Agricultural Machinery Market in India 2021
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
Segment insights:
India is the world’s 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.
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
Segment insights:
India is the world’s 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.
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: COVID-19 IMPACT ANALYSIS
7.1. COVID-19 impact analysis
7.2. Impact of COVID-19 on domestic tractor sale
CHAPTER 8: FAVORABLE GOVERNMENT INITIATIVES
8.1. Favorable government initiatives
CHAPTER 9: TRADE ANALYSIS
9.1. Trade analysis
CHAPTER 10: MARKET INFLUENCERS
10.1. Market drivers
10.2. Market challengers
CHAPTER 11: COMPETITIVE LANDSCAPE
11.1. Mahindra & Mahindra Limited
Company information
Business description
Products/Services
Key people
11.2. Escorts Limited
11.3. Force Motor Limited
11.4. Greavers Cotton Limited
11.5. Shivagrico Implements Limited
11.6. VST Tillers Tractors Limited
11.7. John Deere India Private Limited
11.8. Tractor and Farm Equipment Limited
11.9. International Tractor Limited
11.10. CNH Industries India Private Limited
CHAPTER 12: APPENDIX
12.1. Research methodology
12.2. About Netscribes
12.3. Disclaimer
COMPANIES PROFILED
Mahindra & Mahindra Limited
Escorts Limited
Force Motor Limited
Greavers Cotton Limited
Shivagrico Implements Limited
VST Tillers Tractors Limited
John Deere India Private Limited
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: COVID-19 IMPACT ANALYSIS
7.1. COVID-19 impact analysis
7.2. Impact of COVID-19 on domestic tractor sale
CHAPTER 8: FAVORABLE GOVERNMENT INITIATIVES
8.1. Favorable government initiatives
CHAPTER 9: TRADE ANALYSIS
9.1. Trade analysis
CHAPTER 10: MARKET INFLUENCERS
10.1. Market drivers
10.2. Market challengers
CHAPTER 11: COMPETITIVE LANDSCAPE
11.1. Mahindra & Mahindra Limited
Company information
Business description
Products/Services
Key people
11.2. Escorts Limited
11.3. Force Motor Limited
11.4. Greavers Cotton Limited
11.5. Shivagrico Implements Limited
11.6. VST Tillers Tractors Limited
11.7. John Deere India Private Limited
11.8. Tractor and Farm Equipment Limited
11.9. International Tractor Limited
11.10. CNH Industries India Private Limited
CHAPTER 12: APPENDIX
12.1. Research methodology
12.2. About Netscribes
12.3. Disclaimer
COMPANIES PROFILED
Mahindra & Mahindra Limited
Escorts Limited
Force Motor Limited
Greavers Cotton Limited
Shivagrico Implements Limited
VST Tillers Tractors Limited
John Deere India Private Limited
