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Indian Agricultural Implements Market to Reach US$ 13.7 Billion by 2024, Stimulated by Soaring Demand for Food

As per the latest report by IMARC Group, titled “Indian Agricultural Implements Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian agricultural implements market size reached US$ 9.1 Billion in 2018. The agriculture sector plays a vital role in the Indian economy as the country is among the world’s largest producers of pulses, rice, wheat and spices. It contributes to the overall growth of the GDP by being a source of employment for the majority of the country’s population. Due to urbanization and industrialization, significant transformations have been observed in this sector, such as growth in contract farming and the shift from unorganized to organized agricultural practices. This can also be accredited to the mechanization of farming activities in the country and increasing dependence on agricultural implements to enhance efficiency and reduce labor costs. 

Indian Agricultural Implements Market Trends:

Due to the growing population and inflating income levels, there is a burgeoning demand for food and allied products across the country. In order to meet this soaring demand, traditional farming techniques are increasingly being replaced with modern agricultural practices. Farmers are investing in agricultural implements to increase farm yield and improve the overall crop output and quality. This, coupled with the subsidies offered by the Government of India to farmers for water, electricity, hybrid seeds, agrochemicals and agricultural machinery, is also driving the market growth. Furthermore, the government also offers the provision of exempting agriculture income under Section 10 (1) of the Indian Income Tax Act, along with loan waivers provided to farmers, which significantly contributes to the thriving agricultural sector in the country. This, in confluence with various government initiatives to provide vocational training for agriculture management and heavy investments in rural infrastructural development, is further creating a positive outlook for the market. Moreover, leading manufacturers operating in the country are focusing on integrating technologies, such as global positioning system (GPS), Google Earth and robotic systems, for expanding their product portfolio of agricultural implements. On account of these factors, the market value is projected to reach US$ 13.7 Billion by 2024, growing at a CAGR of 6.9% during the forecast period (2019-2024).

Market Summary:

  • Based on the product type, the market has been segmented into tractors, rotavators, threshers, power tillers and others. At present, tractors represent the most widely utilized product type.
  • On the basis of the type, manual implements exhibit a clear dominance in the market, followed by mechanized agricultural implements.
  • The market has been analyzed on the basis of the distribution channel into business-to-consumer (B2C) and business-to-business (B2B). The B2C segment currently accounts for the majority of the total market share.
  • Region-wise, North India represents the largest market. Other major regions include South, East, and West and Central India.
  • The competitive landscape of the market has been examined, with some of the key players being Mahindra & Mahindra Limited, Tractors and Farm Equipment Limited, Sonalika International Tractors Limited, Escorts Limited, and Deere & Company.

 

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