DUBLIN, Dec. 8, 2023 /PRNewswire/ — The “Kenya Farm Tractor Market: Market Forecast By Power Rating, By Drive Type, and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Kenya Farm Tractor Market size is projected to increase at a CAGR of 6.6% during 2023-2029
The Kenya farm tractor market is anticipated to experience significant growth in the coming years, owing to various initiatives taken by the Kenyan government to increase investments in the agriculture sector.
One such initiative is the National Agriculture Investment Plan 2019-24, which aims to uplift the livelihoods of farmers, positively influence their purchasing power, and consequently, drive an increased demand for farm tractors across the country in the years to come. The ongoing war between Ukraine and Russia in 2022 further increased economic uncertainty, resulting in a significant decrease in wheat and maize import from Ukraine by 12% and 8% respectively.
To address this crisis, the Kenyan government implemented significant measures to ensure food security and enhance the resilience of the economy. Notably, investments have been made in the agricultural sector, exemplified by the Agricultural Sector Transformation and Growth Strategy.
Moreover, collaborations with various non-governmental organizations have facilitated the testing, promotion, and distribution of cost-effective irrigation technology. These efforts aim to uplift the livelihoods of farmers, increase their purchasing power, and consequently, drive the demand for farm tractors across the country in the coming years.
The Kenya farm tractor market experienced moderate growth from 2019 to 2022. This growth can be attributed to government initiatives such as the national agriculture and rural growth prospects introduced in 2017, as well as the Agricultural Sector Transformation and Growth Strategy implemented in 2019, which aimed to empower farmers.
The agriculture sector witnessed a growth of 2.2% in Q1 2020, compared to 2.31% in Q4 2019 and 3.2% in Q1 2019. Similarly, crop production in the agriculture sector grew by 2.38% in Q1 2020, in contrast to 2.52% in Q4 2019 and 3.26% in Q1 2019. However, the market revenues faced a decline due to supply chain disruptions caused by the COVID-19 pandemic, which led to lockdowns in Kenya and various other countries in 2020.
Market by Power Rating
40 HP-100 HP segment of tractors is expected to maintain its dominance in the Kenya farm tractor industry, driving significant revenue during the forecast period owing to the government’s increasing support for the agricultural sector by facilitating the testing, promotion, and distribution of cost-effective irrigation technology, along with improved access to credit and investment funds, would contribute to the substantial growth in revenue for the 40 HP-100 HP tractors.
Market by Driver Type
Two-wheel drive tractors are expected to grow in Kenya for several reasons. Firstly, these tractors are more affordable compared to four-wheel drive tractors, making them accessible to small-scale farmers with limited financial resources. Additionally, two-wheel drive tractors are suitable for use in smaller farms and areas with less challenging terrain, which aligns with the farming landscape in Kenya. The rising number of small and micro-farms in the country further contributes to the growing demand for two-wheel drive tractors.
Key Highlights of the Report
- Kenya Farm Tractor Market Overview
- Kenya Farm Tractor Market Outlook
- Kenya Farm Tractor Market Forecast
- Historical Data and Forecast of Kenya Farm Tractor Market Revenues, for the Period 2019-2029F
- Historical Data and Forecast of Kenya Farm Tractor Market Revenues, By Power Rating, for the Period 2019-2029F
- Historical Data and Forecast of Kenya Farm Tractor Market Revenues, By Drive Type, for the Period 2019-2029F
- Kenya Farm Tractor Market Drivers and Restraints
- Kenya Farm Tractor Market Trends
- Kenya Farm Tractor Market Porters Five Forces
- Kenya Farm Tractor Market Opportunity Assessment, By Power Rating, 2029F
- Kenya Farm Tractor Market Opportunity Assessment, By Drive Type, 2029F
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Eicher Tractors Ltd
- New Holland Agriculture
- Massey Ferguson
- Kubota Kenya Limited
- Mahindra & Mahindra Kenya (Pty) Ltd
- S.A.M.E Deutz Fahr Tractor
- Deere & Company
Market Scope and Segmentation
By Power rating
- Below 40 HP
- 40 HP-100 HP
- Above 100 HP
By Drive Type
- 2 Wheel Drive
- 4 Wheel Drive
For more information about this report visit https://www.researchandmarkets.com/r/6i7u00
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Originally published at https://www.prnewswire.com/news-releases/kenya-farm-tractor-market-report-2023-2029-with-historical-insights-from-2019-2022-302010161.html
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