India Tractor Market to Grow at a CAGR of 6.71% during 2024-2032 | Imarc Group
India Tractor Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 6.71% (2024-2032)
The growing interest in precision farming is driving the demand for specialized tractors equipped with advanced implements and machinery capable of precision sowing, fertilization, and harvesting. According to the latest report by IMARC Group, The India tractor market size reached US$ 8.3 Billion in 2023 and grow at a CAGR of 6.71% to reach US$ 14.8 Billion by 2032.
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India Tractor Industry Trends and Drivers:
The rising need for enhanced productivity and efficiency in farming practices represents one of the key factors propelling the market growth in India. The increasing emphasis on sustainable agriculture and environmental stewardship is leading to the development of eco-friendly tractors that reduce emissions and promote conservation practices. The proliferation of e-commerce platforms and digital marketplaces is enhancing the accessibility of tractors and related services, allowing farmers to make informed purchasing decisions and access a wider array of products. Besides this, the integration of advanced technologies, such as telematics, the internet of things (IoT), and automation, is reshaping the landscape by enhancing operational efficiency and providing real-time data to farmers, which in turn optimizes their farming practices. The supportive government policies, including subsidies and incentives for farmers, are making tractors more accessible and affordable. Additionally, the rise in rural income levels and the expansion of credit facilities are empowering farmers to invest in high-quality machinery.
The growing importance of after-sales services and support to increase longevity is positively influencing the market in the country. Effective maintenance and timely repairs are crucial for ensuring the longevity and performance of tractors. Manufacturers and dealers are responding by investing in comprehensive service networks and training programs to support farmers in maintaining their equipment and maximizing its utility. Moreover, the rising interest in mechanized farming among small and marginal farmers, driven by the desire to increase crop yields and reduce labor dependency, is contributing to the market growth in the country. Apart from this, the impact of climate change on agriculture is driving the need for adaptable and resilient machinery. Tractors designed to operate under diverse and changing environmental conditions are becoming more important. Manufacturers are responding by developing tractors with enhanced features to handle extreme weather conditions, such as drought-resistant equipment and systems designed to manage water-efficient farming practices.
India Tractor Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest India tractor market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
The report has segmented the market into the following categories:
Power Output Insights:
Below 40 HP
40 HP - 100 HP
Above 100 HP
Drive Type Insights:
2-Wheel Drive
4-Wheel Drive
Application Insights:
Agriculture
Construction
Mining
Forestry
Others
Regional Insights:
Maharashtra
Tamil Nadu
Uttar Pradesh
Gujarat
Karnataka
West Bengal
Rajasthan
Andhra Pradesh
Telangana
Madhya Pradesh
Delhi NCR
Punjab
Haryana
Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Action Construction Equipment Ltd.
Captain Tractors Private Limited
Escorts Kubota Limited
Force Motors Ltd
Indo Farm Equipment Limited
John Deere India Private Limited (Deere & Company)
Mahindra & Mahindra Limited
New Holland Agriculture (CNH Industrial N.V.)
Sonalika Group
Standard Corporation India Limited
Tractors and Farm Equipment Limited
V.S.T Tillers Tractors Ltd.
Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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