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The report covers the India Agricultural Tractor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Agricultural Tractor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
The Tractor industry has always been a barometer for the state of rural economy in India. Indian tractor industry is relatively young but now has become the largest market worldwide (excluding sub 20 hp belt driven tractors used in China), accounting one third of the global production.
Apr 3, 2021 · The overall growth of tractor sales in 2020-21 is ever highest in the decade, pandemic comes as the biggest opportunity for India's Tractor Industry. We missed the historical Tractor sales of 9 Lac Tractors by only 571 Units in FY'21. In FY'21, 8,99,429 Tractors were sold with 26.9% YOY growth.
Key sector of Indian Economy. Contributes 25% of GDP of the country. 13% of India’s Exports. Second largest producer of rice & wheat in the world. Largest producer of pulses. Fourth largest producer of coarse grains. Second largest producer of vegetables, groundnuts & fruits. Current average growth rate: 2.2% AGRICULTURE SECTOR – GLOBAL SCENARIO.
In 2013, India produced 619,000 tractors accounting for 29% of world's output, as the world's largest producer and market for tractors. [1][2] India currently has 16 domestic and 4 multinational corporations manufacturing tractors.
The domestic tractor industry volumes touched an all-time high of ~9 Lakh in FY2021 aided by a combination of robust farm cashflows and healthy monsoons. In the current fiscal, tractor sales remained healthy since the abatement of second wave, however, from August 2021 onwards, the industry has
India's tractor market set for growth with rising mechanization, urbanization, and investment. Dominance of utility tractors and surge in high-power models underscore a dynamic period ahead. International: +1-347-960-6455
The Indian tractor industry is the largest in the world, accounting for one third of global production. The other major tractor markets in the world are China and the USA.
The India Agricultural Tractor Market size is estimated at USD 7.42 billion in 2024, and is expected to reach USD 10.28 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
India was the largest agriculture tractor market globally in 2021, with an overall sales volume of 614.5 thousand units. The increase in crop production and tractor sales resulted from favorable monsoon rains in 2019 and 2020, which helped the country to recover from the drought-induced low in 2017 and the COVID-19 pandemic.
