Nigeria Farm Tractor Market (2020-26): 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

Market is Projected to Grow at a CAGR of 18.1% During 2020-2026F

The Nigerian farm tractor market witnessed moderate growth during the period spanning 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 the 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 the Agricultural Credit Guarantee Scheme (ACGSF) Amendment Act-2019, APPEALS Project, Zero Reject and The Buhari Administration’s Vision and Approach.

According to the publisher, the Nigerian farm tractor market size is projected to grow at a CAGR of 18.1% during 2020-2026F. The primary reason for the growth in the Nigeria farm tractor industry can be attributed to several policies being undertaken to ensure food security, increased farm productivity and increased farmers’ income.

Several new enterprises are providing agriculture equipment to small farmers on a 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.

Based on drive type, four-wheel drive dominated the Nigeria farm tractor market and would continue to maintain its dominance during the forecast period as well on account of its suitability in a wide variety of applications including tillage, livestock operations, crop protection and mowing.

The Nigerian farm tractor market report thoroughly covers the market by power rating and drive type. The report provides an unbiased and detailed analysis of the on-going Nigerian farm tractor market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to current and future market dynamics.

Key Highlights of the Report:

• Nigerian farm tractor Market Overview
• Nigerian farm tractor Market Outlook
• Nigerian farm tractor Market Forecast
• Nigerian farm tractor Market Size and Nigerian farm tractor Market Forecast for the Period, 2020-2026F
• Historical Data and Forecast of Nigerian farm tractor Market Revenues, for the Period 2016-2026F
• Historical Data and Forecast of Nigerian farm tractor Market Revenues & Volume, By Power Rating, for the Period 2016-2026F
• Historical Data and Forecast of Nigerian farm tractor Market Revenues & Volume, By Drive Type, for the Period 2016-2026F
• Nigerian farm tractor Market Revenue Share, By Market Players
• Market Drivers and Restraints
• Nigerian farm tractor market trends
• Nigerian farm tractor Market Overview, by Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

This report provides a detailed analysis of the following market segments:

By Power Rating

• Below 40 HP
• 40 HP - 100 HP
• Above 100 HP

By Drive Type

• Two-wheel drive
• Four-wheel drive