East Zone Shows High Growth Potential in the Indian Low HP Tractor Market
Arizton’s recent market research report on the Indian low HP tractor market identifies Mahindra and Mahindra, TAFE, International Tractors Limited, The Escorts Group, Deere and Company, and CNH Industrial as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation bysegmentation byHP(0-20, 20-30, 30-40, 40-50, 50-60, and 60+), by wheel drive (2 WD and 4 WD), and by zone (East, North, South, and West).
The Indian low HP tractor market is anticipated to produce shipment values of more than 1019 thousand units by 2024, growing at a CAGR of more than 6% during 2018-2024.
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The Indian low HP tractor market is divided into three major segments that consist of HP, wheel drive, and zone.
East zone to grow at the fastest CAGR in the Indian low HP tractor market during the forecast period
The Indian low HP tractor market by zones is segmented into East, North, South, and West. The East zone is slowly gaining market share, growing at a CAGR of more than 7% during the forecast period. The increasing the dependency on alternate irrigation systems is one of the primary factors contributing to the growth of the East zone in the Indian market. Top states such as Bihar, West Bengal, and Odisha are the largest revenue contributors in the market, with Jharkhand showing very high potential of growth in the country. Rice makes up around 68% of the total agricultural production in the region, which in turn will contribute to the growth of the Indian low HP tractor market over the next few years. The penetration of agricultural implements and tractors is comparatively very less in the North-Eastern states in the Indian market. The north-eastern region, a group of seven eastern states, that has Assam as a leader in the number of new tractor sales and leads the other six states combined by a hefty margin in the market. The high prevalence of small and marginal farmers and the increasing focus of the private and public bodies to improve the agricultural prospects in the region will contribute to the revenues in the Indian low HP tractor market. The potential sale of systems in the range of 30-40 HP and 40-50 HP will contribute to the growth of the market.
Read our related report on - Precision Agriculture Market - Global Outlook and Forecast 2018-2023
60+ HP segment to grow at a significant CAGR in the Indian low HP tractor market during the forecast period
The HP segment in the Indian low HP tractor marketis classified into 0-20, 20-30, 30-40, 40-50, 50-60, and 60+. The 60+ HP segment occupied less than 1/3rd of the total market share, growing at a CAGR of approximately 7% during the forecast period. The 60+ HP machines find applications in large farms with extensive farming activities and in non-farming avenues such as construction and earth moving activities in the market. Many farmers are ramping their small engine powers by adjusting the fuel pump according to their requirements to get maximum output. These larger tractors provide high amounts of power and haulage capabilities; however, they were a bit larger for Indian farming practices and cropping patterns, which will create opportunities in the Indian low HP tractor market. The leading vendors are focusing on enhancing the engine density of the tractors to attract new consumers in the Indian market. The increment in engine density allows the manufacturer to provide more power from a smaller chassis machines which are very useful from a sizing standpoint in the market. The manufacturers are increasing the engine density of mid-size chassis and row crop systems to increase power and abide by emission norms in the Indian low HP tractor market.
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2 WD segment to grow at a considerable CAGR in the Indian low HP tractor market during the forecast period
The Indian low HP tractor market by wheel drive is segmented into 2 WD,and 4 WD. 2 WD segment dominated the largest market share in 2017, growing at a CAGR of more than 6% during the forecast period. The ease of driving and maneuverability during light loads and plain fields of 2 WD tractors is propelling the growth of this segment in the Indian market. The new design machines offer more comfort than the traditional systems that are available in the market. Sonalika, Massey Ferguson, John Deere, Mahindra, and TAFE are the leading manufacturers of 2 WD machines in the Indian low HP tractor market. The relatively less cost of ownership, easy availability of spares, and power and lifting capacity enough for small farmers are of the primary factors attributing to the growing popularity of these machines in the Indian market. The features such as fuel efficiency, providing added comfort for operating in confined spaces, and for light loader work will drive the demand in this segment over the next few years. The vendors are customizing their products according to the demand and end-user requirement to attract new consumers in the Indian low HP tractor market.
The other prominent players in the Indian low HP tractor market are SDF, Zetor, Kubota, ACE Tractors, Indo Farm, Captain Tractors, Force Motors, VST Tillers Tractors, Standard Corp, and Preet Group.
The complete overview of the latest market research report on Indian low HP tractor market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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