India Tractor Market Size and Research 2021, CAGR Status, Growth Analysis by Countries, Development Factors, Business Updates and Strategies till 2027: Ken Research
The Indian tractor Industry has made preponderant improvement in production capacity and in terms of production volumes. The industry has been successful in indigenization of the technology. The volume growth in the industry has remained strong since FY12. Currently, Indian Tractor production contributes a third for the global tractor production. The major segment in Indian Tractor Industry is of agricultural tractor.
The India Tractor Market has seen significant growth in the last few years, recording a CAGR of ~% during 2016-2020 primarily due to normal and good monsoon, increased crop production and agricultural produce, and strong push from Indian Government
Apart from economic perspective, farm mechanization improves the quality of job and reduces stress from farmer’s job. The demand for tractors declined during 2015-2016 due to a contraction in the farm incomes, as the production of major crops and commodity prices reduced with lower procurements by the government, owing to adequate buffer reserves.
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India Tractor Market
By Vehicle Category Type: Agricultural segment makes up majority share of the Tractor market of the country, followed by the commercial segment. Share for Commercial segment is low as Tractors are considered to be an Investment for farms and specific to agriculture rather than commuting or transportation. In addition to the same, various other farm equipment like power tiller and Harvestor are also gaining strength.
India Tractor Market Size and Segmentation
By Vehicle Category Type: The Tractor industry has been primarily dominated by the agricultural segment as they are multi-purpose. Commercial tractors are those tractors that are used for carrying luggage or transporting the loads. Tractors as a transportation vehicle as Indian individuals have more inclination towards Trucks and Mini Vans.
Registration by Region & State:
North and Western has the highest share of Tractors due to the presence of manufacturing units and agricultural production. It is followed by Punjab, Haryana and U.P. Apart from the measures at the national level, several state governments are also committed to promoting Tractors in their states to drive market growth.
Normal monsoon has been a key driver of growth. It fuelled production and boosted farmers’ income, which eventually aided the expansion in tractor demand. All key states like Maharashtra, Madhya Pradesh, Bihar, Karnataka, Gujarat, Andhra Pradesh and Uttar Pradesh showed positive growth.
The southern region outpaced all other regions on a uniform basis over the past three years, with growth being led by a strong demand in Andhra Pradesh , Tamil Nadu and Telangana. Government support programs and improved rural sentiments helped maintain the growth trajectory in these states.
The eastern region continues to report strong volume growth within the current fiscal, albeit on a coffee base, benefitting from various government initiatives to spice up farm mechanization.
The northern region continues to lag the pan India growth. Uttar Pradesh, the most important tractor market within the region, has recorded healthy growth. Other key markets of Rajasthan and Punjab still struggle, as a results of weak haulage and replacement demand respectively.
Competitive Scenario in India Tractor Market
The competition in the Tractor market in India is highly concentrated where leading manufacturers hold around ~% share in the market. The major tractors include Mahindra & Mahindra Limited (Tractor), Mahindra & Mahindra Limited (Swaraj Division), International Tractors Limited, Tafe Limited, Escorts Limited (Agri Machinery Group), John Deere India Pvt Ltd. (Tractor Division), Eicher Tractors, Cnh Industrial (India) Pvt Ltd, Kubota Agricultural Machinery India Pvt.Ltd., V.S.T. Tillers Tractors Limited. The market is highly unorganized and comprises of small assemblers who source part from China. These players compete on parameters Product Portfolio, Distribution Network, Pricing, Discounts, and Geographical Location, value Added Services, Collaborations & Partnerships and After Sales Service.
India Harvestor Market
By Region (in Units): Harvestor follow the trend similar to Tractors. Major contribution regions are North and then East. ~60% Unit registration is clocked in by Northern Region. During COVID-19, the farm equipment business has seen a severe dip in sales, and therefore the most affected business could also be the dealership network thanks to the disruption supply chain. This can affect the internal transport facility and business.
By Region and State: The Indian combine harvester market is projected to register a CAGR of ~ during the forecast period (2021-2026). During COVID-19, the farm equipment business had seen sudden dip in sales, and therefore the most affected business could also be the dealership network thanks to the disruption supply chain. Additionally, manufacturing units were not completely active, which had resulted during a sharp decrease in sales in 2019-2020. Hence global pandemic had caused a negative impact on the Indian combine harvester market but now they have recovered from the slump. Combine harvesters in India are majorly used for harvesting grains and cereals in comparison to other crop types within the country.
By State (in Unit Registration): Combine harvesters in India are majorly used for harvesting grains and cereals in comparison to other crop types within the country. Farmers prefer self-propelled combine harvesters over tractor-mounted harvesters thanks to their high efficiency.
Largest contribution states is Punjab which contributes highest unit sales to Combine Harvestor Sales in Northern Region.
Competitive Scenario in India Harvestor Market
The competition in the Harvestor market in India is highly concentrated where leading manufacturers hold around ~% share in the market. The major tractors include John Deere India Pvt Ltd, Manku Agro Tech Pvt Ltd, Kartar Agro Industries Pvt Ltd, Preet Agro Industries Pvt Ltd, Mahindra & Mahindra Limited, Malkit Agro Tech Pvt. Ltd, Guru Nanak Agri Engg Works, Dasmesh Pvt. Ltd, Cnh Industrial (India) Pvt Ltd, K.S. Agrotech Pvt Ltd, Surindera Agro Insdustries, K.S. Agricultural Industries Pvt. Ltd, Hind Agro Industries, Hira Agro Industries, Claas India P Ltd, Sonalika Industries, New Hind Agro Pvt Ltd, Punjab Agro Implements Industries. The market is highly unorganized and comprises of small assemblers who source part from China. These players compete on parameters Product Portfolio, Distribution Network, Pricing, Discounts, and Geographical Location, value Added Services, Collaborations & Partnerships and After Sales Service.
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India Tractor & Harvestor Market Future Outlook and Projections
The India Tractor and Harvestor Market is expected to increase at a CAGR of ~% during 2020 to 2025 basis volume. The Agricultural segment will continue to dominate the India Tractor with ~% market share by 2025. The government has launched various programs in order to develop the infrastructure of the country hence facilitating the manufacture of tractors in the future years. Rising demand for the agriculture produce in the country will accelerate the demand for Tractor and Harvestor. The forecast period is also expected to witness entry of more foreign and domestic players in the industry.
Ankur Gupta, Head Marketing & Communications
Ken Research Pvt. Ltd.,
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