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Indian Agricultural Implements Market to Grow at 6.83% During 2022-2027, Spurred by Modernization of Farm Equipment

Published on Nov 26, 2019

According to the latest report by IMARC Group, titled "Indian Agricultural Implements Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Indian agricultural implements market reached a value of US$ 11 Billion in 2021. Agricultural implements refer to the tools and machinery that are utilized to carry out several agricultural practices. They consist of a vast array of manual and mechanical tools that are widely used by farmers to improve the overall yield. Their usage aids in minimizing labor and enhancing the efficiency of agricultural activities. They are used for plowing the soil to prepare it for cultivation and watering crops at appropriate levels. These tools are also employed for harvesting matured crops and planting seeds and saplings over vast areas of land. Some of the most commonly used agricultural implements include threshers, cultivators, chaff cutter machines and seed drills.

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 Implements Market Trends:

The market is primarily driven by the increasing demand for modernizing and mechanizing farm equipment in India. The growing population in the country has resulted in the soaring demand for food. This, in turn, has impelled the farmers to adopt agricultural implements to significantly improve the quality and the overall yield of the crop. The shortage of skilled labor has also catalyzed the adoption of modern tools and equipment in the country, thereby providing a thrust to the market growth. Moreover, there have been significant transformations in the agricultural sector due to rapid industrialization, which is creating a positive outlook for the market. There is also increasing awareness among farmers regarding the advantages of practicing contract farming over traditional farming practices. There has also been a gradual shift from unorganized to organized agricultural practices in India. This, along with inflating disposable incomes of the masses and the escalating demand for high-quality organic food products, is acting as a major growth-inducing factor. Furthermore, several players are focusing on integrating farm machinery with advanced technologies, such as the global positioning system (GPS), Google Earth and robotic systems, in order to improve farm productivity. The market is further driven by the vocational training for agriculture management and heavy investments done to improve the agricultural infrastructure by the Government of India. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 6.83% during 2022-2027.

Market Summary:

  • Based on the product type, the market has been divided into tractors, rotavators, threshers, power tillers and others. Among these, tractors represent the most preferred product type.
  • On the basis of the type, manual implements exhibit a clear dominance in the market.
  • Based on the distribution channel, the market has been bifurcated into business-to-consumer (B2C) and business-to-business (B2B), wherein the B2C segment accounts for the majority of the total market share.
  • On the geographical front, North India holds the leading market share. Other major regions include South, East, and West and Central India.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Mahindra & Mahindra Limited, Tractors and Farm Equipment Limited, Sonalika International Tractors Limited, Escorts Group, and Deere & Company.

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