Rising mechanization in agriculture to drive growth in India Tractor Market over 10% through 2023
Growing agriculture
sector, rising population and urbanization, coupled with easy financing options
to boost India tractor market through FY2023
According
to TechSci Research report, “India
Tractor Market By Power Output, By Drive
Type, By Application, Competition Forecast & Opportunities, 2013 – 2023”, the
market for tractors in India is projected to grow at a CAGR of more than 10% during
the forecast period. Anticipated growth in India tractor market
can be attributed to growing demand for food products and increasing labor cost
in the country. Moreover, rising technological advancements in tractor
manufacturing processes has allowed agricultural machinery manufacturers to
offer tractors at affordable prices, thereby further propelling their adoption across
the country. Mahindra & Mahindra & TAFE are the most recognized tractor
manufacturers across the country as more than 30% of the respondents expressed
knowledge of brands, in a voice of customer survey conducted by TechSci
Research. Moreover, Mahindra & Mahindra grabbed the highest satisfaction
level among all the customer sections across the country.
Browse 28 market data Figures and Tables
spread through 73 Pages and an in-depth TOC on"India Tractor Market"
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With more
than half of the volume share in FY2017, 40-100 HP tractor category dominated India
tractor market on the back of high demand for these tractors in the agriculture
sector. On the basis of drive type, India tractor market is segmented into 2-wheel
drive and 4-wheel drive. 2-wheel drive is the most preferred drive type for tractors
across the country. However, 4-wheel tractor sales are anticipated to grow at a
fast pace during the forecast period. Among different applications, agricultural
tractors dominated the India tractor market in 2017. Further, a large demand
for tractors emanates from North India due to the region’s large population
base and huge arable land area.
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Mahindra & Mahindra Limited is the market leader in India
tractor market, followed by Tractors And Farm Equipment
Ltd. (TAFE), and International Tractors Ltd. “Increasing focus of the tractor
manufacturers towards producing affordable yet reliable tractors, along with
growing preference towards high powered tractors is expected to have a huge
positive impact on India tractor market in the foreseeable future. Moreover, rising
demand for food coupled with various major manufacturers focussing on increasing
production of tractors and expanding their product portfolio would significantly
boost demand for tractors across India during the forecast period.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based India
management consulting firm.
“India Tractor
Market , By Power Output, By Drive Type, By Application, Competition
Forecast & Opportunities, FY2013 – FY2023” has analyzed the potential of tractors market
across the country, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by India tractor market.
About TechSci Research
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market research firm publishing premium market research reports. Serving 700 India
clients with more than 600 premium market research studies, TechSci Research is
serving clients across 11 different industrial verticals. TechSci Research
specializes in research based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking India and country specific high growth markets helps
TechSci clients to lead rather than follow market trends.
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