Farm Tractor Market – Porter’s Five Forces|
|3.4. Nigeria Farm Tractor Market Revenue & Volume Share, By Power Rating, 2019 & 2026F|
|3.5. Nigeria Farm Tractor Market Revenue & Volume Share, By Drive Type, 2019 & 2026F|
|4. Nigeria Farm Tractor Market Dynamics|
|4.1. Impact Analysis|
|4.2. Market Drivers|
|4.3. Market Restraints|
|5. Nigeria Farm Tractor Market Trends|
|6. Nigeria Farm Tractor Market Overview, By Power Rating|
|6.1. Nigeria Farm Tractor Market Revenues & Volume, Below 40 Hp (2016-2026F)|
|6.2. Nigeria Farm Tractor Market Revenues & Volume, 40 Hp - 100 Hp (2016-2026F)|
|6.3. Nigeria Farm Tractor Market Revenues & Volume, Above 100 Hp (2016-2026F)|
|7. Nigeria Farm Tractor Market Overview, By Drive Type|
|7.1. Nigeria Farm Tractor Market Revenues & Volume, By Two-wheel Drive Type (2016-2026F)|
|7.2. Nigeria Farm Tractor Market Revenues & Volume, By Four-wheel Drive Type (2016-2026F)|
|8. Nigeria Farm Tractor Market Key Performance Indicators|
|9. Nigeria Farm Tractor Market Opportunity Assessment|
|9.1. Nigeria Farm Tractor Market Opportunity Assessment, By Installation|
|9.2. Nigeria Farm Tractor Market Opportunity Assessment, By Ownership|
|10. Nigeria Farm Tractor Market Competitive Landscape|
|10.1. Nigeria Farm Tractor Market Revenue Share, By Company (2019)|
|10.2. Nigeria Farm Tractor Market Competitive Benchmarking, By Technical Parameters|
|11. Company Profiles|
|11.1. Business Description|
|11.2. Geographical Presence|
|11.3. Ownership (Top 5 Shareholders)|
|11.4. Key Financials (If Available)|
|11.5. Historical Timeline (If Available)|
|11.6. Key Clients|
|11.7. Product Segmentation|
|11.8. Key Distributors/Dealers|
|11.9. Key Executives|
|11.10. Number of Employees|