India Used Agricultural Equipment Market Size, Share & Outlook to 2029

In the last decade, the integration of modern equipment including tractors, combine harvesters, and rotavators have transformed India's agriculture landscape. The adoption of modern mechanization enabled the farmers to reduce manual labour, optimize time, and increase yield specifically in labour-intensive crop production. However, the high cost of agriculture equipment remained a hindrance in the market for a long time, and that is where the Used Agriculture Equipment Market came to the rescue. In recent years, the emergence of the used agriculture equipment market in India has popularized the use of drone sprayers, smart integration systems, and soil health monitors among farmers in tier-2 and tier-3 cities.

Cost-Effectiveness Driving Adoption Among Small and Marginal Farmers
• India is known as an agricultural state despite the fact, majority of its farmers are still dependable on centuries-old agriculture practices as over 85% of India's farmers are small and marginal as of 2024. This makes it clear why affordability in India agriculture sector remains a crucial factor for farmers opting for modern agricultural equipment.
• In India, the average cost of modern agricultural equipment setup ranges from INR 1,20,000- 3,45,000. To overcome this challenge, the used agriculture equipment market provides them same equipment but at much lower prices compared to new ones.
• This cost-effective alternative enables most farmers to mechanize their operations without taking the financial burden.
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Government Initiatives and Financing Schemes Boosting Market Accessibility
• Central and state governments have also understood the importance of modern farming techniques. As a result, the government has issued several subsidies, low-interest loans, and financial assistance programs for farmers to access used equipment.
• In the last decade, the government has launched programmes like Pradhan Mantri Krishi Sinchai Yojana (PMKSY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), and Paramparagat Krishi Vikas Yojana (PKVY).
• The Government of India (GoI) has also come up with the National e-Governance Plan in Agriculture (NeGPA) recently, through which funds are released for the digital agriculture projects with AI, ML, and IoT technologies to modernize farming practices.

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Emergence of Organized Dealerships and Digital Platforms
• In the last few years, the growing presence of organized dealerships and online marketplaces for used equipment enhanced the market's transparency and trust. These types of platforms are verified and provide certified, and refurbished machinery with warranties.
• The used agriculture equipment market in India is highly fragmented with the majority share taken by unorganized players. However, Krishi Yantra App, Farm Mech App, Kisan Sarathi, Cropin, and Khetibuddy are some of the prominent e-commerce players operating in the market.

Future Outlook
India used agriculture market is still in its initial phase and is anticipated to grow at a CAGR of 7.2% between the forecasted period of 2024-2029. High demand from small and marginal farmers, cost-effectiveness, and increased awareness of sustainable farming practices are some of the factors that are fuelling the growth of the industry in the country. The arrival of GPS, IoT sensors, and AI-based systems, enabling precision farming technologies is further expanding the scope of the market. In the coming years, several national and international players are projected to enter the industry to capture the rest of the white space.
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Consultant at TraceData Research In their latest publication "India Used Agriculture Equipment Market Outlook to 2029: By equipment (Trailers, Harvesters, Planting Equipment, Spraying Equipment, Others), By application (Crop farming, Horticulture, Livestock farming, Agroforestry), and By sales type (Online Platforms, Offline Platforms, Direct Sales)" believe that by focusing on localised digital platforms, and by partnering with technology providers the market can better serve the growing needs of farmers in upcoming years.

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