Tractor Market to Grow with a CAGR of 6.13% in India through to 2028
The major drivers for the India Tractor Market include the
country's heavy reliance on agriculture as a key economic sector, the need for
mechanization to increase farm productivity, and government initiatives
promoting agricultural mechanization and rural development.
According to TechSci Research report, “India Tractor
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the India Tractor Market stood at USD 7.8 Billion in
2022 and is anticipated to grow with a CAGR of 6.13% in the forecast period,
2024-2028. The India Tractor Market has witnessed significant growth, driven by
multiple factors. Firstly, there is a growing trend of increasing mechanization
in farming activities, which has led to a higher demand for tractors. Moreover,
government initiatives promoting agriculture have played a crucial role in
supporting the growth of this market. Furthermore, the easy availability of credit has made
it more accessible for farmers to invest in tractors, fueling the market
expansion. It is worth noting that tractors are not only used for agricultural
purposes but also for non-agricultural activities, which has further
contributed to the market's growth. In addition to these factors, the rise in
rural incomes has created a favorable environment for the India Tractor Market.
As farmers' incomes increase, there is a greater capacity to invest in modern
equipment such as tractors, driving the demand for these vehicles.
Lastly, the introduction of compact tractors suitable
for small and medium-sized farms has opened up new opportunities in the market.
These tractors cater to the specific needs of smaller farms, providing
increased efficiency and productivity. Overall, the India Tractor Market is
thriving due to a combination of factors such as mechanization, government
support, credit availability, non-agricultural usage, rising incomes, and the
introduction of compact tractors. This dynamic landscape presents numerous
growth opportunities in the sector.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "India Tractor Market”
The India Tractor Market is not only a vital but also
a highly dynamic sector within the country's agricultural machinery industry.
Tractors, often referred to as the "powerhouses of agriculture," play
an indispensable and pivotal role in India's agriculture. This sector employs a
significant portion of the population and contributes significantly to the
nation's economy, ensuring food security and driving rural development. With
their versatility and efficiency, tractors have revolutionized farming practices,
enabling farmers to increase productivity, reduce labor-intensive tasks, and
adopt modern agricultural techniques. Their impact extends beyond the fields,
as tractors have become a symbol of progress and agricultural prosperity in
India, representing the country's commitment to sustainable and inclusive
growth.
Agriculture, often referred to as the backbone of
India's economy, plays a pivotal role in the nation's growth and development.
The India Tractor Market, closely intertwined with the agriculture sector,
serves as a crucial support system for farmers across the vast and diverse
agricultural landscape of the country. Tractors, with their versatility and
power, are indispensable tools that facilitate numerous tasks, ranging from
plowing and tilling to planting and harvesting. By harnessing the capabilities
of these machines, Indian farmers are able to enhance productivity, maximize
efficiency, and ultimately contribute to the sustainable advancement of Indian
agriculture.
The India Tractor Market boasts a diverse range of
market players, including domestic manufacturers like Mahindra & Mahindra,
TAFE, and Escorts, as well as international brands such as John Deere and New
Holland. This diversity of manufacturers offers a wide variety of tractor
models, catering to the diverse needs of Indian farmers. The Indian government, recognizing the crucial role of
tractors in agricultural mechanization, has taken significant steps to promote
their adoption. Through various well-crafted initiatives, subsidies, and
financing programs, the government aims to ensure that tractors are accessible
and affordable to all farmers, especially those with small and marginal
landholdings. By facilitating the availability of tractors, these efforts not
only drive market growth but also contribute to the overall development of rural
areas, empowering farmers and enhancing agricultural productivity.
Tractor manufacturers in India continuously innovate
to meet the evolving needs of farmers. Customization options, specialized
attachments, and diverse tractor models are available to cater to various
farming practices, from large-scale agriculture to horticulture and orchard
farming.
India has a substantial number of small and marginal
farmers with limited landholdings. Tractor manufacturers recognize the
importance of offering compact and affordable tractors suitable for these
farmers. Addressing the specific requirements of small-scale agriculture is a
significant aspect of the India Tractor Market.
The trend toward mechanization in Indian agriculture
is on the rise. Farmers are increasingly adopting modern tractors equipped with
advanced technologies, including GPS guidance, precision farming, and
telematics. These technologies enhance operational efficiency, reduce resource
wastage, and contribute to higher crop yields.
Access to finance is crucial for tractor ownership.
Financial institutions, in collaboration with tractor manufacturers, offer
tractor loans and leasing options tailored to farmers' needs. Innovative
ownership models, such as tractor rental and shared ownership, are also gaining
popularity, making tractor ownership more accessible to a broader range of
farmers.
Environmental concerns are becoming increasingly
important in the India Tractor Market. Manufacturers are developing
eco-friendly and emission-compliant tractors to align with environmental
regulations and sustainability goals. These tractors aim to reduce emissions
and minimize the ecological impact of agricultural activities.
In summary, the India Tractor Market is characterized
by its close connection to agriculture, a diverse range of market players,
government support, product innovation, customization, mechanization trends,
rural finance initiatives, and a growing focus on environmental sustainability.
These factors collectively contribute to the market's significance and
underscore the role of tractors in driving agricultural growth and rural
development in India.
Major companies operating in India Tractor Market
are:
- AGCO
Corporation
- CNH
Industrial America LLC
- Deere
& Company
- Argo
Tractors SpA
- Kempston
Agri
- Kubota
SA
- Escorts
Ltd
- Mahindra
& Mahindra Limited
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“The major drivers for the India Tractor Market
include increasing mechanization of farming activities, government initiatives
promoting agriculture, easy availability of credit, and the growing trend of
using tractors for non-agricultural purposes. The rise in rural incomes, coupled
with the consistent demand from the farming community, has driven the growth in
this sector. Additionally, the introduction of compact tractors suitable for
small and medium-sized farms has further boosted market expansion.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Tractor Market – India
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Power Output (Less than 30 HP,
31-50 HP, 51-80 HP, and Above 80 HP), By Drive Type (2-wheel Drive &
4-wheel Drive), By Application (Agriculture & Non-Agriculture), By Country, Competition”, has evaluated the future growth potential of India Tractor
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 Tractor Market.
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