The agricultural machinery market in India to grow at a compound annual growth rate (CAGR) of 10.89 percent over the period 2013-2018, according to Dublin-based Research and Markets.
According to the report, one key factor driving market growth is an increase in population, which has led to increased demand for food and related products over the past few years. The Indian government is focused on increasing food productivity to meet the needs of a growing population. This has increased the demand for agricultural machinery equipped with modern technology.
Further, the report states that one of the major challenges in the market is the lack of new workforce which has been caused labour migration. The trend has rendered revenue generation in the agriculture sector unstable; consequently, abstaining youth from engaging in the sector.
Revenue generated from the agricultural machinery market in India is calculated from the overall revenue generated by the four sub-segments of the market, tractors, rotavators, thresher and power tillers.
Mahindra & Mahindra, Sonalika, Tractors and Farm Equipment (TAFE), Escorts, CLASS, Shaktimaan, New Holland, VST Tillers Tractors are the major players providing agri machinery solutions in the country.
(Photo: Mohd Mustaquim)