Since the markets recover, Technavio anticipates the agricultural machinery market size in India to grow by USD 3.73 billion throughout the period 2020-2024.
Different government and non-government bodies in India are highlighting encouraging sustainable agricultural techniques by introducing several initiatives targeted at enhancing productivity in the sector. Initiatives such as the eNAM and Pradhan Mantri Krishi Sinchayee PMKSY, which focus on enhancing farming equipment readily available to small farmers, are leading to the demand for agricultural machines in India. The Micro Irrigation Fund (MIF) is just another government initiative where the authorities provided over USD 700 million in funds to bring more land area under micro-irrigation, within its objective to boost agricultural production and the income of farmers. These factors will immediately boost sales of agricultural machines, contributing to the Indian agricultural machinery market development.
The agricultural machinery market in India is forecast to post a more rapid growth rate of 6.27%. The increase of the Indian agricultural machinery market share by the tractors segment will be slower compared to the increase of the market by the haying machines and planting and fertilizing machinery segments.
The agricultural machinery market research in India from Technavio indicates Negative increase in the short term as the business effect of COVID-19 spreads. The agricultural machines market size in India is expected to accelerate at a CAGR of more than 8 per cent throughout the forecast period.
The agricultural machinery market in India is segmented by Product (Tractors, Harvesting Machinery, Haying machines, and Planting and fertilizing machinery and Others). The marketplace is fragmented due to the existence of many established vendors holding significant market share.
Courtesy: Businesswire