Outlook on the Tractor Industry in India to 2028 – Increasing Focus on Remote Monitoring Technology in Tractors Presents Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “India Tractor Market – Industry Analysis & Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
India was the largest agriculture tractor market globally in 2021, with an overall sales volume of 614.5 thousand units. The increase in crop production and tractor sales resulted from favorable monsoon rains in 2019 and 2020, which helped the country to recover from the drought-induced low in 2017 and the COVID-19 pandemic.
The shipments are expected to grow at a CAGR of 5.78%
- Mahindra Tractors
- International Tractors (Sonalika)
- Deere & Company
- CNH Industrial
- Action Construction Equipment (ACE)
- Indo Farm
- Captain Tractors
- Force Motors
- VST Tillers Tractors
- Preet Group
- Standard Corp.
Tractors in the power range of 41-60 HP are likely to be the largest contributors to the growth of the tractors industry in India. The agriculture tractor market in India is dominated by 2WD tractors, which account for approximately 99% of the overall market.
Segmentation by Horsepower
- Less Than 20 HP
- 20-40 HP
- 41-60 HP
- 61-100 HP
- Above 100 HP
Segmentation by Drive Type
In terms of zones, the northern and western states have reportedly shown a higher demand for agriculture tractors than the southern and eastern parts of the country. Also, the states in the north zone of the country have a higher level of mechanization than any other part of the country. Hence, the market can be considered to move toward saturation in the north zone. Therefore, the strong demand for agriculture tractors is expected to come from the southern part of the country.
The Report Includes:
1. The analysis of the India Tractor Market provides market size and growth rate for the forecast period 2022-2028.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the India Tractor Market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the India Tractor Market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.
Opportunities & Trends
- Increasing Focus on Remote Monitoring Technology in Tractors
- Growing Farm Mechanization
- Indian Government Initiatives to Promote Farm Mechanization
- Increasing Adoption of Precision Farming
- Augmented Financial Support to Farmers Through Loans and Subsidies
- Growth in Agricultural Productivity and Exports
- Migration to Cities Leading to Labor Shortage
- Socio-Demographic Changes in India
- Lack of Awareness of the Latest Technologies in Agriculture
- Swelling Demand for Used and Rental Tractors
- Marginal and Fragmented Agricultural Farmlands
For more information about this report visit https://www.researchandmarkets.com/r/htd12r
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