Rising farmer income, increasing government focus on farmer welfare and rural development along with mechanization in agriculture and growing popularity of bank financing facilities to boost tractor market in India
According to TechSci Research report, “India Tractor Market By Application Type, By Power Output, By Drive Type, Competition, Forecast & Opportunities, FY 2026”, India tractor market stood at 709 thousand unit sales in FY 2020 and is forecast to grow at a CAGR of around 10% until FY 2026. Growth in the market is anticipated on account of increase in demand for mechanization in agriculture & logistics industry. The Government of India is planning to double farmer income by 2022 and has already implemented National Rural Employment Guarantee Act (NREGA), with strong focus on improving farm productivity and mechanization of agricultural practices. Strengthening of financial state of the country’s agriculture industry by loan waivers, government subsidies and growing availability of bank financing options will be the key factors responsible for the growth of tractor market in India over the next five years.
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"India Tractor Market"
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India tractor market is classified based on application type, power output, drive type, and region. Based on application type, the market is segmented into agriculture and construction, mining & logistics. In 2019, the agriculture sector accounted for the largest share in the country’s tractor market, followed by construction / mining and logistics sectors. In terms of power output, tractor market is categorized into below 40HP and 41-100HP. The market is currently dominated by tractors with rated power output under 40HP. However, with increase in expenditure by agricultural communities, and to meet diverse needs of heavy tasks associated with large scale farming such as mowing, tilling, plowing, cutting, loading, etc., demand for performance-oriented tractors with rated output of 50HP to 80HP is also expected grow in the coming years.
Due to the implementation of lockdown to prevent spread of COVID-19 pandemic, sales of tractors in the month of March 2020 fell by almost half and that in April 2020 fell by almost 90% as compared to corresponding months of the previous year. Nevertheless, the market rapidly recovered in May 2020 with a rise of 4% as compared to May 2019. At present, there are 16 major domestic players alongside four global ones engaged in manufacturing tractors in the country. Mahindra & Mahindra Ltd. holds the largest share in tractor market, followed by TAFE Ltd., Sonalika Group (ITL), and Escorts Ltd. holding double-digit shares. Other leading market players include John Deere, CNHI India Pvt Ltd, Force Motors Ltd., Captain Tractors Pvt. Ltd., Ace Ltd., and Preet Tractors (P) Ltd.
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“Mahindra & Mahindra dominated the market in the financial year 2020, due to its wide dealer network and a broad range of economical yet quality product offerings. Demand for tractors is anticipated to increase in India in the coming years, on account of rising need for mechanized farming and growing government focus on strengthening agriculture industry and improving productivity.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Tractor Market By Application Type, By Power Output, By Drive Type, Competition, Forecast & Opportunities, FY 2026” has evaluated the future growth potential of India tractor market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India tractor market.
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