India Utility Tractor Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
The India agricultural tractor machinery market is expected to register a CAGR of 5.81% during the forecast period (2018 - 2023). India is a highly competitive and major market for utility tractor in the region with the extensive use of farmland and healthy competition between the domestic and multinational companies. In India, utility tractors are well recognized as high power operators, with compact design, and easy to use multiple functions, and are used for various purposes such as agriculture, landscaping, plowing, grounds keeping etc.
The important feature of ease in attaching and detaching of functional parts, use for multipurpose operations, continuous innovation in technology in agricultural machinery, minimizing the need for multiple machines for agriculture, increase in demand for agriculture products as a result of growing population, government subsidies for agro machinery to farmers are driving the utility tractor market. Their high-efficiency and moderate price range among other tractors are added advantages. However, the fluctuation in grain prices leading to lower farm income creates unwillingness in farmers to invest in agricultural machinery.
Technology Advancements in Agricultural Tractors
With the technological advent of tractors, driverless tractors that use GPS maps and electronic sensors have been the latest addition in the India agricultural tractor market and the same can be foreseen during the forecast period.
In addition, providing government subsidies for farm mechanization is driving the deployment of utility tractor machinery in every farm in the country.
Key Developments in the Market:
- March 2017: Yanmar Holdings Co., Ltd and Development Bank of Japan Inc. (DBJ), have acquired an additional interest in International Tractors Limited (ITL), a leading Indian tractor manufacturer, where Yanmar has provided ITL with technical guidance since 2005.
- May 2017: ITL inaugurated world’s largest manufacturing plant at Hoshiarpur, where the plant can roll out a tractor in three minutes by a manufacturer. The plant produces tractors ranging from 20 to 120 hp.
Major Players: SONALIKA GROUP, TAFE, JOHN DEERE, MAHINDRA TRACTOR amongst othersReasons to Purchase this Report:
- Latest technology trends adopted by the manufacturers in the utility tractor market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the tractor type that is expected to dominate the market.
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate Sheet (in excel).
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- 1. Introduction
- 1.1. Research Methodology
- 1.2. General Study Assumptions
- 2. Research Methodology
- 2.1. Introduction
- 2.2. Analysis Methodology
- 2.3. Study Assumptions
- 2.4. Econometric Forecast Model
- 3. Executive Summary
- 4. Market Overview And Technology Trends
- 4.1. Current Market Scenario
- 4.2. Technology Trends
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power Of The Suppliers
- 4.3.2. Bargaining Power Of The Consumers
- 4.3.3. Threat Of New Entrants
- 4.3.4. Threat Of Substitute Products And Services
- 4.3.5. Competitive Rivalry Within The Industry
- 5. Market Dynamics
- 5.1. Drivers
- 5.1.1. Government Subsidies for Purchasing Tractors
- 5.2. Restraints
- 5.2.1. Purchase of Used Tractors
- 5.2.2. Volatility of Commodity Prices
- 5.3. Opportunities
- 5.3.1. Integration of Robotic Systems and GPS in Agricultural Activities
- 6. India Utility Tractor Market Segmentation, By Horsepower (hp)
- 6.1. 30-40 hp
- 6.2. 40-50 hp
- 6.3. 50-70 hp
- 7. Competitive Landscape
- 7.1. Introduction
- 7.2. Market Share Analysis
- 8. Company Profiles
- 8.1. Deere & Company (John Deere)
- 8.2. Mahindra Tractor
- 8.3. TAFE
- 8.4. Sonalika Group
- 8.5. Escorts Group
- 8.6. CNH Industrial
- 8.7. AGCO Corporation
- 8.8. Belarus Minsk Tractor Works
- 8.9. Force Motors
- 8.10. Kubota Corporation
- 9. Future of the Market
- 10. Disclaimer