Posted On: 2019-12-18
Tractors acquires the highest revenue share in the overall India agriculture equipment market during the forecast period – 6Wresearch
Easy financing options, provision of subsidies on purchase of farm machinery to small and marginal farmers as well as falling number of farmers putting a pressure on productivity are some of the key factors which are expected to boost the demand for agriculture equipment over the coming years. However, shrinking farmers income this year due to erratic rainfall patterns in 2018 and 2019 is a factor restraining the growth of the agriculture equipment market and is expected to grow at a slower pace till 2022.
According to 6Wresearch, India agriculture equipment market size is projected to grow at a CAGR of 9.5% during 2019-25. The effect of favorable monsoons expected over the coming years along with government policies to support farmers and double farmer’s income by 2023 would be reflected in the growing purchasing power that would, in turn, lead to an increase in demand for farm equipment in India during the forecast period.
According to Chhavi Malpani, Senior Research Analyst, 6Wresearch, “The market for tractors acquired highest volume share in the India agriculture equipment market in the year 2018 and would continue to maintain its dominance during the forecast period as well. After the market for tractors, the market volume of power tillers is expected to grow at a fastest rate during 2019-2025 on account of its wide usage on small and marginal farms that constitute almost 80% of India’s arable land.”
“Moreover, the market of threshers is witnessing a phase of relatively slow growth and its market share is falling owing to increasing preference among the farming community to use combine harvesters over threshers. The primary reason for this shift is the ability of combine harvesters to perform the three processes of harvesting, that is, reaping, winnowing and threshing at the same time and it saves a lot of time and effort.” Chhavi concluded.
According to Alpana Tyagi, Research Associate, 6Wresearch, “30.1- 70 HP tractors acquires the major market share in the tractors, harvesters, rotavators and threshers in India as the equipment in this HP range are well suited for Indian topography. For pumps and power tillers, up to 30 HP is the major contributor to the overall volume of these products in 2018.”
Some of the major companies inIndia agriculture equipment market include Mahindra & Mahindra Ltd., CLAAS KGaA mbH, Tractors and Farm Equipment Limited and V.S.T Tillers Tractors Ltd.
"India Agriculture Equipment Market (2019-2025)" report provides an in-depth analysis with 43 figures covered in 106 pages. The report estimates and forecast the overall India agriculture equipment market by equipment, HP range and region. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.