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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