Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Egypt Tractor Market | Share, Trends, Industry, Growth, COVID-19 IMPACT, Companies, Revenue, Outlook, Analysis, Value, Size & Forecast: Market Forecast By Power Output, By Drive Type, By Applications?and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Egypt Tractor Market revenues are projected to grow at a CAGR of 2.9% during the forecast period 2023-2029F. This growth would be primarily driven by factors like the mechanization of agriculture and added government efforts because agriculture contributes around 12-13% to the national GDP and employs nearly 20% of the workforce.
The Egypt Tractor Market was on the decline from 2019-2022 after recording highs in preceding years. This was due to the accumulated impact of the COVID pandemic, price rise as the market is heavily import-dependent and the ongoing Russia-Ukraine war. The situation was worsened by the rapid depreciation of the Egyptian Pound which stood among the top five worst-performing currencies globally.
There is a growing need of using machinery and other farm tools to better efficiency and enhance production. Moreover, agriculture is transitioning from the traditional use of draft animals to machinery as the increase in fodder prices along with poor output from using draft animals in farming proves to be expensive. The government has also laid emphasis on promoting agricultural activity to ensure food security and drive the national economy.
The country has set a target of increasing its cultivation land area to 15.5 million acres by 2030 to reduce its dependence on imports to meet the domestic demand for essential food grains like wheat and barley. The government is also providing credits to farmers at a discounted rate to help them procure needed machinery, seeds, fertilizers and irrigation facility to increase farm yield.
Market by Power Output
Owing to small farmlands, demand for lower power output tractors which ranges below 50 HP are more in demand in Egypt. These tractors are easy to operate and can be deployed for a wide range of agriculture applications. As smaller tractors (Below 50 HP) are more affordable, manoeuvrable, and suitable for Egypt's small land plots and uneven terrain, this segment dominates the tractor market.
Market by Drive Type
2WD tractors are cheaper and have simple-design than 4-wheel drive tractors, making them suitable for budget-conscious farmers and small-scale operations. 2WD tractors are more manoeuvrable than 4WD tractors, making them ideal for tasks like orchard work, vineyard management, and small-scale farming. They have better fuel efficiency due to fewer components and reduced power loss, making them more cost-effective.
Market by Applications
The share of agriculture-based applications outweighs commercial use as tractors perform various agricultural tasks efficiently and effectively, improving productivity, reducing labour requirements, and handling larger land areas, making them crucial in agriculture for efficient and effective farming. The agriculture segment will propel in the future.
Key Highlights of the Report
- Egypt Tractor Market Overview
- Egypt Tractor Market Outlook
- Egypt Tractor Market Forecast
- Historical Data and Forecast of Egypt Tractor Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Egypt Tractor Market Revenues & Volume, By Power Output, for the Period 2019-2029F
- Historical Data and Forecast of Egypt Tractor Market Revenues & Volume, By Drive Type, for the Period 2019-2029F
- Historical Data and Forecast of Egypt Tractor Market Revenues, By Application, for the Period 2019-2029F
- Egypt Tractor Market Trends
- Market Drivers and Restraints
- Industry Life Cycle
- Porter's Five Force Analysis
- Company Ranking
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Company Profiles
- CNH Industrial N.V.CNH Industrial N.V.
- Kubota Corporation
- AGCO Corporation
- John Derre & Company
- Same Deutz-Fahr
- International Tractors Ltd.
- Mahindra & Mahindra Ltd.
Market Scope and Segmentation
By Power Output
- Below 30 HP
- 30-50 HP
- 51-100 HP
- Above 100 HP
By Drive Type
- 2 Wheel Drive
- 4 Wheel Drive
- By Applications
- Agriculture
- Commercial (For use in Logistics, Construction, and Mining)
For more information about this report visit https://www.researchandmarkets.com/r/4uaf8
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