Agriculture & Forestry Industry Market News

Indian agricultural tractor machinery industry to reach USD 5.20 million by 2023

Agriculture Market Research

The Indian agricultural tractor machinery market was USD 4.30 million in 2016 and is estimated to reach a value of USD 5.20 million by 2023, at a CAGR of 4.45%.

With the changing industrial trends, leading to the development of more sophisticated agricultural machinery, farming methods took a giant leap forward.

Tractor machinery helps to increase the productivity of the farm, improve the quality of product and reduce the physical efforts. The increase in productivity and output have been the two major reasons for farm mechanization of any country.

India has always been an agriculture-based country and tractors play an integral role in the process of farm mechanization, which on the other hand plays a crucial role in increasing the agricultural productivity. Case IH is on the verge of introducing a series of autonomous or driverless trucks within the next three years, which would play a key role in the mechanization of agricultural productivity.

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Non-Uniformity in Monsoon Conditions is Hampering the Market Growth

In 2015, Drought like conditions and freak weather have impacted agriculture in Uttar Pradesh, like other parts of the country which has shown its impact on tractor sales. The overall tractor market has seen an overall negative growth of 14% across the country.

The tractor industry had two years of negative growth due to a severe monsoon shortage. About 4, 93,764 tractors were sold in the domestic market in 2015-16 when compared to 5, 51,463 units in 2014-15.

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Key Developments in the Market

  • February 2016: John Deere announces new software for the operations center. The new software allows growers to reduce their reliance on desktop software and to adopt eventually one system for their farm data management needs
  • July 2016: Belarus tractors exported the first batch of four Belarus 311M tractors to Guatemala
  • August 2016: CNH Industrial and Inc. announces the unveiling of concept autonomous tractor. These tractors will have autonomous seeding, planting and tillage, for broad acre and row crop farming.
  • July 2016: The Escorts group has planned to strengthen its international product portfolio by launching 13 new tractors under the flagship brands such as Farmtrac, Powertrac and Euroline Series

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