India Tractor Market Research - 2030
The India tractor market size was valued at $7,540.8 million in 2020, and is expected to reach $12,700.8 million by 2030, with a CAGR of 7.9% from 2021 to 2030.
A tractor is a vehicle usually available with one or two small wheels in front and two large wheels at the back. Tractor is used in agriculture, construction, and logistics applications. Tractor is used to move attached implements such as rotavators, plowing, tilling, sowing, cultivation, and harvesting. It is available in 2-wheel type and 4-wheel type. Also, it is available in power output of 20 HP to more than 20 Hp. It is used in agricultural as well as construction & mining applications.
Market Dynamics
An increase in mechanization in agricultural equipment such as tractor in states like Telangana, Tamil Nadu, Haryana, Punjab, Maharashtra, and Madhya Pradesh, drives the growth of the India tractor market. A rise in demand for highly efficient tractors for various applications such as planting, sowing, and others drive the growth of the market. Major players such as Mahindra & Mahindra Ltd., and Escorts Limited are engaged in offering tractors with power output range of 50-100 HP. For instance, Mahindra & Mahindra Ltd. offers Mahindra NOVO tractor. It has power output of 64.1 HP. It has powerful engine which is best suitable for heavy & sticky soil condition. It has efficient cooling system. It is used for harrow, and mulcher applications.
In addition, rise in government spending on new infrastructural and construction buildings, which in turn, increases the demand for tractors for transportation applications, drive the growth of the India tractor market. For instance, the Indian government has increased spending on infrastructure activities grew by 20.9% from 2018 to 2019. In addition, construction tractor offers operational efficiency, and advancement in tractor technology, drive the growth of the market.
By Drive Type
2 Wheel Drive segment dominated the market in 2020.
In addition, rise in demand for high performance tractor for muddy, and heavy soil condition, drive the growth of the India tractor market. For instance, in July 2018, Swaraj Tractors, a subsidiary of Mahindra & Mahindra Ltd. launched a new Swaraj 963 FE series tractor with 2-wheel Drive & 4 W wheel drive. It has powerful engine, is cost efficient, and offers high productivity. It has features such as higher productivity, reliability, durability, and easy maintenance. All such instances drive the growth of the India tractor market.
However, lack of information about efficient tractor among farmers in India, is anticipated to restraints for the growth of the India tractor market. Furthermore, a government initiative for assisting and providing subsidy to farmers with low interest rates, which is anticipated to provide lucrative opportunities for the growth of the India tractor market. For instance, many government initiatives such as PM Kisan Tractor Yojana, and Telangana Yantra Laxmi Scheme in India are providing 20% to 50% subsidy on tractors to farmers.
By Power Output
30-50 HP segment generated the highest revenue.
Segmental Overview
The India tractor market is segmented into power output, drive type, application, and region. Depending on power output, the market is categorized into less than 30 HP, 30-50 HP, 50-100 HP, and more than 100 HP. The 30-50 HP segment dominated the market in 2020.
By drive type, the market is bifurcated into 2-wheel drive and 4-wheel drive. The 2-wheel drive segment dominated the market in 2020.
On the basis of application, it is divided into agriculture, construction, and mining & logistics. The agriculture segment dominated the market in 2020.
Region wise, the India tractor market is analyzed across North India, South India, West India, East India, and Rest of India. West India dominated the market in 2020.
By Application
Agriculture segment holds dominant position in 2020
Competition Analysis
Key players profiled in this report include The Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Tractors and Farm Equipment Ltd., Sonalika International Tractors Limited, Deere & Company (John Deere India Private Limited), HMT Limited, Force Motors Limited, and Standard Corporation India Limited.
Major players such as Mahindra & Mahindra, Tractor and Farm Equipment Limited, and HMT limited, are adopting agreement, and product launch as a key developmental strategy to improve the product portfolio of tractor products. For instance, in December 2020, Sonalika International Tractors Ltd. launched a new TIGER Electric tractor. It is India’s first electric tractor suitable for agricultural and construction applications. It is powered by 25.5 KW natural cooling battery. It has power back up of 10 hrs. It has features such as high-power density, high peak torque, and high performance.
By Country
West India holds a dominant position in 2020.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging India tractor market trends and dynamics.
- In-depth analysis of the market is conducted by India tractor market estimations for the key market segments between 2020 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive India tractor market opportunity analysis of all the countries is also provided in the report.
- The India tractor market forecast analysis from 2021 to 2030 is included in the report.
- The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.
India Tractor Market Report Highlights
| Aspects | Details |
 By Power Output |
|
 By Drive Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | V.S.T. TILLERS TRACTORS LTD., STANDARD CORPORATION INDIA LIMITED, MAHINDRA & MAHINDRA LTD., DEERE & COMPANY (JOHN DEERE INDIA PRIVATE LIMITED), HMT LIMITED, FORCE MOTORS LIMITED, TRACTORS AND FARM EQUIPMENT LIMITED, SONALIKA INTERNATIONAL TRACTORS LTD, CNH INDUSTRIAL N.V. (CNH INDUSTRIAL (INDIA) PVT LTD), ESCORTS LIMITED |
Analyst Review
Technological advancements in the field of agricultural machinery such as tractor have led to increased crop production, and ploughing. Tractor manufacturers such as Mahindra & Mahindra Ltd, Sonalika International Tractors Ltd., have focused on designing and upgrading their tractor products with higher performance, and higher productive tractors. For instance, in July 2018, Swaraj Tractors, a subsidiary of Mahindra & Mahindra Ltd., launched a new Swaraj 963 FE series tractor with 2 Wheel Drive & 4 W wheel drive. It has powerful engine with fuel efficient, with high torque. It has features such as higher productivity, reliability, durability, and easy maintenance. In addition, key players are now producing machinery conforming to the latest emission standards to tackle the environmental challenges on farms. The development of new hybrid equipment, which can work on both fuel as well as batteries, decrease operational costs and significantly increase productivity, fuels the growth of the India tractor market.
Moreover, India is a developing country, and the agricultural sector is one of the important businesses of the population in India. According to India Brand Equity Foundation, the 58% of the total population in India are choosing agriculture as the primary source. Furthermore, governments in these nations offer incentives and loans to farmers to motivate the use of agricultural equipment, which increases the cultivation of crops. Thus, all these factors collectively are anticipated to create lucrative growth opportunities for India tractor market during the forecast period.
The India tractor market size was $7,540.8 million in 2020 and is projected to reach $12,700.8 million in 2030, growing at a CAGR of 5.1% from 2021 to 2030.
The forecast period considered for the India tractor market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
The base year considered in the India tractor market is 2020.
No, the report does not provide Value Chain Analysis for the India tractor market. However, it provides market share analysis for the top players in the India tractor market.
On the basis of end user, the others segment is expected to be the most influencing segment growing in the India tractor market report.
Based on the drive type, in 2020, the 2 wheel drive segment generated the highest revenue, accounting for 91.4% of the market and is projected to grow at a CAGR of 4.8% from 2021 to 2030.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically covers company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The market value of India tractor market is $8,120.9 million in 2021.
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