India Agriculture Equipment Market Shipment Analysis
India Agriculture Equipment Market registered a decline of -10.86% in value shipments in 2022 as compared to 2021 and an increase of 0.59% CAGR in 2022 over a period of 2017. In Agriculture Equipment Market India is becoming more competitive as the HHI index in 2022 was 3968 while in 2017 it was 5356. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Agriculture Equipment Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Agriculture Equipment Market in 2022 was 0.3 while in 2017 it was 0.84. China, USA, Netherlands, Italy and Viet Nam were among the top players of the market in 2022, where China acquired the largest market share of 60.9% with a shipment value of 16.7 million USD in 2022 China also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Agriculture Equipment Market. In 2017 China had the largest market share of 72.28% with the shipment value of 21.46 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
