The latest report by IMARC Group, titled “Indian Agricultural Equipment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the Indian agricultural equipment market was worth INR 857 Billion in 2017. Agriculture in India ranges from large-scale to small-scale farming and usually depends upon rainfall for proper irrigation. Over the past few years, the farming industry has witnessed a drastic change owing to the increasing availability of agricultural equipment at affordable prices, especially to smallholder farmers who have access to limited or no mechanization. Various mechanical equipment are available in the market for performing day-to-day farming activities like tilling, sowing, irrigating and threshing. As they help in reducing the manual work and improving crop yield, several farmers across the country are switching to these machines.
One of the major factors which has increased the demand for agricultural equipment is large-scale migration from rural to urban regions which has led to a shortage of labor. Apart from this, numerous banks and microfinance institutions located in rural areas are providing credit at low interest rates to the farmers for purchasing agricultural machinery. The improving economic stability of the farmers has also enabled them to invest their money in better resources. Further, several initiatives taken by the Indian Government towards rural development have driven the agricultural equipment industry in India. For instance, the Government is providing incentives and easy financing schemes for agricultural machinery. Additionally, the advent of contract farming in India is projected to propel the growth of the industry as the Government is exempting import taxes and duties on irrigation equipment for contract farming. In the upcoming years, the market is anticipated to reach INR 1,245 Billion by 2023, expanding at a CAGR of 6.3% during 2018-2023.
- On the basis of equipment, the market has been segregated into tractors, trailers, harvesters, planting equipment, irrigation and crop processing equipment, spraying equipment, and hay and forage equipment. Amongst these, tractors hold the majority of the total market share.
- Based on applications, land development and seed bed preparation account for the largest share. Other application areas include sowing and planting, weed cultivation, plant protection, harvesting and threshing, and post-harvest and agro processing.
- Region-wise, the market has been divided into North India, South India, East India and West India. Currently, North India represents the leading market for agricultural equipment, holding the majority of the market share.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the major players operating in the market.
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