India Agricultural Tractor Market Outlook 2031
The India agricultural tractor market size was valued at nearly USD 2.12 Billion in 2022 and is anticipated to reach USD 3.52 Billion by 2031, expanding at a CAGR of 5.8% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing innovation and advancement in the agriculture industry.
India is one of the world's major tractor markets, selling between 600,000 and 700,000 tractors each year on average due to stronger Kharif sowing, improved cash flows to farmers, a timely and regular rainfall in the country during June and July, ongoing higher rural expenditures by the government, and demand for agricultural machinery.
The money is released by the federal government to the state government. The subsidy is then distributed to each district by the country's state government. The government is focusing on electronically transferring the subsidy to recipients' accounts to assist avoid payment delays and guarantee that the benefit reaches its intended recipient.
On other hand the worldwide pandemic has had no significant influence on the Indian agricultural tractor industry. Over time, government programs for rural development and agricultural mechanization, as well as other variables such as higher rural salaries and a scarcity of farm workers, are projected to boost the tractor volume.
Agricultural Tractor Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for automation in agriculture and the logistics industry is expected to drive the market growth.
- Easy financing, digitization, and widespread use of tractors in farming activities are major factors spurring the market growth.
- The presence of easy bank financing option is anticipated to boost the tractor market growth during the forecast period.
- High cost of tractor can hamper the market expansion.
- Government initiatives regarding rural development and farm mechanization is offering ample opportunities to the India agricultural tractor market
Scope of Agricultural Tractor Market Report
The report on the India agricultural tractor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
India Agricultural Tractor Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Engine Powers (31-40 HP, 41-50 HP, and Above 50 HP) and Applications (Row Crop Tractors, Orchard Tractors, and Others)
|
|
Country
|
India
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
TAFE Limited; Escorts Group; Mahindra & Mahindra Limited; John Deere India Private Limited; and CNH Industrial (India) Pvt. Ltd
|
Agricultural Tractor Market Segment Insights
31-40 HP segment is expected to grow at a rapid pace
Based on engine power, the market is divided into 31-40 HP, 41-50 HP, and above 50 HP. The 31-40 HP segment is expected to grow at a rapid pace during the forecast period due to small size of land and presence of many financial institutions that make loans readily available to farmers, The loans are aided by favorable government policies and subsidy schemes. To support automation, various credit schemes, simple instalments broken down by crop cycle, and low-interest-rate programs are available.
Row crop tractors segment is projected to register a sustainable CAGR
On the basis of applications, the market is segregated into row crop tractors, orchard tractors, and other. The row crop tractors segment is projected to expand at a considerable CAGR during the forecast period due to the decreasing availability of agricultural labor. Furthermore, the advent of new business models such as custom tractor hire solutions, India remains a profitable tractor industry for major industry players
Segments
The India agricultural tractor market has been segmented on the basis of
Engine Powers
- 31-40 HP
- 41-50 HP
- Above 50 HP
Applications
- Row Crop Tractors
- Orchard Tractors
- Other
Country
Key Players
Competitive Landscape
Key players competing in the India agricultural tractor market are TAFE Limited; Escorts Group; Mahindra & Mahindra Limited; John Deere India Private Limited; and CNH Industrial (India) Pvt. Ltd. Farmers choose trusted brands for guarantee of quality and after-sales services supplied by major corporations in India's agricultural machinery sector, which is concentrated and dominated by large global and domestic manufacturers.
Machines are made in the country since most foreign businesses have local production facilities there. The major participant in the India agricultural tractor market is Mahindra & Mahindra Ltd, which is followed by Tractor and Farm Equipment Ltd (TAFE), International Tractor Ltd, and Escorts Limited. Companies engage in joint ventures and partnerships in order to enhance their manufacturing capacity and increase sales.
Request For Customization
Enquiry Before Buying
Speak With Analyst
