According to the report by Expert Market Research (EMR), the India Farm Agri Equipment Market Size reached a value of around USD 1130.67 billion in 2023. Aided by the increasing mechanisation of farming activities and the rising adoption of modern agricultural practices, the market is projected to grow at a CAGR of 10.40% between 2024 and 2032.
Farm agri equipment encompasses a broad range of machinery used in agriculture, including tractors, harvesters, ploughs, and irrigation systems. These tools play a crucial role in enhancing crop production, improving the efficiency of farming operations, and reducing labour intensity.
The India farm agri equipment market growth is primarily driven by the government’s strong support for agricultural mechanisation. Initiatives such as subsidies for farm machinery purchases and programmes promoting the use of modern farming techniques are encouraging farmers to invest in advanced equipment. Additionally, the increasing focus on sustainable farming practices is pushing the demand for innovative and environmentally friendly agri equipment.
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One of the primary factors propelling the India farm agri equipment market expansion is the rising need to improve agricultural productivity amidst the growing population and shrinking arable land in India. As the pressure mounts to produce more food, farmers are increasingly turning to mechanised solutions that offer precision and efficiency.
The trend towards farm mechanisation is further fuelled by labour shortages in rural areas, driven by urban migration and alternative employment opportunities. This shift has made it imperative for farmers to adopt agri equipment that minimises the need for manual labour.
Moreover, the introduction of smart and connected farm equipment, equipped with GPS and IoT technologies, is transforming the agricultural landscape in India. These advanced tools enable precise farming, data-driven decision-making, and optimised resource management, leading to higher crop yields and reduced costs. This is expected to accelerate the India farm agri equipment market expansion.
The adoption of farm agri equipment varies significantly across different regions in India. States like Punjab, Haryana, and Uttar Pradesh are leading in terms of equipment penetration due to their large agricultural bases and higher income levels among farmers. These regions are also the focal points for several government initiatives aimed at promoting mechanisation.
Conversely, the eastern and northeastern states of India present untapped opportunities for the India farm agri equipment market expansion, given their lower levels of mechanisation and growing governmental focus on agricultural development in these areas.
One of the main obstacles to adopting advanced agricultural equipment is the initial investment required. Financial institutions and government bodies could play a pivotal role by offering tailored financing options and credit facilities to farmers. Expanding access to affordable credit will enable more farmers to invest in high-quality equipment, leading to increased productivity and economic gains.
Establishing more Custom Hiring Centers can significantly propel the India farm agri equipment market. CHCs allow farmers to rent equipment at affordable rates, which is particularly beneficial for small and marginal farmers who cannot afford to purchase their own machinery. This model not only boosts the penetration of advanced technologies in rural areas but also ensures that more farmers can benefit from mechanization.
As the India farm agri equipment market navigates through these transformative times, the focus should be on inclusivity and sustainability. By adopting innovative technologies, enhancing financial and policy support, and ensuring widespread education and access, India can achieve significant advancements in its agricultural productivity and economic prosperity. These efforts will not only benefit the agri equipment market but will also play a crucial role in shaping the future of India’s agricultural landscape.
India Farm Agri Equipment Market Segmentation
The market can be divided based on equipment, engine rating, automation, application, and region and states.
Market Breakup by Equipment
- Self-Propelled Machinery
- Sowing, Planting, Reaping, and Digging Equipment
- Harvesting and Threshing Equipment
- Tractor/Power Tiller Driven Equipment
- Rice Transplanter
- Others
Market Breakup by Engine Rating
- Up to 30 HP
- 31-60 HP
- 61-250 HP
- Others
Market Breakup by Automation
- Fully Automatic
- Semi-Automatic
- Manual
Market Breakup by Application
- Land Development and Seed Bed Preparation
- Sowing and Planting
- Weed Cultivation
- Harvesting and Threshing
- Post-Harvest and Agro Processing
- Others
Market Breakup by Region and States
- Northern Region
- Southern Region
- Western Region
- Eastern Region
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Competitive Landscape of India Farm Agri Equipment Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India farm agri equipment market. Some of the major players explored in the report by Expert Market Research are as follows:
- Escorts Kubota Ltd
- Mahindra & Mahindra Ltd
- Tractor and Farm Equipment Ltd
- VST Tillers and Tractors Ltd
- John Deere India Private Ltd
- Greaves Cotton Ltd
- Tirth Agro Technology Private Limited
- Landforce Group
- Khedut Agro
- Action Construction Equipment Ltd
- Others
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