Indian Agricultural Implements Market to Reach US$ 17.2 Billion by 2028, Impelled by Flourishing Agriculture Sector

According to the latest report by IMARC Group, titled "Indian Agricultural Implements Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global agricultural implements market size reached US$ 11.7 Billion in 2022. The market size is anticipated to reach a value of US$ 17.2 Billion by 2028, exhibiting a CAGR of 6.7% during 2023-2028.

Agricultural implements are tools that are widely utilized in the agriculture industry to aid in the farming and harvesting of crops and animals. They comprise a wide range of manual and mechanical tools, such as seed drills, axes, and cultivators, that helps farmers to reduce labor costs, increase yield, and improve the quality of their crops. They also aid in improving soil fertility and reducing soil erosion. Additionally, they assist in water conservation and reduce the number of pesticides and fertilizers used on crops. They are designed to meet specific agricultural needs and are manufactured from several materials, including metal, wood, plastic, and rubber, that are widely available in a variety of sizes and styles for both large-scale and small-scale farming activities.

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Indian Agricultural Implements Market Trends:

The flourishing agriculture industry majorly drives the Indian market. In line with this, the ever-growing population is propelling the need for increased food production and effective and efficient farming methods, which is providing a thrust to the market. Along with this, the increasing utilization of agricultural implements for enhancing production, efficiency, and per-man productivity as mechanization results in an increasing land yield per unit of area and decreased work cost is catalyzing the market. In addition, the rising government initiatives toward the adoption of agricultural implements by providing subsidies to local farmers on electricity, agrochemicals, water, agricultural machinery, and hybrid seeds are significantly supporting the demand.

Apart from this, the widespread presence of a large potential market in rural areas where farmers may need access to the same level of technology is providing a thrust to the market. Also, the escalating need for providing more affordable agricultural implements and developing products that are better suited to the local environment is significantly supporting the demand for agricultural implements across the country. Furthermore, the development of automated or robotic implements that are easier to use and require less maintenance is creating a positive market outlook. Some of the other factors driving the market include the growing awareness among individuals and rising demand for sustainable food products.

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Key Market Segmentation:

Competitive Landscape:

The market is concentrated with the presence of a few large manufacturers. Some of the leading players operating in the market are:

• Mahindra & Mahindra Limited
• Tractors and Farm Equipment Limited
• Sonalika International Tractors Limited
• Escorts Group
• Deere & Company

Breakup by Product Type:

• Tractors
• Rotavators
• Threshers
• Power Tillers
• Others

Breakup by Type:

• Manual
• Mechanized

Breakup by Distribution Channel:

• B2C
• B2B

Regional Insights:

• North India
• West and Central India
• South India
• East India

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This release was published on openPR.