India Tractor Market

Market Overview:

The India tractor market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6.71% during 2024-2032. The growing utilization for agriculture purposes on account of the surging need for food security, favorable government initiatives, and rising number of infrastructure and construction projects represent some of the key factors driving the market. 

A tractor refers to a high-power and low-speed four-wheeled automotive vehicle that is designed for off-road purposes. It comprises a propeller shaft, gearbox, engine, steering system, drivetrains, brake system, cooling system, tractor rear linkages, and grip. It relies on gasoline, kerosene, liquified petroleum gas (LPG), and diesel fuel to run efficiently. It is manufactured from various materials, such as iron, structural and alloyed steel, and aluminum. It is widely available as utility, compact, row crop, garden, autonomous, military, and industrial tractors and in different sizes, shapes, colors, designs, and textures to perform various tasks. It offers productivity, reliability, versatility, and durability and assists in reducing high labor costs and pulling and pushing heavy equipment and machinery easily. As it is utilized in the agriculture purposes, such as plowing, trilling, planting, and harrowing crops, the demand for tractor is increasing in India.

India Tractor Market Trends:

At present, the rising adoption of farm mechanization and precision farming techniques to improve productivity represents one of the major factors strengthening the growth of the market in India. Besides this, the increasing utilization of tractors in the construction industry for load carriage, earthmoving, and building activities is contributing to the growth of the market in the country. In addition, there is a rise in the demand for highly efficient and cost-effective tractors for muddy and heavy soil conditions. This, coupled with the increasing number of construction projects in the country, is propelling the growth of the market. Apart from this, the Government of India is encouraging the adoption of tractors by offering various incentives and subsidies to farmers with low interest rates, which is offering lucrative growth opportunities to industry investors. Moreover, the growing demand for tractors due to the rising emergence of global positioning system (GPS) technology is positively influencing the market in India. Moreover, the increasing employment of tractors in the agriculture sector to produce high-quality crops in a time-saving and efficient manner is impelling the growth of the market. Furthermore, key players are introducing small power tractors for performing specific tasks on agricultural land, which is supporting the growth of the market in the country.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the India tractor market report, along with forecasts at the regional and country levels for 2024-2032. Our report has categorized the market based on power output, drive type, and application.

Power Output Insights:

• Below 40 HP
• 40 HP - 100 HP
• Above 100 HP
   

The report has provided a detailed breakup and analysis of the India tractor market based on the power output. This includes below 40 HP, 40 HP - 100 HP, and above 100 HP. According to the report, 40 HP - 100 HP represented the largest segment.

Drive Type Insights:

• 2-Wheel Drive
• 4-Wheel Drive
   

A detailed breakup and analysis of the India tractor market based on the drive type has also been provided in the report. This includes 2-wheel drive and 4-wheel drive. According to the report, 2-wheel drive accounted for the largest market share.

Application Insights:

• Agriculture
• Construction
• Mining
• Forestry
• Others
   

A detailed breakup and analysis of the India tractor market based on the application has also been provided in the report. This includes agriculture, construction, mining, forestry, and others. According to the report, agriculture accounted for the largest market share.

Regional Insights:

• Maharashtra
• Tamil Nadu
• Uttar Pradesh
• Gujarat
• Karnataka
• West Bengal
• Rajasthan
• Andhra Pradesh
• Telangana
• Madhya Pradesh
• Delhi NCR
• Punjab
• Haryana
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat, Karnataka, West Bengal, Rajasthan, Andhra Pradesh, Telangana, Madhya Pradesh, Delhi NCR, Punjab, Haryana, and others. According to the report, Uttar Pradesh was the largest market for tractors in India. Some of the factors driving the Uttar Pradesh tractor market included favorable initiatives by state government, rising demand in agricultural purposes, increasing adoption in the construction industry for load carriage and earthmoving, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the India tractor market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Action Construction Equipment Ltd., Captain Tractors Private Limited, Escorts Kubota Limited, Force Motors Ltd, Indo Farm Equipment Limited, John Deere India Private Limited (Deere & Company), Mahindra & Mahindra Limited, New Holland Agriculture (CNH Industrial N.V.), Sonalika Group, Standard Corporation India Limited, Tractors and Farm Equipment Limited, V.S.T Tillers Tractors Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

India Tractor Market Coverage:

Key Questions Answered in This Report:

• How has the India tractor market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the India tractor market?
• What is the impact of each driver, restraint, and opportunity on the India tractor market?
• Which state represent the most attractive India tractor market?
• What is the breakup of the market based on the power output?
• Which is the most attractive power output in the India tractor market?
• What is the breakup of the market based on the drive type?
• Which is the most attractive drive type in the India tractor market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the India tractor market?
• What is the competitive structure of the India tractor market?
• Who are the key players/companies in the India tractor market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India tractor market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the India tractor market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India tractor industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.