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.
India is an agrarian country with agricultural sector being the largest contributor to the country’s economy. Agriculture is also the largest source of livelihood for many in the country. India agricultural equipment market is expected to grow at a steady rate during the forecast period. The India agricultural equipment market is driven by the widespread adoption of contract farming techniques. Additionally, ease of financing, low import duty, large number of subsidies, among others being provided by the government of India is further expected to propel the market growth through 2025. Also, increasing sales of power tillers and tractors is further expected to fuel the market growth. Furthermore, government policies and schemes such as National Food Security Mission, Paramparagrat Krishi Vikas Yojana, Pradhan Mantri Krishi Sinchai Yojana, among others, is expected to create lucrative opportunities for market growth over the next few years.
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 tractors segment is expected to dominate the market during the forecast period on account of the growing use of tractors both in standalone and in combination with other agricultural equipment ways. 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. Here, the harvesting and threshing segment is expected to hold a significant market share as it helps in easing the crop harvesting procedures and saves time and costs.
Major players operating in the global agricultural equipment market include 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. The companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
- To analyze and estimate the market size of India agricultural equipment market from 2015 to 2018.
- To estimate and forecast the market size of India agricultural equipment market from 2019 to 2025 and growth rate until 2025.
- To classify and forecast India agricultural equipment market based on type, automation, sales channel, application, company and regional distribution.
- To identify dominant region or segment in the India agricultural equipment market.
- To identify drivers and challenges for India agricultural equipment market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India agricultural equipment market.
- To identify and analyze the profile of leading players operating in India agricultural equipment market.
- To identify key sustainable strategies adopted by market players in India agricultural equipment market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of India agricultural equipment market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Agricultural equipment manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to agricultural equipment
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as agricultural equipment manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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