Agricultural Machinery Market in India 2015-2019
About agricultural machinery
Agricultural machinery is used in various agricultural activities such as sowing, reaping, and application of fertilizers. Some of the key agricultural machinery includes tractor, power tiller, rotavator, and thresher.
Agriculture plays a major role in India's GDP as well as a source of employment. In the country, over 70% people depends on agriculture as the major source of income. According to the Central Statistics Office, National Statistical Organization, India, the agriculture and allied sector contributed 13.90% to GDP during 2013-2014 (at 2004-2005 constant prices).
Technavio's analysts forecast the agricultural machinery market in India to grow at a CAGR of 7.93% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the agricultural machinery market in India during the period 2015-2019. To calculate the market size, the report considers the revenue generated from the sales of the following products:
Technavio Announces the Publication of its Research Report – Agricultural Machinery Market in India 2015-2019
Technavio recognizes the following companies as the key players in the Agricultural Machinery Market in India: Deere, Mahindra & Mahindra, Sonalika (International Tractors), Tractors and Farm Equipment (TAFE) and V.S.T. Tillers Tractors
Other Prominent Vendors in the market are: AGCO, Beri Udyog, CLAAS, CNH, Daedong Industrial, Escorts Group, Foton Lovol, Kubota, KUHN Group, LEMKEN, McCormick International, Pöttinger and SAME DEUTZ-FAHR Group
Commenting on the report, an analyst from Technavio’s team said: “Due to the increase in the prices of conventional fuels and rising concerns of environmental pollution, farmers are considering alternative fuel options such as LNG, CNG, kerosene, vegetable oil, diesel, and propane, to power their machineries. For instance, New Holland developed a hydrogen powered tractor in 2011, NH², which emits oxygen and water. Another market trend is the adoption of bio-diesel tractors. Although this equipment is expensive, farmers adopting them because of benefits such as longevity of the engine, low operating costs, and reduced maintenance costs.”
According to the report, population in India has increased in 2014. According to the Australian Department of Agriculture, real value of agri-food demand in India is likely to rise between 2009 and 2050. End-users require efficient farm cultivation to cope with this increasing demand for food. Although the arable area has not increased in proportion to the demand for food, farmers are increasing the efficiency and speed of production by adopting advanced agricultural machinery to meet this demand.
Further, the report states that fluctuating prices of raw materials could lower their margins, affecting the overall market growth.
Deere, Mahindra & Mahindra, Sonalika (International Tractors), Tractors and Farm Equipment (TAFE) and V.S.T. Tillers Tractors, AGCO, Beri Udyog, CLAAS, CNH, Daedong Industrial, Escorts Group, Foton Lovol, Kubota, KUHN Group, LEMKEN, McCormick International, Pöttinger, SAME DEUTZ-FAHR Group
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