India - Agricultural Machinery Market by Product and Application - Forecast and Analysis 2024-2028
| Published: Feb 2024 | Pages: 141 | SKU: IRTNTR41584 |
India - Agricultural Machinery Market 2024-2028
The India - Agricultural Machinery Market size is forecast to increase by USD 6.76 billion, at a CAGR of 8.69% between 2023 and 2028. The growth rate of the market depends on several factors, such as the increasing government initiatives to support sustainable agricultural practices, the increasing availability of financing options for agriculture, and the increasing adoption of contract farming. Our report examines historic data from 2018 - 2022, besides analyzing the current and forecasts market scenario.
AGCO Corp provides a range of agricultural machinery products, including items like belt conveyors, chain conveyors, drum dryers, DELTA screen cleaners, gravity separators, and more through its subsidiary brand, Cimbria. Meanwhile, the Amalgamations Group presents agricultural machinery products such as the TAFE 9502 with 90 hp, TAFE 9515 with 90 hp, TAFE 8502 with 80 hp, and TAFE 8515 with 80 hp under its subsidiary brand, Tractors and Farm Equipment Ltd.
Market Forecasting and Size
Market Forecast 2024-2028
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Market Dynamics
Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Driver - Increasing adoption of contract farming
The Government of India is aiming to integrate farmers with agro-industries to ensure that they get better prices for their produce, which, in turn, is fuelling the adoption of contract farming. In addition, contract farming is a seasonal pre-production agreement between farmers and marketing firms that enables the production and supply of agricultural products under forward agreements at predetermined prices.
Moreover, such contracts between farmers and buyers insulate farmers from price fluctuations in agricultural produce, help them to develop new skills and explore new markets. In addition, some of the advantages that farmers avail of in contract farming include hassle-free production along with a steady source of income. Furthermore, this practice is especially beneficial for small and marginal farmers, who, thereby, get to enjoy the additional advantage of operational efficiency. Hence, such factors are driving the regional market growth during the forecast period.
Trends - Increasing demand for small tractors
In India, a majority of farmers have small landholdings. Besides this, the number of private farms and orchards is also increasing in the country. Therefore, both these factors are leading to increasing demand for small tractors (less than 30 HP) as they can maneuver through the tight spaces that are typically encountered in small private farms and orchards.
Moreover, small tractors are considered easy to maintain as they offer easy access to engine components and have simple and practical maintenance points. In addition, on account of their small size, these tractors provide enhanced performance and efficiency. Furthermore, they also allow the user to maintain traction, turn tightly, choose the best speed, and run smooth hydraulics. Hence, such factors are regional driving the market growth during the forecast period.
Challenge - Declining availability of arable land
Arable land is referred to as the land that can be plowed to plant and grow crops. Over the last few decades, the amount of arable land available for crop cultivation in India has been decreasing rapidly. For example, the arable land in India was around 51% in 2021, and it is expected to shrink further in the coming years.
Moreover, factors such as the rise in industrialization, urbanization, and demand for energy in India have led to a decline in arable land and its diversion to other purposes, such as construction. In addition, soil erosion and land pollution in the past decades have reduced the quality and capability of agricultural land in the country to grow crops, which has also contributed to the decline in the amount of arable land. Hence, such factors are hindering the regional market growth during the forecast period.
Market Segmentation by Product and Application
Product Segment Analysis:
The tractor segment is estimated to witness significant growth during the forecast period. The integration of precision farming techniques using advanced tractors in agricultural operations will help to improve the agricultural output and aid it in growing further, and therefore, these tractors are expected to become popular among farmers in the coming years. In addition, tractors are classified based on their horsepower (HP). Small tractors with a capacity of less than 35 HP are used in small farms.
