India Farm Agri Equipment Market Report and Forecast 2024-2032

India Farm Agri Equipment Market Outlook

The India farm agri equipment market size reached a value of approximately USD 1130.67 billion in 2023. The market is further expected to grow at a CAGR of 10.40% between 2024 and 2032. The major market drivers include government incentives and increasing rural income.

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Key Trends in the Market

Farm agri equipment are the machines, tools, and devices that are used to provide aid in farming and other agricultural activities. These tools are used in farms for completing agricultural tasks in a faster, more efficient, and convenient manner. They can be used for agricultural activities of any scale and are available in a variety of sizes and price points.

• The decline in the use of human resources and animals in the agricultural sector has increased the demand for farm agriculture equipment in India. The migration of rural youth to urban cities has been the driving force behind this shift. Migration has led to a lack of availability of cheap labour in rural regions, this has opened wide opportunities for the India farm agri equipment market growth.

• Increased availability of credit to invest in agricultural equipment with the aid of several microfinance institutes is expected to boost the market growth. The improved availability of credit enables more end users to purchase and invest in farm agriculture equipment.

• As the major farming population falls under the economically weaker segments, establishment of various loan waiver schemes for all income category farmers alongside inflating income levels for farmers is projected to further strengthen the India farm agri equipment market.

• Adoption and acceptance of precision farming is expected to help the further growth of the market. With farmers focusing on increasing yield while reducing labour costs, farming agriculture equipment demand will likely surge.

Market Analysis

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Based on equipment, the India farm agri equipment market is divided into self-propelled machinery, sowing, planting, reaping, and digging equipment, harvesting and threshing equipment, tractor/power tiller driven equipment, and rice transplanter, among others. By region and states, the market is classified into Northern Region, Southern Region, Western Region, and Eastern Region. 

On the basis of engine rating, it can be segregated into up to 30 HP, 31-60 HP, and 61-250 HP, among others. Based on automation, the market segregation is into fully automatic, semi-automatic, and manual. By application, the market is divided into land development and seed bed preparation, sowing and planting, weed cultivation, harvesting and threshing, and post-harvest and agro processing, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the India farm agri equipment market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Tirth Agro Technology Private Limited

• Action Construction Equipment Ltd

• Tractor and Farm Equipment Ltd

• VST Tillers and Tractors Ltd

• John Deere India Private Ltd

• Mahindra & Mahindra Ltd

• Escorts Kubota Ltd

• Greaves Cotton Ltd

• Landforce Group

• Khedut Agro

• Others

Market Share by Equipment

Rice transplanters ensure uniform transplantation of seedlings in soil, this in turn enables the seedlings to mature uniformly. Maintenance of adequate distance between the seedlings is also achieved with the help of rice transplanters, this ensures that each seedling gets the required amount of water and sunlight, and a healthy crop produce is obtained. Equipment such as tractors aid in uniform formation of seed beds, thus making farming operations convenient. With the growing demand for rice, supported by an increasing population and popularity of rice in various cultural cuisines, the demand for rice transplanters is increasing, bolstering the India farm agri equipment market.

Market Share by Application

The process of seed bed formation and land development can take days on end when performed manually, however with agri equipment this time is significantly reduced. Seed bed formation and land development is the first and the most crucial step in obtaining valuable agricultural produce. Proper seed beds and land development ensure that the required seed-soil contact is achieved, increasing the applications of the India farm agri equipment market in seed bed and land development. A seed bed ensures that the desired crop growth isn’t hindered due to weeds as well as proper allocation of soil nutrients and water. Optimum moisture range promotes necessary enzymatic reactions required for adequate plant growth.

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Competitive Landscape

Escorts Kubota Ltd. was founded in 1960 and is headquartered in Faridabad, Haryana. It is a leading player in construction, agri-machinery, railway and material handling equipment and auto-components. Till date they’ve manufactured over 1 million tractors, 16,000 material handling and construction equipment, and over 5 million auto-components.

Mahindra & Mahindra Ltd. was established in 1945 and is based in Mumbai, Maharashtra. It is an automotive manufacturing corporation that provides a wide range of products for domestic as well as international markets. Mahindra and Mahindra is a part of the Mahindra Group and is one of the largest vehicle manufacturers in India.

Tractor and Farm Equipment Ltd is an agricultural machinery manufacturer that is headquartered in Chennai, Tamil Nadu and was founded in 1960. By volume they are the second largest tractor manufacturers in India and third largest in the world. Tractor and Farm Equipment sells over 180,000 tractors annually.

Other market players include VST Tillers and Tractors Ltd., John Deere India Private Ltd., Greaves Cotton Ltd., and Action Construction Equipment Ltd., among others.

Key Highlights of the Report