Increasing the disposable income of farmers is expected to drive the growth of India’s 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.
The Important Elements of India Agricultural Equipment Market
This in turn is expected to positively influence market growth. Additionally, the framing of the Model Contract Farming Act, of 2018 is further expected to fuel the market growth over the next few years. However, the high cost of this equipment might hamper the market growth through 2025. Also, the lack of awareness pertaining to the 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 the pandemic COVID-19 has led to lockdowns across the country shutting down the manufacturing of agricultural equipment. This shall have a cascading effect on food production and crop yield. However, the government has eased the restrictions in order to maintain seasonal agricultural activities. Also, the dearth of skilled labor to use the equipment is further expected to impede 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 channels, the market can be split into OEMs and aftermarkets. 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 & seedbed 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 shovels, and plows, among others to reduce the time of weeding.
The Major Competitors of India Agricultural Equipment Market
- 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
- Greaves Cotton Limited
- Shivagrico Implements Limited
- VST Tillers Tractors Limited and others are some of the leading players operating in India’s 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’s agricultural equipment market during the forecast period, owing to the increasing mechanization in the agricultural industry. Additionally, technological advancements such as AI, IoT, and machine learning, among others in the agricultural industry are further expected to fuel the market growth through 2025. Furthermore, the presence of major market players such as John Deere, and 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India’s agricultural equipment market.
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