India Agriculture Tractor Market Overview, 2029

Large domestic and international manufacturers control a substantial portion of the agricultural tractor industry in India, and farmers prefer reputable brands because they can be assured of quality and receive superior after-sale support. India's rural economy has historically been gauged by the tractor sector. Despite being relatively new, the Indian tractor market has grown to become the largest in the world, accounting for one-third of global output (barring sub-20 horsepower belt-driven tractors used in China). China and the US are the two other largest tractor markets worldwide. In the Indian agricultural tractor market, Mahindra & Mahindra Ltd. holds the largest market share. It is followed by Tractor and Farm Equipment Ltd (TAFE), International Tractor Ltd., and Escorts Limited. These big businesses are making investments in product innovation, new product development, business expansions through acquisitions, and growth. Concentrating resources on R&D to introduce new products at reduced costs is another significant investment area. Due to the scarcity of field labor and the emergence of creative business models like tractor bespoke hiring, India's tractor market is still quite profitable. Prominent entities like Mahindra & Mahindra, Tractor and Farm Equipment Limited, and HMT Limited are utilizing agreements and product launches as crucial developmental tactics to enhance their tractor product range. For example, Sonalika International Tractors Ltd. introduced the TIGER Electric tractor in December 2020. It is the first electric tractor made in India that can be used for construction and agriculture. A 25.5 KW natural cooling battery powers it. It has a ten-hour power backup. Its characteristics include strong performance, high peak torque, and great power density. According to the research report "India Agriculture Tractor Market Overview, 2029," published by Bonafide Research, the India Agriculture Tractor Market is predicted to grow with more than 5.50% CAGR from 2024-2029. The expansion of the tractor market in India is primarily driven by the increased mechanization of agricultural equipment, including tractors, in states like Telangana, Tamil Nadu, Haryana, Punjab, Maharashtra, and Madhya Pradesh. The market is expanding because to an increase in demand for extremely effective tractors for a variety of uses, including planting, sowing, and other tasks. Tractors with a power output range of 50–100 HP are being offered by well-known companies like Escorts Limited and Mahindra & Mahindra Ltd. Mahindra & Mahindra Ltd., for example, sells the Mahindra NOVO tractor. It can produce 64.1 horsepower. Its strong engine is best suited for conditions with heavy, sticky soil. Its cooling system is effective. It is employed in mulcher and harrow applications. The expansion of the tractor market in India is also driven by an increase in government spending on new construction and infrastructure projects, which raises the need for tractors for transportation-related applications. The need for high-performance tractors that can handle muddy and heavy soil conditions is also driving the expansion of the tractor market in India. For example, Mahindra & Mahindra Ltd.'s subsidiary Swaraj Tractors introduced a new tractor, the 963 FE series, with two and four wheels respectively in July 2018. It is highly productive, economical, and has a strong engine. Higher output, dependability, longevity, and ease of maintenance are just a few of its benefits. The tractor market in India is growing as a result of all these incidents.

Based on the Engine Power, the market is divided into 30 HP, 30 HP - 100 HP, 100 HP - 200 HP, and Above 200 HP. The Indian agriculture tractor industry is seeing notable growth in the 30-100 HP segment. These tractors are ideal for a range of jobs on small and medium-sized farms, which are common in India. They provide the ideal ratio of power to size. They are agile enough to maneuver through vineyards, orchards, and other confined areas, and they are capable of handling cultivation, planting, harvesting, and plowing. For many Indian farmers, their adaptability makes them an invaluable asset. Due to the frequent division and dispersion of landholdings, land fragmentation poses a serious problem for Indian agriculture. Many farmers prefer smaller tractors because they are more adept at handling these uneven parcels and fitting into small areas. Based on the Drive Type, the market is divided into 2WD, 4WD. In the Indian market, two-wheel drive tractors are observed to be more common than four-wheel drive tractors. Due to the rising need for high power agricultural tractors to carry out various agricultural tasks effectively, the 4-wheel drive (4WD) category is anticipated to have substantial expansion throughout the forecast period. For example, 4WD tractors make it simple to accomplish heavy-duty farming duties like tilling and planting. When a tractor is equipped with four-wheel drive, the engine provides power to all four wheels. Improved performance, rapid speed, and decreased slippage are offered with 4WD tractors. Over the course of the projection period, all of these factors are expected to fuel the expansion of the 4WD category. Based on the Level of Autonomy, the market is divided into Manual Tractor Vehicle, Autonomous Tractor Vehicle. Over the course of the projection period, manual tractors are anticipated to see significant increase. The rise of this market is driven by the wide availability of manual tractors. Farmers can choose from a large selection of manual tractors, which are less expensive than autonomous tractors. During the projected period, the autonomous tractor segment is anticipated to develop at a moderate rate. To increase the variety of products they offer, manufacturers are devoting resources to the creation of autonomous tractors that run on electricity. The development of electrically powered autonomous tractors is anticipated to be propelled by government initiatives aimed at reducing carbon emissions from automobiles. Based on the Application the market is divided into Harvesting, Seed Sowing, Spraying, Others. The demand for fruits, vegetables, and specialist crops like oilseeds and pulses is rising in India. Because of their delicate nature or the need for certain harvesting techniques, these crops frequently require specialist harvesting equipment. These requirements are met by tractors with harvesting attachments that work well with them, allowing for the careful and efficient collection of crops without causing damage. Like other nations, India's agriculture industry has trouble drawing in and keeping skilled workers. Due to labor shortages and rising wages, hand harvesting is becoming more and more costly and unfeasible. This problem is addressed by sophisticated harvesting equipment with automated capabilities, which lowers the need for manual labor while increasing operational effectiveness. Considered in this report: • Geography: India • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report: • India Agriculture Tractor market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

By Engine Power: • Below 30 HP • 30 HP - 100 HP • 100 HP - 200 HP • Above 200 HP By Drive Type: • 2WD • 4WD By Level of Autonomy: • Manual Tractor Vehicle • Autonomous Tractor Vehicle By Application: • Harvesting • Seed Sowing • Spraying • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the coconut Products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.