Middle East and Africa Tractor Market 2023 - 2028: Assistance to Farmers Through Loans & Subsidies Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Middle East and Africa Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The Middle East and Africa tractor market is expected to grow at a CAGR of 4.77% from 2022-2028.

KEY HIGHLIGHTS

• The Middle East & Africa has over 578 million food consumers. The region witnessed a massive increase in farm mechanization in terms of agricultural and industrial productivity.
• The Middle East and Africa tractor market is highly concentrated, with the top players controlling most of the market. Domestic and global brands, on the other hand, are equally represented in the industry.
• The Middle East and Africa tractor market increased by 4.0% in 2022 from 2021. The increase in crop production and tractor sales was due to favorable climate conditions and government support to farmers.
• Several Middle East & African countries' governments plan to double the number of agricultural products and revenue from exporting these products by 2030.
• The Middle East & African government plans schemes and initiatives to facilitate credit and improve agriculture-related operations, which will contribute to the growth of the overall value chain of the industry.

MARKET TRENDS & OPPORTUNITIES

Use of Energy-efficient Agri Equipment

The Middle East & African countries' governments aim to improve the living conditions of those in the agricultural supply chain and to provide essential equipment sustainably. This aim joins an already announced objective to reduce total greenhouse gas (GHG) emissions by 30-40% by 2030 and zero emissions by 2040. The adoption of energy-efficient agricultural equipment will enable the fulfillment of these objectives.

Technological Advances in Tractor Technology

A new frontier of innovation emerged as agriculture met digital technology, opening various paths to a smart agricultural future. Tractor manufacturers are competitive, and companies constantly strive to innovate and ensure product differentiation at affordable prices. State-of-the-art technology-based tractors are currently available in the market. GPS and remote sensing make farming more accurate and productive.

Recent Developments

• In March 2023, John Deere announced MY24 updates for its 7, 8, and 9 Series Tractors lineup that will help prepare them for the future of precision agriculture.
• John Deere launched the new electric variable transmission (EVT) in March 2022 for select 8 Series Tractors and a new JD14X engine for 9 Series.
• Massey Ferguson launched the MF 6S series tractors in February 2022. This machine provides up to 180 HP with advanced technology.
• In February 2022, New Holland North America, CNH industrial brand, announced the launch of the world's first production T6 Methane Power tractor in the US.
• CNH Industrial partnered with Monarch Tractors in March 2021, a US-based agri-technology company, to improve long-term sustainability and raise awareness of the importance of zero-emission agriculture among farmers.

KEY QUESTIONS ANSWERED:

• What are the expected units sold in the Middle East and Africa tractor market by 2028?
• What is the growth rate of the Middle East and Africa tractor market?
• How big is the Middle East and Africa tractor market?
• Who are the key companies in the Middle East and Africa tractor market?
• Which region holds the largest Middle East and Africa tractor market share?

Key Attributes:

Report Attribute	Details
No. of Pages	162
Forecast Period	2022 - 2028
Estimated Market Value in 2022	83146 Units
Forecasted Market Value by 2028	109974 Units
Compound Annual Growth Rate	4.7%
Regions Covered	Africa, Middle East

Market Dynamics

Opportunities & Trends

• Technological Advances in Tractor Technology
• Shortage of Agricultural Laborers
• Use of Energy-Efficient Agri Tractors

Growth Enablers

• Assistance to Farmers Through Loans & Subsidies
• Increased Agricultural Productivity & Exports
• Increased Farm Mechanization

Restraints

• Lack of Awareness of Latest Innovations in Agricultural Tractor
• High Demand for Used & Rental Tractors
• Climate Change Adversely Affecting Agricultural Activities

Market Segmentation

by Horsepower

• Less Than 50 HP
• HP-100 HP
• Above 100 HP

by Wheel Drive

• 2-Wheel-Drive
• 4-Wheel-Drive

by Geography

• Turkey
• Saudi Arabia
• South Africa
• Israel
• Others

Key Company Profiles

• John Deere
• CNH Industrial
• AGCO
• Kubota

Other Prominent Vendors

• Mahindra
• Deutz-Fahr
• Claas
• TAFE
• V.S.T. Tillers Tractors Limited
• ISEKI & Co., Ltd.
• KIOTI
• Escorts
• Yanmar

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