The newest analysis of the India Agricultural Machinery Market Report 2023 by Report Ocean focuses on a number of market-related topics, such as its characteristics, size and growth, segmentation, regional and national breakdowns, competitive environment, market shares, trends, and strategies. It also contains the COVID-19 Outbreak Impact and echoes of the past occurrences. According to regions and market categories, the analysis presents a list of predicted prospects, sales, and revenues. In addition, it covers additional subjects like manufacturing cost analysis, industrial chains, etc.
Key Market Features:
Significant factors including revenue, capacity, price, rate, production rate, gross production, capacity utilization, consumption, cost, CAGR, import/export, supply/demand, market share, and gross margin are all evaluated in the study. Additionally, it provides a complete analysis of the relevant market segments and sub-segments, as well as the most crucial market dynamics and their most recent changes.
The market was valued at INR 1,105.13 Billion in FY 2021. It is expected to reach INR 1,853.13 Billion by FY 2027, expanding at a CAGR of 7.33% during the FY 2022-2027 period
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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.
Segment insights:
India is the worlds 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.
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Our analysis distinguishes out in addition to the general estimates because it includes carefully considered factors such as the COVID-19 containment status, the recovery of the end-use market, and the recovery timescale for 2020/ 2021.
Analysis of COVID-19 Outbreak Impact Include:
The research details a number of factors that have an impact on the market in light of COVID-19. In addition, the trends are covered. The report thoroughly examines all aspects based on the upstream and downstream markets, including a supply chain analysis, consumer behavior research, demand research, etc. Our analysis also outlines the extent to which COVID-19 has impacted several nations and key regions.
Geographical Breakdown:
The geographical portion of the study analyzes the market based on regional and national breakdowns, providing reliable information on past and future growth as well as size estimates. For every region, the impacts and anticipated course of COVID-19 recovery are mentioned. To help readers understand current trends and aid in decision-making, the research provides an outlook on emerging market trends and the factors driving the growth of the region.
Why to Choose Our Report?
- Our expertly written study provides succinct solutions and identifies the fantastic chances for investors to make new investments.
- Additionally, it provides superior market plan trajectories and a thorough examination of the infrastructures, possibilities, and constraints that currently face the industry.
- This study offers details regarding end-consumer target groups and their prospective operating volumes, together with the potential locations and sectors to target and the advantages and constraints of participating in the market, in order to assist businesses in developing better strategies.
- Any market’s strong growth is a result of its motivating factors, obstacles, key vendors, important industry trends, etc., all of which are in-depthly discussed in our analysis.
- Additionally, it leads readers through segmentation analysis based on several factors, like product type, application, end consumers, etc. A SWOT analysis of each player is also included in the study, along with information on their product lines, production, value, capacity, etc.
- The study includes information about import and export, significant players, production, and income based on regional markets in a separate part. The research includes details on significant manufacturers, significant market segments, the range of products, years taken into account, and study objectives.
- In addition, the study’s effective SWOT analysis can be used to determine the data’s accuracy.
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