Press release
India Tractor Market is Expected to Reach USD 12,700.8 Million by 2030, at a CAGR of 7.9% | Valuates Reports
The COVID-19 outbreak had a positive impact on the growth of the India tractor industry owing to increase in demand for agricultural produces such as cereals, vegetables, and fruits in the country.
A tractor is a vehicle usually available with one or two small wheels in front and two large wheels at the back. Tractor is used in agriculture, construction, and logistics applications. Tractor is used to move attached implements such as rotavators, plowing, tilling, sowing, cultivation, and harvesting. It is available in 2-wheel type and 4-wheel type. Also, it is available in power output of 20 HP to more than 20 Hp. It is used in agricultural as well as construction & mining applications.
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An increase in mechanization in agricultural equipment such as tractor in states like Telangana, Tamil Nadu, Haryana, Punjab, Maharashtra, and Madhya Pradesh, drives the growth of the India tractor market. A rise in demand for highly efficient tractors for various applications such as planting, sowing, and others drive the growth of the market. Major players such as Mahindra & Mahindra Ltd., and Escorts Limited are engaged in offering tractors with power output range of 50-100 HP. For instance, Mahindra & Mahindra Ltd. offers Mahindra NOVO tractor. It has power output of 64.1 HP. It has powerful engine which is best suitable for heavy & sticky soil condition. It has efficient cooling system. It is used for harrow, and mulcher applications.
In addition, rise in government spending on new infrastructural and construction buildings, which in turn, increases the demand for tractors for transportation applications, drive the growth of the India tractor market. For instance, the Indian government has increased spending on infrastructure activities grew by 20.9% from 2018 to 2019. In addition, construction tractor offers operational efficiency, and advancement in tractor technology, drive the growth of the market.
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In addition, rise in demand for high performance tractor for muddy, and heavy soil condition, drive the growth of the India tractor market. 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, is cost efficient, and offers high productivity. It has features such as higher productivity, reliability, durability, and easy maintenance. All such instances drive the growth of the India tractor market.
However, lack of information about efficient tractor among farmers in India, is anticipated to restraints for the growth of the India tractor market. Furthermore, a government initiative for assisting and providing subsidy to farmers with low interest rates, which is anticipated to provide lucrative opportunities for the growth of the India tractor market. For instance, many government initiatives such as PM Kisan Tractor Yojana, and Telangana Yantra Laxmi Scheme in India are providing 20% to 50% subsidy on tractors to farmers.
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India Tractor Market by Power Output
➣Less Than 30 HP
➣30-50 HP
➣51-100 HP
➣More Than 100 HP
India Tractor Market by Drive Type
➣2-wheel Drive
➣4-wheel Drive
India Tractor Market by Application
➣Agriculture
➣Construction, Mining & Logistics
India Tractor Market by Region
➣North India
➣South India
➣West India
➣East India
➣Rest of India
Major Players in the India Tractor Market
➣Mahindra & Mahindra Ltd.
➣ Escorts Limited
➣CNH Industrial N.V.
➣Tractors and Farm Equipment Ltd.
➣ Sonalika International Tractors Limited
➣ Deere & Company (John Deere India Private Limited)
➣ HMT Limited
➣Force Motors Limited
➣Standard Corporation India Limited
Similar Reports:
Global Tractor Market: https://reports.valuates.com/reports/ALLI-Manu-4S55/tractor
Autonomous Electric Tractor Market: https://reports.valuates.com/market-reports/QYRE-Auto-24I5510/global-autonomous-electric-tractor
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