Introduction
The India tractor market is poised to witness impressive growth at a rate of around 10% over the next five years. This growth can be attributed to the increasing demand for mechanization in the agriculture and logistics industries. With the agriculture industry benefiting from loan waivers, government subsidies, and greater access to bank financing, the financial state of the sector is strengthening. These factors, coupled with the growing popularity of tractor usage, will drive the expansion of the tractor market in India.
Market Segmentation
The India tractor market is classified based on application type, power output, drive type, and region. In terms of application type, the market is divided into agriculture and construction, mining, and logistics. The agriculture sector holds the majority share of the tractor market in the country due to its versatile use in activities such as plowing, tilling, and planting. The agriculture application segment is expected to continue witnessing robust growth in the coming years.
Power output is another important criterion for categorizing tractors, with ratings below 40HP and 41HP to 100HP being the two main segments. Currently, tractors with a power output under 40HP dominate the market due to cost considerations. Mechanized farming is most prevalent in the northern and western parts of India, making the North region the dominant player in the country’s tractor market, followed by the West region.
Browse 28 market data Figures and Tables spread through 73 Pages and an in-depth TOC on“India Tractor Market”
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Factors Driving Growth
The increase in mechanization in states like Telangana, Tamil Nadu, Haryana, Punjab, Maharashtra, and Madhya Pradesh is driving the growth of the India tractor market. The demand for highly efficient tractors for various agricultural applications, such as planting and sowing, is also contributing to market expansion. Key players like Mahindra & Mahindra Ltd. and Escorts Limited offer tractors with power output ranges of 50-100 HP to cater to these demands. For example, Mahindra & Mahindra Ltd. offers the Mahindra NOVO tractor, which boasts a power output of 64.1 HP and is specifically designed for heavy and sticky soil conditions.
Furthermore, increased government spending on infrastructure and construction projects is generating demand for tractors in transportation applications. The Indian government’s focus on infrastructure activities has resulted in a 20.9% growth in spending from 2018 to 2019. Construction tractors, known for their operational efficiency and technological advancements, are driving market growth.
Additionally, the demand for high-performance tractors suitable for muddy and heavy soil conditions is contributing to market expansion. Swaraj Tractors, a subsidiary of Mahindra & Mahindra Ltd., launched the Swaraj 963 FE series tractor in July 2018, which offers both 2-wheel drive and 4-wheel drive options. This tractor features a powerful engine, cost efficiency, and high productivity, making it highly sought after by farmers.
Challenges and Opportunities
A lack of information about efficient tractor options among farmers in India poses a challenge to market growth. However, the government’s initiatives to assist farmers by providing subsidies and low-interest-rate loans present lucrative opportunities for the tractor market. Programs such as the PM Kisan Tractor Yojana and the Telangana Yantra Laxmi Scheme offer subsidies ranging from 20% to 50% on tractors for farmers.
Key Players
Mahindra & Mahindra Ltd. holds the largest share in the India tractor market, followed by TAFE Ltd., Sonalika Group (ITL), and Escorts Ltd. These players command double-digit market shares. Other notable market players include John Deere, CNHI India Pvt Ltd, Force Motors Ltd., Captain Tractors Pvt. Ltd., Ace Ltd., and Preet Tractors (P) Ltd.
Research Methodology
TechSci Research conducted primary and exhaustive secondary research to gather data for this study. The research process involved sourcing a list of tractor manufacturers in India and conducting primary research surveys with the identified companies. Through interviews with respondents, including inquiries about competitors, TechSci Research ensured the inclusion of relevant vendors and service providers. The market size of the India tractor market was calculated using a top-down approach, combining data from various end-user segments and industry experts. Secondary sources such as company websites, news articles, press releases, annual reports, and financial reports were also analyzed.
The India tractor market is poised for significant growth in the coming years, driven by the increasing demand for mechanization in the agriculture and logistics sectors. With a strong focus on improving financial conditions for the agriculture industry and growing government support, the market is expected to expand at a notable rate. Key players in the market are offering high-performance tractors tailored to meet the specific needs of farmers, while government initiatives provide further opportunities for growth. As the industry evolves, the India tractor market is set to witness innovation and advancements in technology, ensuring its readiness for future demands.
Key Target Audience:
- India tractor manufacturers, suppliers/ dealers and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to India Tractor market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as tractor manufacturers, distributors and dealers, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, India tractor market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by Application Type:
- Agriculture Tractor
- Construction, Mining & Logistics
Market, By Power Output:
- Below 40HP
- 41HP to 100HP
Market, By Drive Type:
- 2-Wheel Drive
- 4-Wheel Drive
Market, By Region:
- North
- East
- West
- South
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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