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The tractor segment was the largest segment and was valued at USD 7.53 billion in 2018. Moreover, medium tractors with a capacity of 35-50 HP and big tractors with a capacity of more than 50 HP are used on large farms. In addition, factors such as the growing shift toward mechanization in the Indian agriculture industry are driving the adoption of tractors. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Application Segment Analysis:
Based on the application, the market has been segmented into land development, harvesting, sowing and planting, and others. The land development segment will account for the largest share of this segment. The land development segment is considered one of the complicated processes that comprise evaluations, planning, designing, and constructing modifications on a plot of land by the municipal and government norms and regulations. In addition, some of the essential and most commonly used agriculture machinery for land development include rotavators or rotary tillers, plows, tractor-trailers, power harrows, levelers, and disc hallows. Moreover, the advancements in the agricultural machinery used in land development drive the growth of the land development segment. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Who are the Major Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Argo Tractors SpA: The company offers agricultural machinery products such as Valpadana 3000F, Valpadana 1500, McCORMICK X8 VT drive, McCORMICK X7.6 VT drive, McCORMICK X7.6 P6 drive.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Beri Udyog Pvt Ltd, Bucher Industries AG, CLAAS KGaA mBH, CNH Industrial NV, Daedong Corp., Deccan Farm Equipments Pvt. Ltd., Deere and Co., Escorts Ltd., ISEKI and Co. Ltd., JCBLGroup, Mahindra and Mahindra Ltd., POTTINGER Landtechnik GmbH, SDF SpA, Solis, Weichai Lewo Intelligent Agriculture Technology Co., Ltd., and LEMKEN GmbH and Co. KG
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Segment Overview
The market analysis and report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
- Product Outlook
- Tractor
- Harvesting machinery
- Plowing and cultivating machinery
- Planting and sowing machinery
- Others
- Application Outlook
- Land development
- Harvesting
- Sowing and planting
- Others
Market Analyst Overview
The regional market is significantly influenced by government policies, aimed at improving farm incomes and addressing issues like the unavailability of labor and high labor wages. To enhance productivity, there's a shift towards modern techniques and advanced farm machinery. Farm mechanization is becoming crucial in a changing workforce preference scenario, where labor shortages are impacting traditional labor-intensive agricultural operations.
The adoption of automation, including engines, vehicles, and wagons, is on the rise, contributing to increased agricultural productivity. Business models like tractor hiring services for rental purposes are gaining traction, supported by investments and tractor exports. Significant players in the market, along with the Indian government, play key roles in shaping tractor sales and overall market dynamics. The focus is on optimizing farm-oriented activities, minimizing wastage, and improving yields of grains like wheat, barley, millet, and ragi.
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India Agricultural Machinery Market Scope |
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Report Coverage |
Details |
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Page number |
141 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.69% |
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Market Growth 2024-2028 |
USD 6.76 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.35 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AGCO Corp., Amalgamations Group, Argo Tractors SpA, Beri Udyog Pvt Ltd, Bucher Industries AG, CLAAS KGaA mBH, CNH Industrial NV, Daedong Corp., Deccan Farm Equipments Pvt. Ltd., Deere and Co., Escorts Ltd., ISEKI and Co. Ltd., JCBLGroup, Mahindra and Mahindra Ltd., POTTINGER Landtechnik GmbH, SDF SpA, Solis, Weichai Lewo Intelligent Agriculture Technology Co., Ltd., and LEMKEN GmbH and Co. KG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this India Agricultural Machinery Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the India - agricultural machinery market between 2023 and 2028
- Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
- Market growth and forecasting across India
- A thorough market growth analysis and report of the market’s competitive landscape and detailed information about companies
- Comprehensive market report analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 07: Parent market
- Exhibit 08: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 09: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 10: Market segments
- 3.3 Market size 2023
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 11: Chart on India - Market size and forecast 2023-2028 ($ billion)
- Exhibit 12: Data Table on India - Market size and forecast 2023-2028 ($ billion)
- Exhibit 13: Chart on India: Year-over-year growth 2023-2028 (%)
- Exhibit 14: Data Table on India: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Agricultural machinery market in India 2018 - 2022
- Exhibit 15: Historic Market Size – Data Table on agricultural machinery market in India 2018 - 2022 ($ billion)
