Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- 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.
COMPETITIVE LANDSCAPE
John Deere, New Holland, Massey Ferguson, and Mahindra dominated the Middle East and Africa tractor market with a collective industry share of over 40% in 2022. These brands have adopted several strategies to gain traction in the industry. These players are thriving on innovation in the tractor industry. They are increasingly investing in developing advanced agricultural tractor technology for precision farming and machine automation.
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
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 |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
7 Market at a Glance
8 Introduction
8.1 Overview
8.1 Value Chain Analysis
8.1.1 Overview
8.1.2 Raw Material & Component Suppliers
8.1.3 Manufacturers
8.1.4 Dealers/Distributors
8.1.5 Retailers
8.1.6 End-Users
8.2 Technological Advances
9 Market Opportunities & Trends
9.1 Technological Advances in Tractor Technology
9.1.1 Swath Control and Variable Rate Technology
9.1.2 High Demand for Autonomous Equipment
9.2 Shortage of Agricultural Laborers
9.3 Use of Energy-Efficient Agri Tractors
10 Market Growth Enablers
10.1 Assistance to Farmers Through Loans & Subsidies
10.2 Increased Agricultural Productivity & Exports
10.3 Increased Farm Mechanization
11 Market Restraints
11.1 Lack of Awareness of Latest Innovations in Agricultural Tractor
11.1.1 Low Levels of Education Among Farmers in Emerging Countries
11.1.2 Resource Scarcity of Small and Medium Farmers
11.2 High Demand for Used & Rental Tractors
11.3 Climate Change Adversely Affecting Agricultural Activities
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Horsepower
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Less Than 50 Hp
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 50 Hp-100 Hp
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Above 100 Hp
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
14 Wheel-Drive
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 2-Wheel-Drive
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 4-Wheel-Drive
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
15 Geography
16 Competitive Landscape
17 Key Company Profiles
18 Other Prominent Vendors
19 Report Summary
20 Quantitative Summary
21 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/7b87zv
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