Egypt Tractor Market Synopsis
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.
According to 6Wresearch, the 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. 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.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Market Drivers and Restraints
- Industry Life Cycle
- Competitive Benchmarking
- Historical Data and Forecast of Egypt Tractor Market Revenues for the Period 2019-2029F
- Company Ranking
- Historical Data and Forecast of Egypt Tractor Market Revenues Volume, By Power Output, for the Period 2019-2029F
- Porter’s Five Force Analysis
- Historical Data and Forecast of Egypt Tractor Market Revenues Volume, By Drive Type, for the Period 2019-2029F
- Egypt Tractor Market Trends
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