- 4.2 Product Segment Analysis 2018 - 2022
- Exhibit 16: Historic Market Size – Product Segment 2018 - 2022 ($ billion)
- 4.3 Application Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 18: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 21: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 22: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 23: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 24: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Product
- 6.1 Market segments
- Exhibit 25: Chart on Product - Market share 2023-2028 (%)
- Exhibit 26: Data Table on Product - Market share 2023-2028 (%)
- 6.2 Comparison by Product
- Exhibit 27: Chart on Comparison by Product
- Exhibit 28: Data Table on Comparison by Product
- 6.3 Tractor - Market size and forecast 2023-2028
- Exhibit 29: Chart on Tractor - Market size and forecast 2023-2028 ($ billion)
- Exhibit 30: Data Table on Tractor - Market size and forecast 2023-2028 ($ billion)
- Exhibit 31: Chart on Tractor - Year-over-year growth 2023-2028 (%)
- Exhibit 32: Data Table on Tractor - Year-over-year growth 2023-2028 (%)
- 6.4 Harvesting machinery - Market size and forecast 2023-2028
- Exhibit 33: Chart on Harvesting machinery - Market size and forecast 2023-2028 ($ billion)
- Exhibit 34: Data Table on Harvesting machinery - Market size and forecast 2023-2028 ($ billion)
- Exhibit 35: Chart on Harvesting machinery - Year-over-year growth 2023-2028 (%)
- Exhibit 36: Data Table on Harvesting machinery - Year-over-year growth 2023-2028 (%)
- 6.5 Plowing and cultivating machinery - Market size and forecast 2023-2028
- Exhibit 37: Chart on Plowing and cultivating machinery - Market size and forecast 2023-2028 ($ billion)
- Exhibit 38: Data Table on Plowing and cultivating machinery - Market size and forecast 2023-2028 ($ billion)
- Exhibit 39: Chart on Plowing and cultivating machinery - Year-over-year growth 2023-2028 (%)
- Exhibit 40: Data Table on Plowing and cultivating machinery - Year-over-year growth 2023-2028 (%)
- 6.6 Planting and sowing machinery - Market size and forecast 2023-2028
- Exhibit 41: Chart on Planting and sowing machinery - Market size and forecast 2023-2028 ($ billion)
- Exhibit 42: Data Table on Planting and sowing machinery - Market size and forecast 2023-2028 ($ billion)
- Exhibit 43: Chart on Planting and sowing machinery - Year-over-year growth 2023-2028 (%)
- Exhibit 44: Data Table on Planting and sowing machinery - Year-over-year growth 2023-2028 (%)
- 6.7 Others - Market size and forecast 2023-2028
- Exhibit 45: Chart on Others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 46: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 47: Chart on Others - Year-over-year growth 2023-2028 (%)
- Exhibit 48: Data Table on Others - Year-over-year growth 2023-2028 (%)
- 6.8 Market opportunity by Product
- Exhibit 49: Market opportunity by Product ($ billion)
- Exhibit 50: Data Table on Market opportunity by Product ($ billion)
7 Market Segmentation by Application
- 7.1 Market segments
- Exhibit 51: Chart on Application - Market share 2023-2028 (%)
- Exhibit 52: Data Table on Application - Market share 2023-2028 (%)
- 7.2 Comparison by Application
- Exhibit 53: Chart on Comparison by Application
- Exhibit 54: Data Table on Comparison by Application
- 7.3 Land development - Market size and forecast 2023-2028
- Exhibit 55: Chart on Land development - Market size and forecast 2023-2028 ($ billion)
- Exhibit 56: Data Table on Land development - Market size and forecast 2023-2028 ($ billion)
- Exhibit 57: Chart on Land development - Year-over-year growth 2023-2028 (%)
- Exhibit 58: Data Table on Land development - Year-over-year growth 2023-2028 (%)
- 7.4 Harvesting - Market size and forecast 2023-2028
- Exhibit 59: Chart on Harvesting - Market size and forecast 2023-2028 ($ billion)
- Exhibit 60: Data Table on Harvesting - Market size and forecast 2023-2028 ($ billion)
- Exhibit 61: Chart on Harvesting - Year-over-year growth 2023-2028 (%)
- Exhibit 62: Data Table on Harvesting - Year-over-year growth 2023-2028 (%)
- 7.5 Sowing and planting - Market size and forecast 2023-2028
- Exhibit 63: Chart on Sowing and planting - Market size and forecast 2023-2028 ($ billion)
- Exhibit 64: Data Table on Sowing and planting - Market size and forecast 2023-2028 ($ billion)
- Exhibit 65: Chart on Sowing and planting - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on Sowing and planting - Year-over-year growth 2023-2028 (%)
- 7.6 Others - Market size and forecast 2023-2028
- Exhibit 67: Chart on Others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 68: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 69: Chart on Others - Year-over-year growth 2023-2028 (%)
- Exhibit 70: Data Table on Others - Year-over-year growth 2023-2028 (%)
- 7.7 Market opportunity by Application
- Exhibit 71: Market opportunity by Application ($ billion)
- Exhibit 72: Data Table on Market opportunity by Application ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 73: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 74: Impact of drivers and challenges in 2023 and 2028
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 75: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 76: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 77: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 78: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 79: Matrix on vendor position and classification
- 11.3 AGCO Corp.
