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.                           

Nigeria Agriculture & Industrial Equipment Engine Market 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.

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Key Market Reports Highlights

·        Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Nigeria Agriculture & Industrial Equipment Engine Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2023

-Historical Period: 2019 to 2022

-Forecast Period: 2024 to 2030

• By Fuel Type
• Diesel - Market Size & Forecast 2019-2030, (Units Sold)
• Gasoline- Market Size & Forecast 2019-2030, (Units Sold)
• 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)
• By Region
• South West
• South
• North West
• Rest of Nigeria

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including -   Cummins Inc., Caterpillar Inc., Volvo Penta, Kubota Corporation, Deere & Company, Clarke Energy, HD Hyundai Infracore Co., Ltd., Deutz AG, Rolls Royce plc, Honda Manufacturing (Nigeria) Ltd., MAN Energy Solutions, Wärtsilä Corporation and others.

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