Agricultural Machinery Market to See Huge Growth by 2026 | Mahindra & Mahindra, Escorts, John Deere

Latest published market study on Agricultural Machinery Market provides an overview of the current market dynamics in the Agricultural Machinery space, as well as what our survey respondents—all outsourcing decision-makers—predict the market will look like in 2027. The study breaks market by revenue and volume (wherever applicable) and price history to estimates size and trend analysis and identifying gaps and opportunities. Some of the players that are in coverage of the study are Mahindra & Mahindra Limited, Escorts Limited, Force Motor Limited, Greavers Cotton Limited, Shivagrico Implements Limited, VST Tillers Tractors Limited, John Deere India Private Limited, Tractor and Farm Equipment Limited, International Tractor Limited, CNH Industries India Private Limited.

Get ready to identify the pros and cons of regulatory framework, local reforms and its impact on the Industry. Know how Leaders in Agricultural Machinery are keeping themselves one step forward with our latest survey analysis

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The agriculture and allied sector plays a crucial role in a developing agrarian economy like India. More than 50% of the population is dependent on agriculture for livelihood. As of 2020, the agriculture sector accounts for more than 17% of the nation’s Gross Domestic Product (GDP); however, the mechanization level in India is less than countries like Brazil (75%), the United States (95%), and China (57%). Nevertheless, in the past few years, the country has witnessed a significant surge in the sale of agricultural machinery sales due to power availability on farms, and ease in financing options in the country.

The agricultural machinery market in India was valued at ~INR 880.23 Bn in FY 2019 and is expected to reach ~INR 1,203.01 Bn by FY 2025, expanding at a CAGR of ~5.51% during the FY 2020-FY 2025 period.

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Segment insights:
India is the world’s biggest tractor manufacturer, and accounts for more than one-third of the total tractor production. The tractor segment accounted for more than 80% of the market’s revenue in FY 2020. Tractor penetration is high in northern India's agrarian zone, principally Punjab, Haryana, and Uttar Pradesh, while in the southern and western regions of India, mainly Andhra Pradesh, Tamil Nadu, and Maharashtra, the adoption rate is low. Other segments of the market include rotavators, threshers, and power tillers.

Tractors with horsepower capacity of 30 HP-50 HP are have been sold the most and comprise more than 80% of the tractor industry revenue. However, the industry is witnessing a gradual shift towards tractors with higher capacity to suit multiple soil conditions.

To comprehend Agricultural Machinery market dynamics in the India mainly, the Agricultural Machinery market is analyzed across major Indian regions. Customized study by specific regional or country can be provided, usually client prefers below

• North America: United States of America (US), Canada, and Mexico.
• South & Central America: Argentina, Chile, Colombia and Brazil.
• Middle East & Africa: Kingdom of Saudi Arabia, United Arab Emirates, Turkey, Israel, Egypt and South Africa.
• Europe: the UK, France, Italy, Germany, Spain, NORDICs, BALTIC Countries, Russia, Austria and Rest of Europe.
• Asia: India, China, Japan, South Korea, Taiwan, Southeast Asia (Singapore, Thailand, Malaysia, Indonesia, Philippines & Vietnam etc) & Rest
• Oceania: Australia & New Zealand

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Impact of COVID-19 and the way forward:
The lockdown, which was imposed by the Indian government to curb the spread of the novel coronavirus, brought trade, manufacturing and commerce to a standstill, radically transforming the business scenario in the country. The situation has severely hampered the sale of tractors and other agricultural equipment in the country. Further, the industry is experiencing a rise in freight rates due to labor shortages and supply chain disruptions. As a result, the Indian tractor market, which is the largest segment of the agricultural machinery industry, declined by more than 10%.

Moreover, due to the temporary suspension of trade between countries, businesses are adopting the strategy of 'producing and consuming local,' which is expected to boost the domestic production of farm equipment.

For deep analysis of Agricultural Machinery Market Size, Competition Analysis is provided which includes Revenue (M USD) by Players (2019-2021E) & Market Share (%) by Players (2019-2021E) complimented with concentration rate.

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Actual Numbers & In-Depth Analysis of Agricultural Machinery Market Size Estimation and Trends Available in Full Version of the Report.

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