Market Forecast By Horsepower Rating (Below 40 Hp, 40 Hp – 100 Hp, Above 100 Hp), By Drive Type (Two-wheel Drive, Four-wheel Drive) and Competitive Landscape
|Product Code: ETC002092
|Publication Date: Mar 2023
|Product Type: Report
|No. of Pages: 70
|No. of Figures: 35
|No. of Tables: 5
India farm tractor market is witnessing an increase in demand due to the rise in agricultural activities and government initiatives to promote farming such as the Pradhan Mantri Fasal Bima Yojana and the Pradhan Mantri Krishi Sinchai Yojana. Additionally, the Indian farm tractor market has been witnessing technological advancements, such as the introduction of precision farming, which uses technology to enhance farm productivity and efficiency. Moreover, there has been an increasing interest in electric tractors in India. Several Indian companies have been developing electric tractors, such as Tirth Agro Technology and Kinetic Green Energy and Power Solutions.
The India farm tractor industry is highly competitive, with both domestic and international players vying for market share. This has led to a focus on product innovation and competitive pricing. Moreover, with the growing trend towards mechanization in agriculture, there has been an increase in demand for high-horsepower tractors that can handle heavier loads and work more efficiently. Further, compact tractors have become increasingly popular among small farmers due to their affordability, ease of use, and versatility. Additionally, the Indian tractor industry is embracing new technologies such as precision farming and telematics to improve the efficiency of farm operations and reduce costs.
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 are 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 indulging in agricultural activities. However, owing to increasing urbanization and a majority of the village population 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 effort. 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 agricultural 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 the product demand as the government aims to enhance the agricultural export coupled with what is likely to double the farmers' income by 2022 which is attributed to a favourable 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.
The report provides a detailed analysis of the following market segments:
|1. Executive Summary
|2.1. Key Highlights of the Report
|2.2. Report Description
|2.3. Market Scope & Segmentation
|2.4. Research Methodology
|3. India Farm Tractor Market Overview
|3.1. India Farm Tractor Market Revenues & Volume, (2016-2026F)
|3.2. India Farm Tractor Market – Industry Life Cycle
|3.3. India Farm Tractor Market – Porter’s Five Forces
|3.4. India Farm Tractor Market Revenue & Volume Share, By Power Rating, 2019 & 2026F
|3.5. India Farm Tractor Market Revenue & Volume Share, By Drive Type, 2019 & 2026F
|4. India Farm Tractor Market Dynamics
|4.1. Impact Analysis
|4.2. Market Drivers
|4.3. Market Restraints
|5. India Farm Tractor Market Trends
|6. India Farm Tractor Market Overview, By Power Rating
|6.1. India Farm Tractor Market Revenues & Volume, Below 40 Hp (2016-2026F)
|6.2. India Farm Tractor Market Revenues & Volume, 40 Hp - 100 Hp (2016-2026F)
|6.3. India Farm Tractor Market Revenues & Volume, Above 100 Hp (2016-2026F)
|7. India Farm Tractor Market Overview, By Drive Type
|7.1. India Farm Tractor Market Revenues & Volume, By Two-wheel Drive Type (2016-2026F)
|7.2. India Farm Tractor Market Revenues & Volume, By Four-wheel Drive Type (2016-2026F)
|10. India Farm Tractor Market Key Performance Indicators
|11. India Farm Tractor Market Opportunity Assessment
|11.1. India Farm Tractor Market Opportunity Assessment, By Installation
|11.2. India Farm Tractor Market Opportunity Assessment, By Ownership
|12. India Farm Tractor Market Competitive Landscape
|12.1. India Farm Tractor Market Revenue Share, By Company (2019)
|12.2. India Farm Tractor Market Competitive Benchmarking, By Technical Parameters
|13. Company Profiles
|13.1. Business Description
|13.2. Geographical Presence
|13.3. Ownership (Top 5 Shareholders)
|13.4. Key Financials (If Available)
|13.5. Historical Timeline (If Available)
|13.6. Key Clients
|13.7. Product Segmentation
|13.8. Key Distributors/Dealers
|13.9. Key Executives
|13.10. Number of Employees