Increasing disposable income of farmers is expected to drive the growth of India agricultural equipment market
According to TechSci Research report, “India Agricultural Equipment Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), By Automation (Automatic, Semi-Automatic, Manual), By Sales Channel (OEMs v/s Aftermarket), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro Processing, Others), By Region, Forecast & Opportunities, 2025”, the India agricultural equipment market is expected to grow at a steady rate during the forecast period on account of the increasing food demand by the ever-increasing population in the country. This in turn is expected to positively influence the market growth. Additionally, the framing of Model Contract Farming Act, 2018 is further expected to fuel the market growth over the next few years. However, high cost of these equipment might hamper the market growth through 2025. Also, lack of awareness pertaining to presence of such equipment among the farmers is further expected to restrict the market growth over the next few years. Besides, the sudden outbreak and spread of pandemic COVID-19 has led to lockdown across the country shutting down the manufacturing of agricultural equipment. This shall have cascading effect on the food production and crop yield. However, the government has eased the restrictions on in order to maintain seasonal agricultural activities. Also, the dearth of skilled labor to use the equipment is further expected to impede the market growth during the forecast period.
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The India agricultural equipment market is segmented based on type, automation, sales channel, application, company and region. Based on type, the market can be categorized into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment and others. Among these, the harvesters segment is expected to register the highest growth in the market on account of the need to increase the yield while reducing the overall labor costs. Additionally, they provide fuel efficiency also. Based on sales channel, the market can be split into OEMs and aftermarket. Here, the OEM segment is expected to dominate the market owing to the growing demand for agricultural equipment. Based on application, the market can be fragmented into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing, post-harvest & agro processing and others. The weed cultivation segment is also expected to witness significant growth on account of the widespread use of agricultural equipment such as shovel, plough, among others to reduce the time of weeding.
Escorts Limited, Mahindra & Mahindra Limited, Tractor and Farm Equipment Limited, John Deere India Private Limited, The Sonalika Group, CNH Industrial (India) Private Limited, Force Motor Limited, Greavers Cotton Limited, Shivagrico Implements Limited, VST Tillers Tractors Limited and others are some of the leading players operating in India agricultural equipment market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“India agricultural equipment market during the forecast period, owing to the increasing mechanization in agricultural industry. Additionally, technological advancements such as AI, IoT, machine learning, among others in the agricultural industry is further expected to fuel the market growth through 2025. Furthermore, presence of major market players such as John Deere, AGCO Corporation, among others in the region is expected to create lucrative opportunities for growth over the next few years. Also, government initiatives such as ‘Make in India’ are further expected to increase the manufacturing of agricultural equipment in the country” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Agricultural Equipment Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), By Automation (Automatic, Semi-Automatic, Manual), By Sales Channel (OEMs v/s Aftermarket), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro Processing, Others), By Region, Forecast & Opportunities, 2025”,” has evaluated the future growth potential of India agricultural equipment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India agricultural equipment market.
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