India Agricultural Machinery Market Report 2023-2028 - Government Schemes and Financing Collaborations Benefits Market Growth

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Dec 01, 2023, 13:30 ET

DUBLIN, Dec. 1, 2023 /PRNewswire/ -- The "Agricultural Machinery Market in India 2023 - 2028" report has been added to ResearchAndMarkets.com's offering.

The market is characterized by high demand for food owing to increasing population and fragmented lands that push the need for enhanced agriculture production across the globe.

Higher demand for farm tractors and harvesting machinery is expected to promote market growth. The use of deep learning, the Internet of Things (IoT), and automated robotics solutions in agricultural machinery is gaining traction among global companies. The Indian market for agricultural machinery is fragmented with large-scale manufacturers focused on developing advanced machinery, followed by small-scale and village manufacturers who are focused on cost-effective simple machinery and tools used in agriculture.

The agricultural machinery market in India is also witnessing swift integration of technology with help from start-ups. These are based mainly on the farming-as-a-service (FAAS) model. Moreover, several industry players are focusing on amalgamating sophisticated technologies such as Global Positioning System (GPS), robotics, and navigation systems to improve the efficiency of their products. The increasing prevalence of small landholdings is driving the demand for compact farm machinery like power tillers.

Market Segments:

Government schemes such as Pradhan Mantri Fasal Bima Yojana, Pradhan Mantri Krishi Sinchayee Yojana accompanied by the continued government focus on subsidies for farming and ease in financing availability benefited the tractor market in India. India is also amongst the prime manufacturers of tractors in the world along with USA and China. Eicher Tractors Limited; Tractors and Farm Equipment Limited (TAFE); Gujarat Tractors Limited; Escorts Limited; and Mahindra & Mahindra Limited are some of the major manufacturers in India.

To boost the market further, in June 2022, the Indian bank collaborated with TAFE and TMTL (TMTL Engines Division is a unit of TAFE Motors and Tractors Limited (TMTL)) to ease the process and lower the interest rate of tractor loans in the country. This will benefit tractor ownership in rural India as well.

The use of tractors is high in the agrarian zone of northern India, principally Punjab, Haryana, and Uttar Pradesh. In the southern and western regions of India - mainly Andhra Pradesh, Tamil Nadu, and Maharashtra - the adoption rate is low.

Market Drivers:

The increase in the use of machinery in agriculture is promoted by the declining number of labor in the fields owing to increasing opportunities for labor in manufacturing and service sectors. The shift of labor is also influenced by the uncertainty of income in agriculture compared to more regular incomes offered by non-agriculture sectors.

Medium-level farmers in India are struggling with having to pay higher wages to those laborers who are still working in the agricultural sector. Further, a decline in young people's participation as paid labor in agriculture also partly contributes to the shortages of agricultural labor.

Key deterrents to the growth of the market:

The input cost as well as the maintenance cost for agricultural machinery has increased significantly because of price fluctuations in the steel industry. This is because of the rise in the rate of iron ore and spurred demand for steel. Therefore, agricultural equipment such as tractors, harvesters, and rotavators are expensive since steel is used as the primary raw material for manufacturing this machinery.

Key Topics Covered:

Chapter 1: Executive Summary

Chapter 2: Socio-Economic Indicators

Chapter 3: Introduction
3.1. Market definition and structure
3.2. Value chain analysis
3.3. Mechanization level analysis

Chapter 4: Global Agricultural Machinery Market - An Overview
4.1. Global agricultural machinery market size and growth forecast (FY 2021 - FY 2028e)

Chapter 5: India Agricultural Machinery Market Overview
5.1. India agricultural machinery market size and growth forecast (FY 2021 - FY 2028e)

Chapter 6: India Agricultural Machinery Market - Segmentation
6.1. Product-wise market segmentation
6.1.1. Tractor market size and growth forecast (FY 2021 - FY 2028e)
6.1.2. Rotovators market size and growth forecast (FY 2021 - FY 2028e)
6.1.3. Threshers market size and growth forecast (FY 2021 - FY 2028e)
6.1.4. Power Tillers market size and growth forecast (FY 2021 - FY 2028e)
6.1.5. Others market size and growth forecast (FY 2021 - FY 2028e)

Chapter 7: Favourable Government Initiatives
7.1. Favourable government initiatives
7.2. Subsidiary in key states of India

Chapter 8: Trade Analysis
8.1. Trade Analysis

Chapter 9: Market Influencers
9.1. Market drivers
9.2. Market challengers

Chapter 10: Competitive Landscape
10.1. Mahindra & Mahindra Limited

Company information
Business description
Products/Services
Key people
Financial snapshot
Key business segments
Key geographical segments

10.2. Escorts Kubota Limited
10.3 Force Motors Limited
10.4 Greavers Cotton Limited
10.5 Shivagrico Implements Limited
10.6 VST Tiller Tractor Limited
10.7 John Deere India Private Limited
10.8 Tractor and Farm Equipment Limited
10.9 International Tractor Limited
10.10 CNH Industries (India) Private Limited

For more information about this report visit https://www.researchandmarkets.com/r/9lm43d

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