Market Size of Africa Agricultural Tractor Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.18 Billion |
| Market Size (2029) | USD 1.58 Billion |
| CAGR (2024 - 2029) | 6.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Agricultural Tractor Market Analysis
The Africa Agricultural Tractor Market size is estimated at USD 1.18 billion in 2024, and is expected to reach USD 1.58 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).
- Agriculture is critical to Africa's economic development, but it needs to function below its potential. Smallholder farmers make up more than 60% of the population in sub-Saharan Africa, and agriculture accounts for around 23% of the region's GDP. At the same time, the population is increasing on a large scale. As a result, there is an urgent need to raise crop yields in the coming decades to keep up with food demand in Africa. Therefore, mechanization in agriculture closes the yield gap by lowering harvest and post-harvest losses.
- As per the research survey conducted by the Agri Evolution Alliance, Africa holds great market potential for agricultural tractors. The increasing government support to develop the agricultural sector is expected to drive this sector.
- For instance, the Ghana government provides subsidized tractors to entrepreneurs who run 89 centers that rent out and service tractors. In major parts of Africa, tractor sales were affected due to uncertainty regarding crop yields and exchange rates. Additionally, issues with respect to land restitution and farmworkers' farm shares added to the farmers' uncertain conditions. Therefore, considering these factors, the market can witness growth in the coming years.
