Dublin, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The "Agricultural Machinery Market in India 2022-2027" report has been added to ResearchAndMarkets.com's offering.
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 agricultural machinery market in India was valued at ~INR 991.36 Bn in FY 2022. It is expected to reach ~INR 1,538.99 Bn by FY 2027, expanding at a CAGR of ~7.63% during the FY 2023 - FY 2027 period
India is the world's biggest tractor manufacturer, and accounts for more than one-third of the global tractor production. In FY 2022, the tractor segment held the largest share of the market, accounting for 81.45% 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.
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Value chain analysis
3.3. Mechanization level analysis
Chapter 4: Global agricultural machinery market - An overview
4.1. Global agricultural machinery market size and growth forecast (FY 2020 - FY 2027e)
Chapter 5: India agricultural machinery market - An overview
5.1. India agricultural machinery market size and growth forecast (FY 2020 - FY 2027e)
Chapter 6: India agricultural machinery market - Segmentation
6.1. Product-wise sales segmentation
Chapter 7: Favorable government initiatives
7.1. Favorable government initiatives
Chapter 8: Trade analysis
8.1. Trade analysis
Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challengers
Chapter 10: Competitive landscape
10.1. Mahindra & Mahindra Limited
Key financial performance indicators
Key business segments
Key geographical segments
Note: Financial data and segment-wise data is available for public companies only
10.2. Escorts Kubota Limited
10.3. Force Motor Limited
10.4. Greavers Cotton Limited
10.5. Shivagrico Implements Limited
10.6. VST Tillers Tractors Limited
10.7. John Deere India Private Limited
10.8. Tractor and Farm Equipment Limited
10.9. International Tractor Limited
10.10. CNH Industries India Private Limited
Chapter 11: Appendix
For more information about this report visit https://www.researchandmarkets.com/r/7920h8
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