Agricultural Machinery Market expanding at a CAGR of ~ 7.33% during the FY 2022 FY 2027 period

Quadintel published the latest research report on the Agricultural Machinery market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Agricultural Machinery market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

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. Improved awareness among farmers about farm mechanization, innovation, and lack of manual labor are the major driving forces of the agricultural machinery market.
In the past few years, the sale of agricultural machinery has surged because of the availability of electricity and easy financing options.

The market was valued at ~INR 1,105.13 Bn in FY 2021. It is expected to reach ~INR 1,853.13 Bn by FY 2027, expanding at a CAGR of ~7.33% during the FY 2022 FY 2027 period

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Segment insights:

India is the worlds biggest tractor manufacturer, and accounts for more than one-third of the global tractor production. In FY 2021, the tractor segment held the largest share of the market, accounting for more than 80% of the market revenue.
Tractor penetration is high in northern India's agrarian zone, principally Punjab, Haryana, and Uttar Pradesh. In the south and west, mainly Andhra Pradesh, Tamil Nadu, and Maharashtra, the adoption rate is low. Other segments of the market include rotavators, threshers, and power tillers.
The tractor segment is mostly dominated by high-capacity tractors of 30 HP 50 HP

Impact of COVID-19:

The lockdown, which was imposed by the government during FY 2021, to curb the spread of the virus, brought trade, manufacturing and commerce to a standstill. After the relaxation of restrictions in the second quarter of FY 2021, the sales volume improved and surpassed that of FY 2020. The market remained resilient to the impact of the pandemic in FY 2021.
However, the devastating second wave in the first quarter of FY 2022 severely impacted the market, resulting in a sharp decline in sales in April and May, 2021. The sale of tractors and other agricultural equipment declined considerably.
The market is showing signs of recovery in the second and third quarter of FY 2022, ahead of the domestic festive season and Kharif crop season.

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Table of Contents:

Market Overview
Market Definition and Scope
Market Dynamics
Market Industry Analysis
Market, Regional Analysis
Analysis of Leading Companies
Competitive Intelligence
Research Process
Market Analysis and Forecast, By Product Types
What aspects regarding the regional analysis Market are included in this report?

Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
The report offers detailed analysis of leading companies in the market across the globe.
It provides details of the major vendors involved in the Market including Key Players
A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
the manufactured products is incorporated in the report.
The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

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