Egypt Tractor Market revenues is projected to grow at a CAGR of 2.9% during the forecast period 2023-2029F

On the basis of drive type, the 2-wheel drive segment held a major revenue share in the Egypt Tractor Market – 6Wresearch

By drive type, 2-wheel drive held a majority share in the market as they are less expensive, have a simple design, better fuel efficient compared to 4-wheel drive tractors. A similar segment is projected to attain major growth in the market in the years to come.  2WD tractors are ideal for small-scale and cost-conscious farmers due to the features they have and on account of mechanization to improve efficiency and boost crop yield, there has been increasing adoption of farm tractors for agricultural practices.

According to 6Wresearch, the Egypt Tractor Market revenues are projected to grow at a CAGR of 2.9% during the forecast period 2023-2029F. The market in the country is rising faster owing to the re-focussed growth of the agriculture sector to ensure national food security by the government. The COVID pandemic impacted the market negatively which has been further worsened by the downturn in the economy. However, the government is taking several steps to promote agricultural activity in the country such as the lams reclamation project to increase cultivation area, disbursing farm credits at a subsidized rate, promoting Agri-exports, etc. In January 2023, a new five-year initiative was approved by the Egyptian Cabinet in order to support the agricultural sector and industrial sector of the nation. This initiative has replaced the previous 8% interest rate loans with 11% interest rate loans and hence, producers and manufacturers would afford the increased rate of interest that could aid the agricultural sector in the forthcoming years. This initiative will help in stimulating the Egypt Tractor Market growth.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, the agriculture segment by application was dominant owing to the widespread use of tractors for a variety of functions such as mowing, tilling, or hauling loads in the farm fields and this same segment will rise in the years to come.

The Egypt Tractor Market (2023-2029) report provides an in-depth analysis with 18 figures and 5 tables, covered in 64 pages. The report comprehensively covers the market by power output, drive type, and applications. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.