Recent Research on Agricultural Machinery Market focused in India Expected to Register Significant growth by 2024 - Key Companies Profiles Contributing includes Mahindra & Mahindra, Escorts Limited, Force Motor, Greavers Cotton, Shivagrico Implements, VST

Agricultural Machinery Market in India Forecast 2019-2024 Report provides an in-depth research on the fast-evolving Agricultural Machinery Market. The Competitive analysis of the leading companies has been highlighted in the report along with the regional overview & global outlook of the market till 2025.

The Indian Agricultural Machinery market was valued at INR 498.04 Billion in 2018 and is expected to reach INR 901.41 Billion by 2024, expanding at a CAGR of ~10.70% during the 2019-2024 period.

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India is an agrarian economy, with over 50% of the population dependent on agriculture for their livelihood. As of 2019, agriculture and its allied sector accounted for ~16% of India's gross domestic product (GDP). The performance of this sector drives the prices and market demand for essential commodities. The accessibility, and quality of Agricultural Machinery positively impacts productivity and output of the farming sector. Furthermore, the Indian machinery market is expected to introduce Self-Driving Autonomous Tractors, and increase application of innovative technology like Internet of Things (IoT) and Big Data to make agriculture a profitable profession for farmers.

o Key Companies Covered in this Report Includes:
o Mahindra & Mahindra Limited
o Escorts Limited
o Force Motor Limited
o Greavers Cotton Limited
o Shivagrico Implements Limited
o VST Tillers Tractors Limited
o John Deere India Private Limited
o Tractor and Farm Equipment Limited
o International Tractor Limited
o CNH Industries India Private Limited

Market Insights:
The industry experienced a sluggish growth initially, owing to the economic slowdown in the country. However, rise in the purchasing power, availability of better financing options, and growth of contract farming are expected to improve market revenue during the forecast period. The adoption of the sharing economy model and tech-driven start-ups is expected to revolutionize the agriculture machinery market in India.
The United States, Nepal and Sri Lanka account for the major share of exports of agricultural equipment from India. Whereas, India imports more than 70% of agricultural equipment from China.

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Market Segment Insights:
Based on products, the market can be segmented into tractors, rotavators, power tillers, threshers, and others. The tractor segment dominated the market with a revenue share of ~81% in 2019. Moreover, it is expected to remain the largest segment both in terms of value and growth rate during the forecast period (2019-2024).
Industry players contributing to the market revenue include TAFE, Escorts Limited, and Sonalika Tractors among others. Mahindra & Mahindra leads the market with a market share of ~40.20%, in terms of revenue, in India, and is the largest tractor manufacturer in the world.

Government Initiatives:
To promote the application of farm mechanization, the government has set up the Farm Machinery Training and Testing Institutes (FMTTIs) and formulated bodies to quality check agricultural machines and implements. Indian Council for Agriculture and Research (ICAR) and State Farm Corporation of India have been set up to improve the adoption of new technologies in crop production. Other initiatives include setting up financial institutions and providing incentives and subsidies.

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