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Nigeria Agriculture Tractors Market Expected to Grow at a CAGR of 4.4% During the Forecast Period, 2019-2024 - ResearchAndMarkets.com

The "Nigeria Agriculture Tractors Market-Size, Trends, Competitive Analysis and Forecasts (2019-2024)" report has been added to ResearchAndMarkets.com's offering.

The agriculture tractor market in Nigeria was worth USD 350 million in 2018 and is expected to grow at a CAGR of 4.4% during 2019-2024.

The population in Nigeria is rapidly increasing thereby necessitating the need for increased agriculture production. As a result, more emphasis is laid on increasing farm productivity which demands the intensification of agriculture and mechanization. Nigeria is still at the early stage of agricultural mechanization; even the mechanization of power-intensive operations has been slow. Farmers are adopting tractors to expand production scale in lieu of declining agricultural labor force.

Drivers

The Government has framed various policies to push for mechanization in agriculture leading to increased adoption of tractors in agriculture practices.

The various goals of the Government paving way for agriculture tractor market in Nigeria are:

  • Increase the food production capacity of farmers leading to reduced poverty and improved livelihoods.
  • Reduce the labor associated with agricultural production.
  • Reduce the level of post-harvest losses that occur across different agricultural value chains.
  • Increase the prospects of the local agro-allied industry and the conversion of crops and tubers to Value Added Products (VAPs).

Restraints

Even after the strong support from the Government for mechanization in agriculture, there are various factors which are hindering the growth of tractor market in the country.

Various factors restricting the adoption of tractors market are:

  • Lack of Knowledge: A lack of access to information regarding mechanization limits stakeholders across the agricultural sector from adopting mechanization. To compound this, the extension delivery system has a ratio of 1 extension worker to about 4,000 farm families. As a result, extension agents with information on mechanization opportunities are typically unable to transfer this information.
  • High Cost of Machines: The cost of mechanization input for crop production and processing is very high. Poor access to finance is also a major constraint to the adoption of tractors.
  • Fragmented Land Holdings: The average farm size of a smallholder farmer in Nigeria ranges from 0.7-2.2 hectares. Fragmented land holdings often make it difficult to use mechanization and causes inefficiencies in agricultural production.
  • Poor Access to Service Centers: Currently, there are not enough technicians trained to deal with the types and brands of machines available in Nigeria. A lack of local expertise for the repair and maintenance of machineries is a major constraint to the sustainable use of mechanization in Nigeria.

Key Deliverables

  • Market trends since 2015 and five-year forecasts of market growth
  • Detailed analysis of the micro and macro elements influencing demand trends
  • Identifying opportunity spaces across segments
  • Supply & demand side trend and analysis
  • Price trend analysis, investment prospects and competition pattern
  • Insights on the growth potential of the market
  • Detailed analysis of major producers covering financial investments & strategies adopted
  • Competitive landscape of the industry

Key Topics Covered:

1. Introduction

1.1 Research Methodology

1.2 Scope of the Study

1.3 Assumptions

2. Summary

3. Industry Dynamics

3.1 Drivers

3.1.1 Growing access to subsidies and credits for Farm Machinery in Asia

3.1.2 Push for agriculture mechanization from policy makers

3.1.3 Focus to increase cropping intensity

3.1.4 Dwindling agriculture laborers due to Urbanization

3.2 Restraints

3.2.1 Diminishing area under agriculture

3.2.2 Increased number of fragmented landholding in Asia

3.2.2 Consolidating farmland under contract farming & co-operatives

3.3 Opportunities

3.3.1 Growing emphasis on Precision farming

3.3.2 Hill Agriculture

3.3.3 Gender friendly tools and Equipment

3.3.4 Crop Specific Package of machines

3.4 Porter's Five Forces Analysis

3.4.1 Bargaining power of Suppliers

3.4.2 Bargaining power of Buyers

3.4.3 Degree of Competition

3.4.4 Threat of Substitution

3.4.5 Threat of new entrants

3.5 Future Trends in the Industry

3.6 Value Chain Analysis

3.7 Industry Policies & Regulations

3.8 Market Innovations

4. Market Size and Forecast

4.1 Market Share, By Types

4.1.1 Utility Tractors

4.1.2 Row crop tractors

4.1.3 Garden Tractor

4.1.4 Orchard Tractor

4.1.4 Rotary Tillers

4.1.5 Others

4.2 Market Share, By Horse Power

4.2.1 Below 40 HP

4.2.2 40 HP-100 HP

4.2.3 Above 100 HP

4.3 Market Share, By Wheel Type

4.3.1 Two Wheel

4.3.2 Four Wheel

5. Competitive Analysis

5.1 Market Share Analysis

5.2 Growth Strategies of leading players

5.3 Investment and Development Prospects

5.3.1 Investment in past five years

5.3.2 Investment Opportunities

5.4 Competition Pattern

5.4.1 Concentration Ratio

5.4.2 Industry Competition

5.5 Price Trend Analysis

5.5.1 Product Classifications and Their Prices

5.5.2 Factors Influencing Prices

6. Company Profiles

6.1 AGCO Corp.

6.2 Claas KGaA mbH

6.3 CNH Industrial N.V

6.4 Deere and Company

6.5 Deutz-Fahr

6.6 Escorts Limited

6.7 Kubota Corporation

6.8 Kuhn Group

6.9 Mahindra & Mahindra Ltd.

6.10 Tractors and Farm Equipment Ltd.

6.11 Yanmar Company Limited

For more information about this report visit https://www.researchandmarkets.com/r/k5s3gu

View source version on businesswire.com: https://www.businesswire.com/news/home/20200122005722/en/

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