India Tractors Market Size to Hit 910.8 Thousand Units by 2028. India Manufactures 1/3rd of the Tractors in the World - Arizton

Subheading: The India tractor market size is expected to reach 910.8 thousand units by 2028 from 614.5 thousand units in 2021, Growing at a CAGR of 5.78% during 2022-2027.

According to latest market research report on India tractors market, the increasing adoption of precision farming is set to become the most valuable driver for tractor sales in India. With approximately 80% of the share, tractors account for the largest segment of agriculture equipment in India in terms of revenue.

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KEY HIGHLIGHTS OFFERED IN THE REPORT:
• India Agriculture Tractor Market is expected to grow significantly at a CAGR of 5.78% by volume during the forecast period 2021-2028. Amongst regions, highest demand is expected from the North zone of the Indian Market.
• In terms of HP (Horsepower) type, 41-60 HP segment is leading the market and is expected to grow at a CAGR of 5.68% (by Volume) during the forecast period.
• 2-Wheel-Drive segment accounted for the largest share of more than 90% from the overall tractor market.
• In 2020, Indian economy shrank by 7.9% due to disruption in supply chain resulted during COVID-19 related lockdowns. The import-export scenario faced the similar circumstances during COVID-19. To aid economic recovery, the central government plans to invest in the recovery of agriculture sector by provides loan and subsidies to farmers.
• FDI inflow in India declined by 35% in 2020 due to trade uncertainty influenced by lockdown which negatively impacted FDI inflow in the country. However, FDI inflow is expected to rise as Indian government is simplifying the taxing system to eliminate barriers for foreign national investors. US, Singapore, and Mauritius are the major investing countries in India.
• Government strategies to enhance the welfare of farmers by converting agriculture into a viable activity are paving ways for new tractor purchases. The awareness of advanced agriculture equipment to improve per hectare yield, reduce the overall cost of crop production, and increase income centric inclination of farmers is boosting the sale of new tractors in India.
• The increasing penetration and adoption of farm mechanization practices across India have driven the sale of new tractors. Tractors and agriculture implements are the major product categories of the organized agriculture market in India.
• By switching to intelligent systems driven by IoT and data analysis for service, networking and sustainability, the tractor market is transitioning to a more innovative industry providing significant growth opportunities for OEMs in the market.
• Mahindra, International Tractor Ltd. (Sonalika), and TAFE dominated the Indian tractor market with a cumulative market share of over 60% and remaining market is covered by other vendors (Escorts, Deere & Company, CNH Industrial, Kubota, SDF, ACE, Captain Tractors, Force Motors, Preet Group, VST Tillers Tractors, Yanmar, and others).

KEY OFFERINGS:
• Market Size & Forecast by Volume | 2021-2028
• Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation - A detailed analysis by horsepower, drive type, and zone
• Competitive Landscape - 6 key vendors and 11 other vendors

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INDIA TRACTORS MARKET - SEGMENTATION
• Tractors in the range of less than 20 HP are referred to as mini tractors. These tractors are ideal for farmers with marginal land holdings with low haulage requirements. In India, mini tractors are used mainly by farmers engaged in the cultivation of cotton, inter-culture operations, and orchards.
• The tractor market in India is dominated by mid-range HP 2WD tractors. Among several tractor models available across the country, 2WD tractors are the most favored by farmers. The low relative cost of ownership, the sufficiency of features, and haulage power and convention make 2WD tractors more popular among farmers.
• Several OEMs are shifting focus from matured markets of the northern region to underpenetrated states of the southern region. The tractor market in India is currently in the growing stage, and manufacturers are seeking capacity augmentation in the country.

Segmentation by Horsepower
• Less Than 20 HP
• 20-40 HP
• 41-60 HP
• 61-100 HP
• Above 100 HP
Segmentation by Drive Type
• 2-Wheel-Drive
• 4-Wheel-Drive
Segmentation by Zone
• Eastern India
• Southern India
• Northern India
• Western India

INDIA TRACTORS MARKET - DYNAMICS

A new frontier of innovation is emerging as agriculture meets digital technologies, opening various paths to a smart agricultural future. Tractor manufacturers have become very competitive, and companies are constantly striving to innovate and ensure product differentiation at affordable prices. GPS and remote sensing have made farming more accurate and productive. Autonomous tractors are driverless, and they operate with minimum or without any intervention. The autonomous tractor technology is in its development stage and is expected to be an initiative to increase automation in agriculture and farming. These tractors can be used for planting crops, collecting real-time data, and taking pictures to monitor harvest, all by means of remote control. Driverless or autonomous tractors are programmed to avoid obstacles such as objects, animals, and people in the field, determine speed, understand the position, and navigate the vehicle while performing several agricultural tasks. These tractors will have the ability of autonomous tillage for row-acre and broad-acre farming, seeding, and planting.

KEY DRIVERS AND TRENDS FUELING MARKET GROWTH:
• Growing Farm Mechanization
• Increasing Adoption of Precision Farming
• Augmented Financial Support to Farmers Through Loans and Subsidies
• Growth in Agricultural Productivity and Exports

INDIA TRACTORS MARKET - COMPETITIVE LANDSCAPE

The market competition is expected to intensify further with the increase in product/service extensions, technological innovations, and M&As. Arizton believes global players will grow by partnering on a technology-sharing basis with regional or local players in the future. Further, companies with better technical and financial resources can develop innovative products, which could pose a threat to competitors' products and could make their product non-competitive or even obsolete, before they can recover their R&D and commercialization costs. Therefore, vendors must develop new technologies and need to remain abreast with the upcoming technologies to have a competitive advantage over other vendors. The market is likely to witness growing market consolidation due to the intensely competitive environment. These factors make it imperative for vendors to distinguish their products and service offerings through a clear and unique value proposition, or else they will not survive the highly competitive environment.

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Major Vendors
• Mahindra Tractors
• TAFE
• Escorts
• International Tractors (Sonalika)
• Deere & Company
• CNH Industrial

Other Prominent Vendors
• SDF
• Business Overview
• Product Offerings
• Kubota
• Action Construction Equipment (ACE)
• Indo Farm
• Captain Tractors
• Force Motors
• VST Tillers Tractors
• Preet Group
• Standard Corp.
• Yanmar
• AGCO

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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This release was published on openPR.