Is Farm Mechanization Driving Significant Change in the Low HP Tractor Market in India?
Arizton’s recent market research report on the low HP tractor market in India provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by HP (0-20, 20-30, 30-40, 40-50, 50-60, and 60+), by wheel drive (2 WD and 4 WD), by zone (East, North, South, and West), and offers detailed competitive analysis.
The low HP tractor market in India is projected to produce shipment volumes of more than 1019 thousand units by 2024, growing at a CAGR of over 6% during 2018-2024.
The rising adoption of the concept of agriculture equipment rental is augmenting the growth of the Indian market. The increasing presence of agriculture-focused NBFCs in the country that enable small and medium-scale farmers to buy agriculture machinery for their farms on credit will boost the demand in the low HP tractor market in India.
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The top 3 drivers and trends contributing to the growth of the low HP tractor market in India are discussed below:
Increasing agricultural productivity and exports
The rising number of public and private sector companies investing in the agricultural industry is propelling the growth of the low HP tractor market in India. The increasing income levels of population in developing states, inequitable population growth, and an agricultural output coupled with climatic changes affecting the agriculturaloutput are some of the primary factors attributing to the demand for food in the Indian market. Such high demand is encouraging farmers to adopt smart tech solutions in the market. The increasing investments will enable farmers to procure a larger number of technologically advanced agricultural equipment and drive the demand in the low HP tractor market in India. The rising awareness and lucrativeness of grape and fruit farming are leading to an increase in the purchase of compact or garden tractors in the Indian market. The introduction of several policies and schemes by the government promoting farm mechanization will drive growth in the market over the next few years.
India is becoming the export hub for horticultural, agricultural, and processed food products across international markets.
The growing demand for a wide range of products from various regions such as SAARC, South East Asia, Middle East, Europe, and the US will create new opportunities for leading vendors in the low HP tractor market in India.
Read our related report on - Precision Agriculture Market - Global Outlook and Forecast 2018-2023
Increasing adoption rates of farm mechanization
The growing adoption of mechanization in farms across the country is propelling the growth of the low HP tractor market in India. The increasing usage of advanced equipment in agriculture activities is gaining immense popularity in the Indian market. The adoption of farm mechanization at a faster rate will drive revenues in the low HP tractor market in India. The implementation of advanced technology to increase production and net incomes across high agriculture states such as Punjab, Haryana, and some Southern states will contribute to the innovations in the Indian market. The recent trend towards consolidation and a higher number of medium-scale farms will create a strong demand for low HP machines in the market. In India, the 35 to 50 hp tractor segment is the highest selling segment. In recent years, the country has witnessed an increase in the adoption of compact tractors as the export demand for fruits and flowers increase.
Two of the highest selling brands in the Indian market are Mahindra and Sonalika.
The integration of technologies such as data analytics, telematics, remote sensing, GPS, and mobile technology will make farming more precise and sophisticated in the market. These innovative machines will result in movement with precision to minimize fuel, fertilizers, and seed wastage and contribute to the sales in the low HP tractor market in India.
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Usage of alternate and non-conventional fuel in tractors
The growing concerns over environmental pollution are fueling the demand for biodiesel tractors in the low HP tractor market in India. The low operating costs and low maintenance of biodiesel machines will boost the sale of these products in the Indian market. Leading manufacturers are researching and developing alternative fuels such as bio-diesel and electrical or battery-operated machines to gain a larger consumer group in the low HP tractor market in India. The vendors are developing systems that use liquefied natural gas (LNG), compressed natural gas (CNG), propane,and kerosene to promote sustainability and reduce carbon emissions in the market. For instance, New Holland has also showcased a concept tractor which runs on biomethane. Such initiatives will revolutionize the low HP tractor market in India.
The leading vendors in the low HP tractor market in India are Mahindra and Mahindra, TAFE, International Tractors Limited, The Escorts Group, Deere and Company, and CNH Industrial.
The complete overview of the latest market research report on low HP tractor market in India 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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