India Agricultural Machinery Industry Report 2024: Market was Valued at INR 1.13 Trn and is Expected to Reach INR 1.66 Trn FY2029 - ResearchAndMarkets.com

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

In India, the agricultural machinery market includes various tools and irrigation systems, all designed to improve farming efficiency and productivity by mechanizing processes.

In 2023, the agricultural machinery market in India was valued at INR 1.13 Trn and is expected to reach INR 1.66 Trn by FY 2029, expanding at a compound annual growth rate (CAGR) of ~6.69% during the 2024 - 2029 period. The robust demand for increased agricultural production in India is driven by the nation's expanding population and fragmented land holdings. This has led to significant growth in the market for farm machinery, especially tractors and harvesting equipment, to boost productivity.

Government initiatives, such as the Pradhan Mantri Kisan Samman Nidhi and subsidies for agricultural machinery purchases, are also encouraging farmers to adopt advanced technologies, further fueling the growth of India's agricultural machinery market.

Market Drivers:

With ongoing urbanization, there is a decrease in the availability of rural labor, resulting in increased wages for agricultural workers. This encourages farmers to invest in machinery to improve cost efficiency. The migration of rural workers to cities for improved job prospects leads to a lack of agricultural labor, prompting the use of machinery to sustain farm productivity.

Market Challenges:

The steep prices of advanced machinery make it difficult for small and marginal farmers to invest, limiting their access to modern technologies. Farmers may initially be hesitant to embrace new technologies due to the high costs involved because they remain apprehensive about receiving minimal returns on their investments. Also, many farmers do not have sufficient information on modern farming equipment, which hinders their ability to utilize new solutions that could improve efficiency.

Key Topics Covered:

Chapter 1: Executive Summary

Chapter 2: Socio-Economic Indicators

Chapter 3: Introduction

3.1. Market definition and structure

Chapter 4: Global Agricultural Machinery Market - An Overview

4.1. Global Agricultural Machinery Market - Size and Growth Forecast (FY 2022 - FY 2029e)

Chapter 5: Agricultural Machinery Market in India - An Overview

5.1. Agricultural Machinery Market in India - Size and Growth Forecast (FY 2022 - FY 2029e)

Chapter 6: Market Influencers

6.1. Market drivers

6.2. Market challenges

Chapter 7: Government Initiatives

7.1. Favorable government initiative

Chapter 8: Trade Analysis

8.1. Trade Analysis

Chapter 9: Competitive Landscape

9.1. Mahindra & Mahindra Ltd.

• Company information
• Business description
• Products/Services
• Key people
• Financial snapshot
• Key ratios
• Key financial performance indicators
• Key business segments
• Key geographic segments

9.2. Escorts Kubota Limited

9.3. Think & Learn Private Limited

9.4. Force Motors Ltd.

9.5. Greaves Cotton Limited

9.6. Shivagrico Implements Ltd.

9.7. VST Tillers Tractors Limited

9.8. John Deere India Private Limited

9.9. Tractors and Farm Equipment Limited

9.10. International Tractors Limited

9.11. CNH Industrial (India) Private Limited

Chapter 10: Appendix

For more information about this report visit https://www.researchandmarkets.com/r/acuw2e

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