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The India agricultural tractor machinery market was valued at USD 4.30 million in 2017 and is estimated to reach a value of USD 5.20 million by 2023, at a CAGR of 4.45%. With changing industry trends, leading to the development of more sophisticated agricultural machinery, farming methods have taken a giant leap forward. The increase in productivity and output have been the two major reasons for farm mechanization of any country. India has always been an agriculture-based country and tractors play an integral role in the process of farm mechanization, which on the other hand plays a crucial role in increasing the agricultural productivity. Case IH is on the verge of introducing a series of autonomous or driverless trucks within the next three years, which would play a key role in the mechanization of agricultural productivity.
Non-Uniformity in Monsoon Conditions is Hampering the Market Growth
In 2015, drought-like conditions and freak weather impacted agriculture in Uttar Pradesh, like other parts of the country, which has affected tractor sales. The overall tractor market has seen an overall negative growth of 14% across the country. The tractor industry had two years of negative growth due to a severe monsoon shortage. About 4,93,764 tractors were sold in the domestic market in 2015–16, as compared to 5,51,463 units in 2014–15.
Key Developments in the Market
February 2018: TAFE seeks to improve farm productivity and agri-mechanization in Telangana.
February 2017: Belarus Tractors exported the first batch of four Belarus 311M tractors to Guatemala.
Reasons to Purchase the Report
• Study on the adoption of electric and hybrid vehicles in the country and its effects on the automotive industry of the country.
• Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Study on the type of vehicle expected to dominate the market during the forecast period.
• Study on the region expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Non-Uniformity in Monsoon Conditions is Hampering the Market Growth
In 2015, drought-like conditions and freak weather impacted agriculture in Uttar Pradesh, like other parts of the country, which has affected tractor sales. The overall tractor market has seen an overall negative growth of 14% across the country. The tractor industry had two years of negative growth due to a severe monsoon shortage. About 4,93,764 tractors were sold in the domestic market in 2015–16, as compared to 5,51,463 units in 2014–15.
Key Developments in the Market
February 2018: TAFE seeks to improve farm productivity and agri-mechanization in Telangana.
February 2017: Belarus Tractors exported the first batch of four Belarus 311M tractors to Guatemala.
Reasons to Purchase the Report
• Study on the adoption of electric and hybrid vehicles in the country and its effects on the automotive industry of the country.
• Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Study on the type of vehicle expected to dominate the market during the forecast period.
• Study on the region expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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