Indian Agricultural Equipment Market to Reach INR 2,527.4 Billion by 2032, Propelled by Labor Shortage in Rural Areas

April 18, 2022 | Agriculture

The latest report by IMARC Group, titled “Indian Agricultural Equipment Market Report by Equipment (Tractors, Trailers, Harvesters, Planting Equipment, Irrigation and Crop Processing Equipment, Spraying Equipment, Hay and Forage Equipment, and Others), Application (Land Development and Seed Bed Preparation, Sowing and Planting, Weed Cultivation, Plant Protection, Harvesting and Threshing, Post-Harvest and Agro Processing), and Region 2024-2032,” finds that the Indian agricultural equipment market size reached INR 1,129.6 Billion in 2023. Agricultural equipment refer to various devices used on a farm for agricultural purposes. They are designed with high-end technology, which helps reduce labor work and overall time consumed. Some of the commonly used agricultural equipment include cultivators, diggers, sprayers, fertilizer drills, tractors, and threshers. These machines are used to perform day-to-day farming operations such as tilling, sowing, irrigation, plant protection and threshing. In recent years, with the significant growth of the farming industry in India, there has been escalating demand for agriculture equipment across the country.

Indian Agricultural Equipment Market Trends:

Over the years, large scale migration from rural to urban areas has created a labor shortage that represents the major reason driving farmers toward farm mechanization. Consequently, various financial institutions are providing credit to the farmers at low-interest rates for purchasing agricultural machinery. This, coupled with several initiatives undertaken by the Government of India toward rural development, is providing a positive thrust to the market growth. Moreover, the income levels of rural households have been continuously increasing over the last few years on account of strong economic growth and agricultural productivity. This has enabled farmers to invest in agricultural mechanization. Furthermore, the advent of contract farming, the introduction of advanced machinery that can provide improved efficiency at lower costs, and low import duties on agricultural equipment are some of the other factors facilitating the product adoption rate across the country. Looking forward, IMARC Group expects the market value to reach INR 2,527.4 Billion by 2032, exhibiting a CAGR of 9.1% during the forecast period (2024-2032). 

Market Summary:

  • On the basis of equipment, the market has been segregated into tractors, trailers, harvesters, planting equipment, irrigation and crop processing equipment, spraying equipment, hay and forage equipment and others. 
  • Based on the application, the market has been categorized into land development and seed bed preparation, 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. 
  • The competitive landscape of the market has also been analyzed in the report, with the detailed profiles of the major players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units INR Billion
Segment Coverage Equipment, Application, Region
Region Covered North India, West India, South India, East India
Customization Scope 10% Free Customization
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Indian Agricultural Equipment Market to Reach INR 2,527.4 Billion by 2032, Propelled by Labor Shortage in Rural Areas
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