- Exhibit 80: AGCO Corp. - Overview
- Exhibit 81: AGCO Corp. - Business segments
- Exhibit 82: AGCO Corp. - Key news
- Exhibit 83: AGCO Corp. - Key offerings
- Exhibit 84: AGCO Corp. - Segment focus
- 11.4 Amalgamations Group
- Exhibit 85: Amalgamations Group - Overview
- Exhibit 86: Amalgamations Group - Key offerings
- 11.5 Argo Tractors SpA
- Exhibit 87: Argo Tractors SpA - Overview
- Exhibit 88: Argo Tractors SpA - Key offerings
- 11.6 Beri Udyog Pvt Ltd
- Exhibit 89: Beri Udyog Pvt Ltd - Overview
- Exhibit 90: Beri Udyog Pvt Ltd - Product / Service
- Exhibit 91: Beri Udyog Pvt Ltd - Key offerings
- 11.7 Bucher Industries AG
- Exhibit 92: Bucher Industries AG - Overview
- Exhibit 93: Bucher Industries AG - Business segments
- Exhibit 94: Bucher Industries AG - Key news
- Exhibit 95: Bucher Industries AG - Key offerings
- Exhibit 96: Bucher Industries AG - Segment focus
- 11.8 CLAAS KGaA mBH
- Exhibit 97: CLAAS KGaA mBH - Overview
- Exhibit 98: CLAAS KGaA mBH - Product / Service
- Exhibit 99: CLAAS KGaA mBH - Key offerings
- 11.9 CNH Industrial NV
- Exhibit 100: CNH Industrial NV - Overview
- Exhibit 101: CNH Industrial NV - Business segments
- Exhibit 102: CNH Industrial NV - Key news
- Exhibit 103: CNH Industrial NV - Key offerings
- Exhibit 104: CNH Industrial NV - Segment focus
- 11.10 Daedong Corp.
- Exhibit 105: Daedong Corp. - Overview
- Exhibit 106: Daedong Corp. - Product / Service
- Exhibit 107: Daedong Corp. - Key news
- Exhibit 108: Daedong Corp. - Key offerings
- 11.11 Deccan Farm Equipments Pvt. Ltd.
- Exhibit 109: Deccan Farm Equipments Pvt. Ltd. - Overview
- Exhibit 110: Deccan Farm Equipments Pvt. Ltd. - Product / Service
- Exhibit 111: Deccan Farm Equipments Pvt. Ltd. - Key offerings
- 11.12 Deere and Co.
- Exhibit 112: Deere and Co. - Overview
- Exhibit 113: Deere and Co. - Business segments
- Exhibit 114: Deere and Co. - Key offerings
- Exhibit 115: Deere and Co. - Segment focus
- 11.13 Escorts Ltd.
- Exhibit 116: Escorts Ltd. - Overview
- Exhibit 117: Escorts Ltd. - Business segments
- Exhibit 118: Escorts Ltd. - Key offerings
- Exhibit 119: Escorts Ltd. - Segment focus
- 11.14 ISEKI and Co. Ltd.
- Exhibit 120: ISEKI and Co. Ltd. - Overview
- Exhibit 121: ISEKI and Co. Ltd. - Product / Service
- Exhibit 122: ISEKI and Co. Ltd. - Key offerings
- 11.15 JCBLGroup
- Exhibit 123: JCBLGroup - Overview
- Exhibit 124: JCBLGroup - Product / Service
- Exhibit 125: JCBLGroup - Key offerings
- 11.16 Mahindra and Mahindra Ltd.
- Exhibit 126: Mahindra and Mahindra Ltd. - Overview
- Exhibit 127: Mahindra and Mahindra Ltd. - Business segments
- Exhibit 128: Mahindra and Mahindra Ltd. - Key news
- Exhibit 129: Mahindra and Mahindra Ltd. - Key offerings
- Exhibit 130: Mahindra and Mahindra Ltd. - Segment focus
- 11.17 Solis
- Exhibit 131: Solis - Overview
- Exhibit 132: Solis - Product / Service
- Exhibit 133: Solis - Key offerings
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 134: Inclusions checklist
- Exhibit 135: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 136: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 137: Research methodology
- Exhibit 138: Validation techniques employed for market sizing
- Exhibit 139: Information sources
- 12.5 List of abbreviations
- Exhibit 140: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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agricultural machinery market in india market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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