Portland, OR, Nov. 17, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the India tractor market was accounted for $7.54 billion in 2020, and is estimated to reach $12.70 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.
Rise in adoption of precision farming, advancements in tractor technology, and mechanization in agricultural industry have boosted the growth of the India tractor market. However, lack of information about efficient agriculture equipment among farmers and high cost of agricultural tractors hinder the market growth. On the contrary, government support for the development of agricultural activities is expected to open new opportunity in the future.
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Covid-19 scenario:
- The Covid-19 pandemic has had a positive effect on the demand for trackers due to rise in demand for agricultural produces such as vegetables, fruits, and cereals.
- However, the prolonged lockdown hampered the manufacturing activities and international export-import to an extent.
The report divides the India tractor market on the basis of drive type, power output, application, and region.
Based on drive type, the 2 wheel drive segment held the largest share in 2020, accounting for more than 90% of the market. However, the 4 wheel drive segment is projected to manifest the highest CAGR of 7.9% during the forecast period.
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On the basis of application, the agriculture segment held the lion’s share in 2020, contributing to nearly 90% of the market. However, the construction, mining & logistics segment is estimated to portray the highest CAGR of 5.9% from 2021 to 2030.
By region, the market across West India held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across North India is anticipated to showcase the highest CAGR of 5.9% during the forecast period.
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Top Manufacturers:
The India tractor market report includes an in-depth analysis of the prime market players such as The Mahindra & Mahindra Ltd., CNH Industrial N.V., Escorts Limited, Sonalika International Tractors Limited, Tractors and Farm Equipment Ltd., HMT Limited, Deere & Company (John Deere India Private Limited), Standard Corporation India Limited., and Force Motors Limited.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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