India Tractor Market Trends, Analysis, Forecast 2030

The Indian tractor market is one of the largest in the world, with the country having the highest number of tractors in the world. As per the latest report of the Agricultural and Processed Food Products Export Development Authority, India has over 8.7 million tractors. This makes India the world's largest tractor market in terms of volume, with a market share of over 25%.

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𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

With the growing demand for tractors in India, the market for tractors is expected to grow in the coming years. The Indian tractor market is expected to grow at a compound annual growth rate (CAGR) of 7.3% between 2018 and 2025. This growth is mainly driven by the increasing demand for farm mechanization, rising population, and the increasing purchasing power of rural households.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗢𝘂𝘁𝗹𝗼𝗼𝗸

To further understand the Indian tractor market, a recent study was done by market research firm TechSci Research. The study revealed that the tractor market in India is mainly driven by demand from the agricultural and allied sectors, such as horticulture and dairy farming. The growing use of tractors for other applications, such as construction, mining, and forestry, is also expected to contribute to the growth of the tractor market in India.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

The study also found that the Indian tractor market is highly competitive, with the presence of several domestic and international players. The major players operating in the Indian tractor market include Mahindra & Mahindra, Tafe, Sonalika, Escorts, New Holland, and John Deere. These companies have a significant share in the Indian tractor market, which is expected to remain consistent in the coming years.

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In addition to this, the study also revealed that the government of India is taking initiatives to promote farm mechanization in the country. The government is providing subsidies and incentives to farmers to encourage the adoption of mechanized farming practices. This is expected to have a positive impact on the growth of the tractor market in India in the coming years.

𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄

Overall, the Indian tractor market is expected to continue its growth supported by the increasing demand for farm mechanization and government initiatives to promote it. The increasing purchasing power of rural households is also expected to contribute to the growth of the tractor market in India.

Technological advancements in the field of agricultural machinery such as tractor have led to increased crop production, and ploughing. Tractor manufacturers such as Mahindra & Mahindra Ltd, Sonalika International Tractors Ltd., have focused on designing and upgrading their tractor products with higher performance, and higher productive tractors. For instance, in July 2018, Swaraj Tractors, a subsidiary of Mahindra & Mahindra Ltd., launched a new Swaraj 963 FE series tractor with 2 Wheel Drive & 4 W wheel drive. It has powerful engine with fuel efficient, with high torque. It has features such as higher productivity, reliability, durability, and easy maintenance. In addition, key players are now producing machinery conforming to the latest emission standards to tackle the environmental challenges on farms. The development of new hybrid equipment, which can work on both fuel as well as batteries, decrease operational costs and significantly increase productivity, fuels the growth of the India tractor market.

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