India Tractor Market Growth Outlook 2023, Emerging Trends, Revenue, Challenges, Opportunities and Forecast 2030
India Tractor Market is Expected to Reach $12.7 Billion by 2030
PORTLAND, OR, UNITED STATES, April 14, 2023 /EINPresswire.com/ — India Tractor is a term commonly used to refer to tractors that are manufactured in India or sold in the Indian market. Tractors have been an integral part of India’s agricultural landscape for several decades, playing a critical role in enhancing farm productivity and driving the country’s agricultural growth.
India is one of the largest producers and consumers of tractors in the world. The Indian tractor market is dominated by several key players, including Mahindra & Mahindra, TAFE, Escorts, and John Deere, among others. These companies offer a wide range of tractors, catering to the diverse needs of farmers across the country.
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Actually, The India tractor market size was $7.5 billion in 2020 and is expected to reach $12.7 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030.
One of the key factors that have contributed to the growth of the Indian tractor industry is the increasing mechanization of agriculture. As more and more farmers switch from traditional manual methods to mechanized farming practices, the demand for tractors has surged. Additionally, government policies aimed at promoting the use of tractors in agriculture, such as subsidies and loans, have also played a crucial role in driving the growth of the industry.
An advancement in Indian agriculture sector with new revolutionary farming machinery such as tractors, drive the growth of the India tractor market. For instance, in 2018, Mahindra & Mahindra Ltd launched a new driverless tractor in India. Similarly, rise in innovations and advancements in tractor equipment, fuels the growth of the India tractor market.
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Top Players:
Key companies profiled in the report include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd, Sonalika International Tractors Ltd, Deere & Company (John Deere India Private Limited, HMT Limited, Force Motors Limited, and Standard Corporation India Limited.
The Indian tractor market is characterized by a high degree of competition, with players constantly innovating and introducing new features to stay ahead of the curve. In recent years, there has been a growing trend towards the adoption of precision agriculture, with tractors being equipped with advanced technologies such as GPS, sensors, and automated steering systems. These technologies enable farmers to optimize their farming practices, improve yields, and reduce input costs.
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Overall, the India tractor industry is a critical component of the country’s agricultural sector, providing farmers with the tools they need to boost productivity and drive growth. With continued innovation and investment, the industry is poised to continue its growth trajectory, enabling farmers to achieve even greater levels of efficiency and profitability.
David Correa
Allied Analytics LLP
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