Market Forecast By Power Output (Less Than 30 HP, 30-50 HP, 51-100 HP, More Than 100 HP), By Drive Type (2 Wheel Drive, 4 Wheel Drive), By Application (Agriculture) And Competitive Landscape
|Product Code: ETC432080||Publication Date: Nov 2022||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
The Tractor Market in India is expected to grow during the forecast period. The growth is mainly due to the increasing demand for tractors from the agriculture sector, which is witnessing a revival owing to the increasing incidence of extreme weather conditions and unpredictable monsoons.
Further, the government's efforts towards improving agricultural productivity through initiatives such as Pradhan Mantri Krishi Sinchai Yojana are also expected to drive demand for tractors in the country. However, lack of infrastructure and an unreliable power supply are restraining the growth of the tractor market in India.
According to 6Wresearch, the India Tractor Market size is expected to grow during 2022-2028. The India Agricultural Sector is one of the most important sectors in the world and this gives rise to the India Tractor Market. There are a number of factors that are contributing to this growth, such as increased investment in rural infrastructure, improved irrigation and drainage systems, and rising incomes.
Despite these positive trends, there are still some challenges facing the India agriculture sector that can restrain the growth of the India Tractor Market. These include a shortage of skilled labour, low productivity levels, and a lack of access to credit. In addition, India faces some environmental issues, such as water scarcity and climate change. However, the country will overcome these challenges with concerted effort from government officials and the private sector. This will boost the growth of the India Tractor Industry.
The pandemic had a positive impact on the India Tractor Market which is an essential part of the Asia Pacific Tractor Market. It was due to the growing demand of the agriculture products such as vegetables, cereals, and fruits in the nation. India Tractor Market is one of the most important sectors. Therefore, it impacted positively even during the pandemic. Pandemic was the time when people become more health conscious than every before. They wanted to be healthy. This led to a growth in the market. This is an ever-growing market since it meets the basic requirements of people.
On the basis of power output, the market is segmented into Less Than 30 HP, 30-50 HP, 51-100 HP, and More Than 100 HP. Out of these, the 30-50 HP segment is holding the largest share in the market. This segment will continue to dominate the market in the future.
On the basis of drive type, the market is segmented into 2 Wheel Drive, and 4 Wheel Drive. Among these, the 2-wheel drive dominated the market. This segment is continued to drive the market growth. This segment will expand the India Tractor Market Share.
On the basis of application, the market is segmented into agriculture. This segment has been dominating the market. It is expected to give boost to this market.
The growth of the market is attributed to the increasing demand for tractors in rural and semi-urban areas due to the rising need for agricultural mechanization. In addition, the government's initiatives such as 'Make in India' are expected to help boost the market trend.
However, several factors that could hamper the growth of the India tractor market include high import tariffs and lack of spare parts availability. Moreover, stringent regulations pertaining to safety and environmental issues are also restraining the market growth.
The report offers a comprehensive study of the subsequent market segments:
1. What is the forecast period of this market report?
The forecast period of this report is 2022-2028.
2. Will the India Tractor Market grow in the future?
Yes, the market will grow more in the years to come since agricultural products have always been in demand.
3. Does the report include COVID-19 Pandemic impact?
Yes, this report covers the impact of the pandemic on the market. It shows that the pandemic has positive impact on the market.
4. Is the competition level high in the market?
Yes, the competition level is high and intense in the market.