Indian Agricultural Implements Market to Grow at 6.7% During 2023-2028, Spurred by Modernization of Farm Equipment

November 26, 2019 | Agriculture

According to the latest report by IMARC Group, titled "Indian Agricultural Implements Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Indian agricultural implements market reached a value of US$ 11.7 Billion in 2022. 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.


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 6.7% during 2023-2028.


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.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage  Product Type, Type, Distribution Channel, Region
Region Covered North India, West and Central India, South India, East India
Companies Covered Mahindra & Mahindra Limited, Tractors and Farm Equipment Limited, Sonalika International Tractors Limited, Escorts Group, and Deere & Company
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

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.

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Indian Agricultural Implements Market to Grow at 6.7% During 2023-2028, Spurred by Modernization of Farm Equipment
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