India Agricultural Machinery Market Estimated to Grow with a CAGR of 10.70% Over the Forecast Period, 2019-2024 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Agricultural Machinery Market in India 2019" report has been added to ResearchAndMarkets.com's offering.

India is an agrarian economy, with over 50% of the population dependent on agriculture for their livelihood. As of 2019, agriculture and its allied sector accounted for ~16% of India's gross domestic product (GDP). The performance of this sector drives the prices and market demand for essential commodities. The accessibility, and quality of agricultural machinery positively impacts productivity and output of the farming sector. Furthermore, the Indian machinery market is expected to introduce Self-Driving Autonomous Tractors, and increase application of innovative technology like Internet of Things (IoT) and Big Data to make agriculture a profitable profession for farmers.

Market Insights:

The Indian agricultural machinery market was valued at INR 498.04 Bn in 2018 and is expected to reach INR 901.41 Bn by 2024, expanding at a CAGR of ~10.70% during the 2019-2024 period. The industry experienced a sluggish growth initially, owing to the economic slowdown in the country. However, rise in the purchasing power, availability of better financing options, and growth of contract farming are expected to improve market revenue during the forecast period. The adoption of the sharing economy model and tech-driven start-ups is expected to revolutionize the agriculture machinery market in India.

The United States, Nepal and Sri Lanka account for the major share of exports of agricultural equipment from India. Whereas, India imports more than 70% of agricultural equipment from China.

Government Initiatives:

To promote the application of farm mechanization, the government has set up the Farm Machinery Training and Testing Institutes (FMTTIs) and formulated bodies to quality check agricultural machines and implements. Indian Council for Agriculture and Research (ICAR) and State Farm Corporation of India have been set up to improve the adoption of new technologies in crop production. Other initiatives include setting up financial institutions and providing incentives and subsidies.

Key Topics Covered:

Chapter 1: Executive summary

• Executive summary

Chapter 2: Socio-economic indicators

• Socio-economic indicators

Chapter 3: Introduction

• Market definition and structure
• Value chain analysis

Chapter 4: Market overview

• Agriculture machinery market in India - overview
• Historical market size
• Forecast market size
• India agriculture machinery market segmentation
• Product-wise sales segmentation
• Player-wise segmentation - tractors market sales
• Government initiatives

Chapter 5: Trade analysis

• Export
• Import

Chapter 6: Market influencers

• Market drivers
• Market challengers

Chapter 7: Market trends

• Key market trends

Chapter 8: Competitive landscape

• Mahindra & Mahindra Limited
• Company information
• Business description
• Products/services
• Key people
• Financial snapshot
• Key ratios
• Key financial performance indicators
• Key business segments
• Key geographical segments
• Escorts Limited
• Force Motor Limited
• Greavers Cotton Limited
• Shivagrico Implements Limited
• VST Tillers Tractors Limited
• John Deere India Private Limited
• Tractor and Farm Equipment Limited
• International Tractor Limited
• CNH Industries India Private Limited

Chapter 9: Recent development

• Recent development

For more information about this report visit https://www.researchandmarkets.com/r/bbqwih