(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The "South Africa Tractor Market - Industry Analysis & Forecast 2023-2028" report has been added to ResearchAndMarkets's offering.
The South Africa tractor is expected to account for 11,150 units by 2028 from 9,181 units in 2022, growing at a CAGR of 3.29% from 2022-2028
The South African tractor market is characterized by a high level of concentration, where a few major players dominate the industry. Both domestic and global tractor brands are well-represented in the market.
The South African government has implemented various schemes and initiatives aimed at facilitating access to credit and improving agricultural operations, which are expected to contribute to the overall growth of the industry's value chain.
In 2022, the South African tractor market experienced significant growth, with a 20.2% increase compared to the previous year, primarily driven by favorable climate conditions and government support to farmers, leading to increased crop production and tractor sales.
The province of Limpopo stands out as a leader in the adoption and penetration of farm mechanization practices within South Africa. Limpopo's economy relies heavily on agriculture, with crop farming being a major agricultural activity in the region. Maize (corn) is a significant crop cultivated by both commercial and subsistence farmers in Limpopo. Agriculture plays a crucial role in the economic development, job creation, and food security of the province.
Major players in the South African tractor market include John Deere, CNH Industrial, AGCO, and Kubota. These brands have adopted various strategies to establish their presence in the industry, with a strong focus on innovation. They invest in the development of advanced agricultural tractor technologies, particularly in the areas of precision farming and machine automation.
Furthermore, competition exists within several sub-segments of the industry, and customer loyalty to established brands tends to grow as vendors enhance their after-sales services, further solidifying their market positions.
INSIGHTS BY HORSEPOWER
The 50 HP- 100 HP segment recorded a high industry share in the South Africa tractor market in 2022.
The major factor for the steady growth of the medium-power range of tractors is the increased business turnover among hobby and livestock farmers. This segment has more variants than the less than 50 HP segment, yet the usage and capabilities are almost similar.
Small and medium-scale farmers using compact tractors are the target consumer base for 50 HP-100 HP tractor manufacturers. The high prevalence of small and medium farmlands in South Africa and country-wide government schemes to enhance farming capabilities boost the country's 50 HP-100 HP tractor sales.
INSIGHTS BY DRIVE TYPE
Ease of driving and flexibility with light loads and in plain fields are major factors that boost the demand for two-wheel-drive tractors in the South Africa tractor market.
In various farming operations, including small-scale farming, horticulture, orchards, vineyards, and some specialized ones, 2WD tractors are frequently utilized. Small-scale farmers in South Africa frequently favor 2WD tractors because of their accessibility and suitability for smaller landholdings. For small-scale farming operations, they can increase production and efficiency and provide basic functionality.
KEY QUESTIONS ANSWERED:
How big is the South Africa tractor market? What is the growth rate of the South Africa tractor market? What are the expected units sold in the South Africa tractor market by 2028? Which region holds the largest South Africa tractor market share? Who are the key companies in the South Africa tractor market?
| Report Attribute
| No. of Pages
| Forecast Period
| 2022 - 2028
| Estimated Market Value in 2022
| 9181 Units
| Forecasted Market Value by 2028
| 11150 Units
| Compound Annual Growth Rate
| Regions Covered
| South Africa
Market Opportunities & Trends
Increased Demand For Compact And Versatile Tractors Emphasis On Cost Efficiency And Fuel Economy Adoption Of Precision Seeding And Planting Technologies
Market Growth Enablers
Expansion Of Commercial Farming In The Country Increasing Farm Mechanization Technological Advances In Tractors
Fragmented Land Ownership And Small Farm Sizes Lack Of Awareness Of Latest Innovations In Agricultural Tractor High Demand For Used & Rental Tractors
Value Chain Analysis Raw Material & Component Suppliers Manufacturers Dealers/Distributors Retailers End-Users Technological Advances
Key Company Profiles
John Deere Kubota CNH Industrial AGCO
Other Prominent Vendors
Escorts Landini Mahindra & Mahindra Agrico CLAAS Deutz-Fahr Yanmar TAFE
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South African Tractor Market
South African Tractor Market South African Tractor Market Tags Agricultural Tractor Compact Tractor Tractor Manufacturer Tractors Related Links
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