The Indian tractor market is one of the largest in the world, with the country having the highest number of tractors in the world. As per the latest report of the Agricultural and Processed Food Products Export Development Authority, India has over 8.7 million tractors. This makes India the world’s largest tractor market in terms of volume, with a market share of over 25%.
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With the growing demand for tractors in India, the market for tractors is expected to grow in the coming years. The Indian tractor market is expected to grow at a compound annual growth rate (CAGR) of 7.3% between 2018 and 2025. This growth is mainly driven by the increasing demand for farm mechanization, rising population, and the increasing purchasing power of rural households.
To further understand the Indian tractor market, a recent study was done by market research firm TechSci Research. The study revealed that the tractor market in India is mainly driven by demand from the agricultural and allied sectors, such as horticulture and dairy farming. The growing use of tractors for other applications, such as construction, mining, and forestry, is also expected to contribute to the growth of the tractor market in India.
The study also found that the Indian tractor market is highly competitive, with the presence of several domestic and international players. The major players operating in the Indian tractor market include Mahindra & Mahindra, Tafe, Sonalika, Escorts, New Holland, and John Deere. These companies have a significant share in the Indian tractor market, which is expected to remain consistent in the coming years.
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In addition to this, the study also revealed that the government of India is taking initiatives to promote farm mechanization in the country. The government is providing subsidies and incentives to farmers to encourage the adoption of mechanized farming practices. This is expected to have a positive impact on the growth of the tractor market in India in the coming years.
Overall, the Indian tractor market is expected to continue its growth supported by the increasing demand for farm mechanization and government initiatives to promote it. The increasing purchasing power of rural households is also expected to contribute to the growth of the tractor market in India.