Nigeria Farm Tractor Market report comprehensively covers the Nigeria Farm Tractor market by Types, Product, End-Users and Application. Nigeria Farm Tractor market outlook report provides an unbiased and detailed analysis of the on-going Nigeria Farm Tractor market trends, Nigeria Farm Tractor market share, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Nigeria Farm Tractor Market Synopsis
Nigeria Farm Tractor Market witnessed moderate growth during the period 2016-2019 due to the increasing government support in agriculture through numerous agricultural policies, programmes and projects for the country’s economic development. The agriculture sector grew by 2.2% in Q1 2020 from 2.31% in Q4 2019 and 3.2% in Q1 2019. Crop Production under the agriculture sector grew by 2.38% in Q1 2020 from 2.52% in Q4 2019 and 3.26% in Q1 2019. The lockdown imposed in Nigeria and several other countries on account of COVID-19 pandemic in 2020 resulted in supply chain disruptions, thereby, leading to a decline in market growth. However, recovery is expected in the market owing to various government initiatives including Agricultural Credit Guarantee Scheme (ACGSF) Amendment Act-2019, APPEALS Project, Zero Reject and The Buhari Administration’s Vision and Approach. The market has seen a halt owing to the massive outbreak of COVID-19 which resulted in nationwide lockdowns to combat the spread of the virus and has led to a decline in the overall market growth.
According to 6Wresearch, Nigeria Farm Tractor Market size is projected to grow at CAGR of 18.1% during 2020-2026. The primary reason for the growth in the Nigeria farm tractor industry can be attributed to the several policies being undertaken to ensure food security, increase farm productivity and increase farmers’ income. Several new enterprises are providing agriculture equipment to small farmers on rental basis, such as NAMEL and TOHFAN, intending to improve farm mechanization in Nigeria. The rising number of private sector agriculture machinery hiring centres along with government initiatives to boost farmers’ productivity via increasing farm mechanisation would drive the growth of farm tractors in the country over the coming years.
Market Analysis by Drive Type
Based on drive type, four-wheel drive dominated the Nigeria farm tractor market in 2019 and would continue to maintain its dominance during the forecast period as well on account of its suitability in wide of variety of applications including tillage, livestock operations, crop protection and mowing.
Market Analysis by Power Rating
40 HP- 100 HP segment contributed a major share in the Nigeria farm tractor market revenues during 2019 and is anticipated to maintain its dominance during the forecast period as well, on account of increasing usage of 40-100 HP tractors in farming activities. The 40 HP- 100 HP category comprises of the tractors that are most commonly purchased by the agriculture cooperatives and hiring centres. Owing to the growing focus of the government on improving the state of agriculture in Nigeria and increasing the rate of farm mechanization, the demand for 40 HP- 100 HP segment tractors would flourish over the coming years.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2016 to 2020.
- Base Year: 2019
- Forecast Data until 2026.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Nigeria Farm Tractor Market Overview
- Nigeria Farm Tractor Market Outlook
- Nigeria Farm Tractor Market Forecast
- Historical Data and Forecast of Nigeria Farm Tractor Market Revenues and Volume, for the Period 2016-2026F
- Historical Data and Forecast of Nigeria Farm Tractor Market Revenues & Volume, By Power Rating, for the Period 2016-2026F
- Historical Data and Forecast of Nigeria Farm Tractor Market Revenues & Volume, By Drive Type, for the Period 2016-2026F
- Nigeria Farm Tractor Market Revenue Share, By Market Players
- Market Drivers and Restraints
- Market Trends
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereport provides a detailed analysis of the following market segments:
By Horsepower Rating
- Below 40 Hp
- 40 Hp – 100 Hp
- Above 100 Hp
By Drive Type
- Two-wheel Drive
- Four-wheel Drive
