India Farm Tractor market is anticipated to register robust growth during the forecast period 2020-26F owing to increasing government initiatives towards rural development and farm mechanization, coupled with the scarcity of farm laborers and increasing rural wages. However, according to the Ministry of Agriculture and Farmers Welfare, the rising effects of the COVID-19 virus is likely to disturb agricultural activities in the country in the first few months of 2020 and is likely to restrain the growth of the India Farm Tractor market during 2020, but the efforts of the ministry to maintain productivity in the agriculture sector by altering marginal costs for supply would assist the India farm tractor market to sustain sound market value in the near term.
According to 6Wresearch, India Farm Tractor Market is anticipated to witness growth during the forecast period 2020-26F. Agriculture is the primary source of livelihood in the country with around 58% of the village population being indulged in agricultural activities. However, owing to increasing urbanization and a majority of the village population is migrating towards cities for better livelihood, the agriculture sector is witnessing a scarcity of farm laborers which would hence drive the demand for farm tractors to carry on sound agricultural activities. Also, custom hiring solutions for tractors along with a spur in the innovative business models would benefit the Indian tractor market to sustain a lucrative position during the forecast period.
Various subsidies provided by the Government of India, State Agro Industries, State Governments, Farm Machinery Testing, and Training Institutes (FMTTIs) coupled with loans provided to the farmers at low-interest rates by NABARD are further expected to benefit the growth of the India farm tractor market in the coming years. Moreover, the Mahatma Gandhi National Rural Employment Guarantee Act along with a 25% subsidy provided by the central government on the purchase of agricultural equipment is further expected to trigger the growth of the India farm tractor market in the upcoming six years.
The India Farm Tractor report thoroughly covers the market by Horsepower rating and by Drive type. India Farm Tractor outlook report provides an unbiased and detailed analysis of the ongoing India Farm Tractor trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.
Indian farm tractor market is projected to witness potential growth in the coming timeframe on the back of rising agriculture activities. India's majority of the population has been indulging in agriculture activities coupled with India has great arable land availability for farming in the country. Increased demand for some technical machines in the agriculture fields backed by the technological revolution era tends to make the cultivation process easy. As a result, maximum output with minimum efforts. Earlier, farm tractors were at a nascent stage due to their expensive nature. However, Rising government investment in providing farm tractors to the farmers to run an efficient farming process in the country. This factor is expected to strengthen the market position and help in achieving the progressive growth of the Indian farm tractor market in the upcoming six years.
India farm tractor market is anticipated to register sound revenues in the upcoming six years on the back of the rising agricultural food export activities in the country. Additionally, In India, most of the rural population has been indulging in agriculture activities and this is considered the main source of rural population income, therefore the rising agricultural production in the country like pulses, rice, and wheat is estimated to instigate the farm tractor machinery adoption tends to ensure efficient farming and is expected to spur the progressive growth of India farm tractor market in the upcoming six years.
India farm tractor market is anticipated to gain traction in the upcoming six years on the back of the rising agricultural food consumption with the growing population in the country. Further, government policies are impacting positively towards the product demand as the government aims to enhance the agricultural export coupled with is likely to double the farmers' income by 2022 which is attributed to a favorable growth driving factor as it enables farmers to purchase farm tractors to bring efficiency in the farming activity. Moreover, a rise in the growth of the India Farm tractor market in the years ahead.
Key Highlights of the Report
- India Farm Tractor Market Overview
- India Farm Tractor Market Outlook
- India Farm Tractor Market Forecast
- India Farm Tractor Market Size
- Historical & Forecast Data of India Farm Tractor Market Revenues & Volume for the Period 2016-2026
- Historical & Forecast Data of India Farm Tractor Market Revenues, by horsepower rating, for the period 2016-2026
- Historical & Forecast Data of India Farm Tractor Market Revenues, by drive type, for the period 2016-2026
- Market Drivers and Restraints
- India Farm Tractor Market Trends & Industry Life Cycle
- Porter’s Five Forces Analysis
- Market Opportunity Assessment
- India Farm Tractor Market Overview, By Competitive Benchmarking
- Market Share, By Technology
- Recent Market Trends
The report provides a detailed analysis of the following market segments:
- By Horsepower rating
- Below 40 Hp
- 40 Hp – 100 Hp
- Above 100 Hp
- By Drive type
- Two-wheel Drive
- Four-wheel Drive