Nigeria Agriculture & Industrial Equipment Engine Market Insights, Share & Growth Trends 2024 to 2030

Markntel Advisors’ report, Nigeria Agriculture & Industrial Equipment Engine Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Nigeria Agriculture & Industrial Equipment Engine presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Nigeria Agriculture & Industrial Equipment Engine Market Research Report & Market Summary:

Nigeria Agriculture & Industrial Equipment Engine Market size is estimated to grow at a CAGR of around 12.21% during the forecast period, i.e., 2024-30. Increasing investment across the industrial and agricultural sectors has been driving the demand for engines for both purposes, including power generation and propulsion. In recent years, the government has been largely focusing on improving agricultural production across the country, which is in line with improving the food security of the country and reducing its reliance on imported items. For instance, in 2021, the Nigerian government announced the development of the National Agricultural Technology and Innovation Policy (NATIP) for 2021-2025.

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Nigeria Agriculture & Industrial Equipment Engine Market Dynamics:

Key Driver-

The Growing Construction Sector Driving Market Growth – In Nigeria, there has been a rise in the construction sector, which is due to the initiatives led by the government to overcome the massive infrastructure deficit. This rise in the growth of infrastructure projects increases the demand for engine-powered vehicles and machinery, which are prerequisites for handling the material and other equipment on the construction site. For instance,

According to the ITA (International Trade Administration) Report 2023, the construction market in Nigeria is expected to grow by 5.7% in 2022, with an annual average growth of 3.2% between the years 2022 and 2026.

Various infrastructure projects in the country are driven by the government as well as private investors and partnerships for the improvement and construction of infrastructure such as roads, bridges, dredges, waterways, ports, railways, etc. Over the past few years, the government of the country has worked actively to reduce the infrastructure deficit through various investments as a part of a 30-year infrastructure plan under the National Integrated Infrastructure Plan. This results in a considerable demand for engines in construction equipment, which is projected to accelerate the market size & volume in Nigeria in the coming years.

Nigeria Agriculture & Industrial Equipment Engine Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Fuel Type

Diesel - Market Size & Forecast 2019-2030, (Units Sold)
Gasoline- Market Size & Forecast 2019-2030, (Units Sold)

Based on fuel type, diesel engines captured a notable share in the Nigeria Agriculture & Industrial Equipment Engine Market during the historical period. It is attributed to the superior mileage of the engine, meaning they deliver around 25 to 30% better fuel economy as compared to the similar performance of the gasoline engine.

By End User

Agriculture- Market Size & Forecast 2019-2030, (Units Sold)
Industrial- Market Size & Forecast 2019-2030, (Units Sold)
Power Generation- Market Size & Forecast 2019-2030, (Units Sold)

The power generation segment witnessed notable growth in the Nigeria Agriculture & Industrial Equipment Engine Market during the past few years. The growth in the market imputes the rise in urbanization, leading to an increase in infrastructure in the commercial, residential, and industrial sectors.

By Region

South West
South
North West
Rest of Nigeria.

As indicated in the latest market research report published by Markntel Advisors, “Nigeria Agriculture & Industrial Equipment Engine Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Nigeria Agriculture & Industrial Equipment Engine industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/nigeria-agriculture-industrial-equipment-engine-market.html

Top Companies Operating in the Nigeria Agriculture & Industrial Equipment Engine Market:

Cummins Inc.
Caterpillar Inc.
Volvo Penta
Kubota Corporation
Deere & Company
Clarke Energy
HD Hyundai Infracore Co., Ltd.
Rolls Royce Plc
Deutz AG
Others
Honda Manufacturing (Nigeria) Ltd.
MAN Energy Solutions
Wärtsilä Corporation

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Key Report Highlights:

Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Frequently Asked Questions (FAQs)-

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