The latest report by IMARC Group, titled “Indian Agricultural Equipment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the Indian agricultural equipment market size reached INR 926 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 to reach INR 1,689 Billion by 2027, exhibiting a CAGR of 10.6% during the forecast period (2022-2027).
- 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal