Growing agriculture sector, rising population and urbanization, coupled with easy financing options to boost India tractor market through FY2023
According to TechSci Research report, “India Tractor Market By Power Output, By Drive Type, By Application, Competition Forecast & Opportunities, 2013 – 2023”, the market for tractors in India is projected to grow at a CAGR of more than 10% during the forecast period. Anticipated growth in India tractor market can be attributed to growing demand for food products and increasing labor cost in the country. Moreover, rising technological advancements in tractor manufacturing processes has allowed agricultural machinery manufacturers to offer tractors at affordable prices, thereby further propelling their adoption across the country. Mahindra & Mahindra & TAFE are the most recognized tractor manufacturers across the country as more than 30% of the respondents expressed knowledge of brands, in a voice of customer survey conducted by TechSci Research. Moreover, Mahindra & Mahindra grabbed the highest satisfaction level among all the customer sections across the country.
Browse 28 market data Figures and Tables spread through 73 Pages and an in-depth TOC on“India Tractor Market”
With more than half of the volume share in FY2017, 40-100 HP tractor category dominated India tractor market on the back of high demand for these tractors in the agriculture sector. On the basis of drive type, India tractor market is segmented into 2-wheel drive and 4-wheel drive. 2-wheel drive is the most preferred drive type for tractors across the country. However, 4-wheel tractor sales are anticipated to grow at a fast pace during the forecast period. Among different applications, agricultural tractors dominated the India tractor market in 2017. Further, a large demand for tractors emanates from North India due to the region’s large population base and huge arable land area.
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Mahindra & Mahindra Limited is the market leader in India tractor market, followed by Tractors And Farm Equipment Ltd. (TAFE), and International Tractors Ltd. “Increasing focus of the tractor manufacturers towards producing affordable yet reliable tractors, along with growing preference towards high powered tractors is expected to have a huge positive impact on India tractor market in the foreseeable future. Moreover, rising demand for food coupled with various major manufacturers focussing on increasing production of tractors and expanding their product portfolio would significantly boost demand for tractors across India during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm.
“India Tractor Market , By Power Output, By Drive Type, By Application, Competition Forecast & Opportunities, FY2013 – FY2023” has analyzed the potential of tractors market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India tractor market.
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