India Agricultural Equipment Market to Grow with a CAGR of 5.24% through 2030
Growth in research and
development activities is expected to drive the India Agricultural Equipment
Market growth in the forecast period, 2026-2030.
According to TechSci Research report, “India
Agricultural Equipment Market- By Region, Competition, Forecast and
Opportunities, 2020-2030F”, the India Agricultural Equipment Market stood at
USD10.25 billion in 2024 and is anticipated to grow with a CAGR of 5.24% in the
forecast period, 2026-2030. Initiatives taken by government based on
agricultural equipment has led to favorable market conditions for the India
Agricultural Equipment Market. Several factors contribute to the growth of
various agricultural equipment products. One of the key initiatives
undertaken by the government has been the provision of subsidies and financial
support to farmers, aimed at facilitating their acquisition of advanced
agricultural machinery. This proactive measure has significantly eased the
financial burden on farmers, particularly those who are small-scale or have
limited resources, enabling them to access and afford cutting-edge farming
equipment. As a result, the agricultural market has experienced a substantial
boost, leading to improved productivity and efficiency in the sector.
In addition to the financial support, the
government has been actively promoting the adoption of technology in the field
of agriculture. The rise of AgTech, a sector dedicated to leveraging
technological advancements for agricultural purposes, has brought about a
transformative impact on the agricultural landscape of India. This
technological revolution has not only opened up new avenues for investment but
also ushered in a wave of innovation that is reshaping traditional farming
practices. Moreover, the integration of technology in rural areas has sparked a
positive change, fostering economic growth and development in these regions.
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The India Agricultural Equipment Market is
segmented into type, application, regional distribution, and company.
Based on its type, the tractors segment held the
largest market share in the forecast period. Technological advancements have
significantly contributed to the increasing dominance of tractors in the
agricultural industry. With the integration of cutting-edge features like precision
farming capabilities, modern tractors have become even more efficient and
invaluable tools for farmers. These advanced technologies enable farmers to
optimize their operations, improve productivity, and enhance overall precision
in various farming tasks, such as plowing, planting, and harvesting. By
harnessing the power of these innovative features, farmers can maximize their
yields, minimize waste, and ultimately drive sustainable agricultural
practices.
In addition to their versatility and labor-saving
capabilities, tractors have another factor contributing to their dominance:
ease of financing. Financial institutions in India offer specialized loans
tailored for the purchase of agricultural machinery, including tractors. These
loans often come with attractive features such as low interest rates and
flexible repayment options, making tractors even more accessible and affordable
for farmers.
Based on Application, the land development &
seed bed preparation segment is projected to experience rapid growth during the
forecast period. The increasing demand for
increased agricultural productivity is a primary reason behind the dominance of
land development and seed bed preparation equipment. Proper land development
and seed bed preparation are essential for enhancing crop yields. The use of
modern equipment allows for better soil preparation, leading to improved crop
growth and productivity. Farmers are constantly striving to maximize their
output to meet the growing food requirements of a growing population. By
investing in advanced machinery, they can optimize land use and ensure
efficient crop production.
Based on region, West India segment is expected to
grow during the forecast period.
The adoption of modern farming practices is also
contributing to West India's dominance in the agricultural sector. Farmers in
this region are not only embracing mechanization but also implementing advanced
technologies like precision farming, smart irrigation systems, and crop
monitoring sensors. These practices have proven to be highly beneficial in
terms of enhancing efficiency, increasing productivity, and reducing
labor-intensive tasks. By leveraging these innovative techniques, West Indian
farmers are able to optimize resource utilization, minimize environmental
impact, and ensure sustainable agricultural growth. This continuous commitment
to embracing cutting-edge farming methods has positioned West India as a
frontrunner in the agricultural landscape.
Major companies operating in
India Agricultural Equipment Market are:
- Escorts Limited
- Mahindra & Mahindra Limited
- Tractor and Farm Equipment Limited
- Force Motor Limited
- CNH Industrial (India) Private Limited
- Shivagrico Implements Limited
- Greaves Cotton Limited
- VST Tillers Tractors Limited
- TAFE Motors and Tractors Limited
- International Tractors Limited
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“The India Agricultural Equipment Market is
anticipated to grow in the coming years. Growing application of agricultural
equipment in various end user industries are key drivers of the agricultural
equipment market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of agricultural equipment with every passing year are anticipated
to register an impressive grow to India Agricultural Equipment Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“India Agricultural Equipment
Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop
Processing Equipment, Spraying Equipment, Others), By
Application (Land Development & Seed Bed Preparation, Sowing &
Planting, Weed Cultivation, Plant Protection, Others), By Region, By Competition Forecast & Opportunities, 2020-2030”, 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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