Fri. Jun 18th, 2021

Agricultural Machinery Market in India Market
India is an agrarian economy, with over 50% of the population dependent on agriculture for their livelihood. As of 2019, agriculture and its allied sector accounted for ~16% of India’s gross domestic product (GDP). The performance of this sector drives the prices and market demand for essential commodities. The accessibility, and quality of agricultural machinery positively impacts productivity and output of the farming sector. Furthermore, the Indian machinery market is expected to introduce Self-Driving Autonomous Tractors, and increase application of innovative technology like Internet of Things (IoT) and Big Data to make agriculture a profitable profession for farmers.

Market Insights
The Indian agricultural machinery market was valued at INR 498.04 Bn in 2018 and is expected to reach INR 901.41 Bn by 2024, expanding at a CAGR of ~10.70% during the 2019-2024 period. The industry experienced a sluggish growth initially, owing to the economic slowdown in the country. However, rise in the purchasing power, availability of better financing options, and growth of contract farming are expected to improve market revenue during the forecast period. The adoption of the sharing economy model and tech-driven start-ups is expected to revolutionize the agriculture machinery market in India.
The United States, Nepal and Sri Lanka account for the major share of exports of agricultural equipment from India. Whereas, India imports more than 70% of agricultural equipment from China.

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Top Key players of Agricultural Machinery Market in India Market Covered In The Report:

• Mahindra & Mahindra Limited
• Escorts Limited
• Force Motor Limited
• Greavers Cotton Limited
• Shivagrico Implements Limited
• VST Tillers Tractors Limited
• John Deere India Private Limited
• Tractor and Farm Equipment Limited
• International Tractor Limited
• CNH Industries India Private Limited

Market Segment Insights
Based on products, the market can be segmented into tractors, rotavators, power tillers, threshers, and others. The tractor segment dominated the market with a revenue share of ~81% in 2019. Moreover, it is expected to remain the largest segment both in terms of value and growth rate during the forecast period (2019-2024).
Industry players contributing to the market revenue include TAFE, Escorts Limited, and Sonalika Tractors among others. Mahindra & Mahindra leads the market with a market share of ~40.20%, in terms of revenue, in India, and is the largest tractor manufacturer in the world.
Government Initiatives
To promote the application of farm mechanization, the government has set up the Farm Machinery Training and Testing Institutes (FMTTIs) and formulated bodies to quality check agricultural machines and implements. Indian Council for Agriculture and Research (ICAR) and State Farm Corporation of India have been set up to improve the adoption of new technologies in crop production. Other initiatives include setting up financial institutions and providing incentives and subsidies.

The scope of the report also includes further information of market data and its analysis. This includes insights regarding key market components such as market segments, industry value chain analysis, market share overview, key economic indicators, consumption data figures, demand-supply situations, segmental performance review and more. The report has segmented the entire industry into various segments including type of product or service, application areas or downstream fields, end users, and key geographical areas. The basic objective of sharing geographical segmentation is to deliver premium insights in relevance with domestic as well as geography wise presence of the industry in various parts of the planet.

Also, the Agricultural Machinery Market in India market research shares granular level information derived from in-depth study of some influential aspects of the industry. This includes growth fueling factors of the industry, various kinds of impacts including political, environmental, economic, social and more, factors hindering expected growth of the industry, market share expansion, untapped opportunities, market size anticipations, etc. This might assist readers to gather reliable information regarding Agricultural Machinery Market in India market in order to reach smarter decisions.

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In addition, the Agricultural Machinery Market in India market report incorporates important information regarding key market competitors. This includes analysis of these companies over various fronts including market share, company profile, financial overview, product or service portfolio, recent deal, merger or deal, etc. This might lead readers towards greater knowledge of the competitive dashboard of the industry.

At the end, while concluding the Agricultural Machinery Market in India market report shares report findings and conclusions regarding the industry. This includes anticipatory claims, analysis of historical data, forecasts including segmental forecast, market size forecast, regional performance forecast, demand forecast, consumption forecast and more. This might help readers to develop strong understanding of the industry with information at hand.

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What are the key factors covered in this report regarding Agricultural Machinery Market in India Market?
-Market Size
-Market Segmentation, Overview of each segment
-Key Companies Analysis
-Geographical Studies

How researchers have reached the report findings shared in the report?
-Study of historical data figures
-Analysis of current scenarios in every domestic as well as regional market
-Examination of trends, available information and data figures
-Use of proved methodology to project for next five years

Which prime data figures are included in the report?
-Market size (Last few years, current and expected)
-Market share analysis as per different companies
-Market forecast
-Price Analysis
-Market Contributions (Size, Share as per regional boundaries)

Who all can be benefitted out of this report?
-Market Investigators
-Teams, departments, and companies
-Competitive organizations
-Individual professionals
-Vendors, Buyers, Suppliers

What are the crucial aspects incorporated in the report?
-Industry Value Chain
-Consumption Data
-Market Size Expansion
-Key Economic Indicators

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Note: In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

By nehal