India Agriculture Engines Market to Continue its Growth Trajectory through 2025
Growing
farm mechanization rate and increasing investments by existing farm equipment
manufacturers to boost demand for agriculture engines in India
According to TechSci Research report
“India
Agriculture Engines Market By Fuel Type, By Power, By End Use, By Region, Competition,
Forecast & Opportunities, 2025”, India agriculture
engines market is expected to grow on account of increasing farm mechanization and several government initiatives to increase
the income level of farmers in India.
Moreover, growing investments by reputed farm
equipment as well as agricultural engine manufacturers in India is anticipated
to supplement the demand for agricultural engines in the country during the
forecast period. India agriculture engines market can
be segmented based on fuel type, power, end use and region. India, being an agriculture dominant
country, requires a huge number of agriculture machinery to foster crop
production. Growing level of farm mechanization in the country is driving the
growth of the country’s agricultural machinery market. Additionally, tractors are
the first and foremost essential farming equipment, which support the growth of
farm mechanization in India, thereby fueling growth in the market. Moreover, subsidies
provided by the Indian government for purchasing tractors has led to the rise in
tractor sales in the Indian market, resulting in high demand for tractor
engines in India agriculture engines market.
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In terms of fuel type, the
market can be segmented into petrol and diesel. The diesel engine segment
accounted for the largest market share in volume terms in 2019 on account of availability
of high engine power, which is necessary to plough the field and perform other
tasks such as reaping, sowing, threshing, etc., coupled with lower price and easy availability of diesel as
a fuel.
In terms of regional analysis, the market has been segmented into North, East,
West and South. Among these, West region grabbed the largest share in India agriculture
engines market in 2019 due to presence of several prominent agriculture engines
manufacturers and reputed players in the country’s agriculture machinery market
like John Deere, Mahindra & Mahindra, New Holland, among others.
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Mahindra
& Mahindra Limited,
Simpson & Company Limited, Kirloskar Oil Engines Limited, Greaves Cotton Limited and
other players such as John Deere India Private Limited, Toyota Kirloskar Motor Pvt Ltd, Escorts Limited, International Tractors
Limited, etc., are the major
players operating in India agriculture engines market. Increase in the
production capacity of domestic agriculture equipment and machinery manufacturing
players, diversification of existing product portfolio and introduction of new agriculture
machinery models are also anticipated to fuel the demand for agriculture engines
in India agriculture engines market.
However, the market is
currently facing strong economic slowdown that has been triggered due to the
outbreak of novel coronavirus across the country, that has crippled various other
sectors such as agriculture, industrial, etc. Moreover, mandate to introduce BS
IV/Euro IV compliant engines for curbing pollution rate in Indian agriculture
industry from November 2020 onwards might also hamper the growth of India
agriculture engines market. “Growing farm mechanization rate, rising per capita
income levels and increasing in number of technically aware farmers is anticipated to overshadow the effects of current
economic slowdown and augment demand for agriculture engines in India in the
long run.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Agriculture Engines Market By Fuel Type, By Power,
By End Use, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future
growth potential of India agriculture engines market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide latest market intelligence and help decision makers to take
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
in India agriculture engines market.
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