Kenya Farm Tractor Market Synopsis
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.
Kenya Farm Tractor Market OverviewAccording to 6Wresearch, the Kenya Farm Tractor Market size is projected to increase at a CAGR of 6.6% during 2023-29. 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.
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
- Competitive Benchmarking
- Kenya Farm Tractor Market Opportunity Assessment, By Drive Type, 2029F
- Kenya Farm Tractor Market Porters Five Forces
- Historical Data and Forecast of Kenya Farm Tractor Market Revenues, By Power Rating, for the Period 2019-2029F
- Kenya Farm Tractor Market Trends
- Historical Data and Forecast of Kenya Farm Tractor Market Revenues, By Drive Type, for the Period 2019-2029F
- Company Profiles
- Historical Data and Forecast of Kenya Farm Tractor Market Revenues, for the Period 2019-2029F
About Us-
6Wresearch is the premier, one-stop market intelligence and advisory centre, known for its best-in-class business research and consulting activity. We provide industry research reports and consulting services across different industries and geographies which provide industry players an in-depth coverage and help them in decision-making before investing or entering into a particular geography.
Contact Us: Phone: +911143024305 | Email Id: [email protected]
