India Agricultural Equipment Market Growth 2022, Share, Size and Forecast to 2027 – This Is Ardee
According to the latest report from the IMARC group, entitled “India Agricultural Equipment Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the Indian agricultural equipment market reached a value of INR 926 billion in 2021. Looking ahead, IMARC Group expects the market to reach INR 1,689 billion by 2027, posting a CAGR of 10.6% during the period 2022-2027. Farm equipment refers to various devices used on a farm for agricultural purposes. They are designed with high-end technology, which helps reduce labor and overall time consumed. Some of the commonly used agricultural equipment includes cultivators, excavators, sprayers, fertilizer seeders, tractors, and threshers. These machines are used to perform daily agricultural operations such as tillage, seeding, irrigation, plant protection and threshing. In recent years, with the significant growth of the agricultural industry in India, the demand for agricultural equipment has increased across the country.
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Indian Agricultural Equipment Market Trends:
Over the years, the large-scale migration from rural to urban areas has created a shortage of labor which is the main reason pushing farmers towards agricultural mechanization. Therefore, various financial institutions provide credit to farmers at reduced interest rates for the purchase of agricultural machinery. This, coupled with several initiatives undertaken by the Indian government towards rural development, is giving a positive impetus to the growth of the market. Moreover, income levels of rural households have steadily increased in recent years due to strong economic growth and agricultural productivity. This enabled farmers to invest in agricultural mechanization. In addition, the advent of contract farming, the introduction of advanced machinery capable of improving efficiency at lower cost, and low import duties on agricultural equipment are some of the other factors facilitating the product adoption rate across the country.
Analysis and segmentation of the Indian agricultural equipment market 2022-2027:
Breakdown by type:
- Planting material
- Crop irrigation and treatment equipment
- Spray equipment
- Hay and forage equipment
Breakdown by application:
- Land development and seedbed preparation
- Sowing and planting
- Weed Cultivation
- Plant protection
- Harvesting and threshing
Breakdown by region:
- North India
- South India
- West India
- Eastern India
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of key players operating in the market.
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
Note: If you need specific information that is not currently covered by the report, we can provide it to you as part of the customization.
Other reports from the IMARC group:
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