India Agriculture Equipment Market

Introduction of the India Agriculture Equipment Market Report

Agriculture equipment refers to machinery used in agriculture or other agricultural activities. There are numerous equipment types, starting from hand tools and power tools to tractors and various other kinds of agriculture implements. The continuous innovation in agricultural machines is changing the way how humans operate machines, such as usage of computer monitoring systems, self-steer programs, and GPS locators.

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Market Dynamic

Key Drivers and Emerging Trends

Economic liberalization in the country has significantly helped the agriculture sector, which has led to an increase in the demand for machinery and equipment. Recent shifting trends in high-value products, such as vegetables and fruits, are rapidly displacing traditional commodities’ exports. In addition, the low agriculture holding structure among small agriculture sector across India has inhibited them from purchasing new machinery. It is projected that local rental companies will increase their demand for purchasing combine harvesters to lease or rent them to agriculture. Thus, manufacturers and dealers of agricultural tractors will look forward to tying up with banks and financial institutions to provide agriculture with cheap credit so they can procure new machinery. The increasing major investments in the Indian agriculture industry has pushed the agriculture sector in the country. For instance, in 2020, the government inaugurated a mega food park in Punjab worth US$ 14.6 million that were spread across 55 acres of land, which has helped in the expansion of Indian agriculture equipment market.

Sophisticated technologies such as GPS and robotics are improving equipment efficiency to a great extent. The technology enables remote handling of the equipment, increasing the accuracy of agriculture. Sensors help provide precise data about the soil conditions and weather, helping agriculture boost the yield. Various technological advancements in the equipment such as the introduction of ground-based sensors, autonomous tractors, and flying drones have helped the agriculture produce food at a reduced cost to meet the increasing demand for food. In addition, the strong demand for different agriculture products across various applications such as land development, plant protection, harvesting, sowing, and planting, has surged the demand for the agriculture equipment in the country.

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Restraint in the India Agriculture Equipment Market

However, the high cost of the machinery and lack of skilled professionals may hinder the market’s growth over the forecast period.

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Key Developments:

• • In 2021, Tractors and agriculture Equipment Limited officially launched dynatrack series for agriculture, which is world’s first tractor versaTech technology. 

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Key questions answered in this research report:

• • At what pace is India agriculture equipment market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in India agriculture equipment market? What will be the impact of drivers and restraints in the future?
  • What are the various areas of India agriculture equipment market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?