India Agriculture Equipment Market:
Growth opportunities in the India agriculture equipment market look promising over the next six years. This is mainly due to the increasing use of sophisticated technologies such as GPS and robotics to improve the equipment efficiency and growing investment in agriculture sector.
India Agriculture Equipment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The economic liberalization in the nation has remarkably contributed to the growth of the agricultural sector, leading to a surge in demand for machinery and equipment. The contemporary switch towards high-value products, which include fruits and vegetables, has swiftly replaced the exports of conventional commodities. Also, the low agriculture holding structure among small-scale sectors in India has restrained them from buying new machinery. The local rental companies will raise their demand to purchase compound harvesters to rent or lease them to agriculture. Thus, the producers and dealers of these tractors are tying up with financial institutions and dealers for cheap agricultural credit to procure the latest machinery. Moreover, the expanding investment across the agriculture sector of India has promoted market growth. For example, the government, in 2020, launched a mega food park in Punjab worth US$ 14.6 million that was spread across 55 acres of land, which fuelled the India agriculture equipment market growth.
Furthermore, revolutionary technologies like robotics and GPS are highly enhancing the effectiveness by allowing remote handling of the equipment and extending the agricultural accuracy. Sensors assist in offering precise data about weather and soil conditions, helping the agricultural yield to increase. Additionally, technological innovations in the tools such as the initiation of ground-based sensors, autonomous tractors, and flying drone’s aids in decreasing the cost of food products to fulfill the growing food demand. The robust demand for agricultural devices across a different application like plant protection, and development, harvesting, planting, and sowing has raised the market demand. However, the high machinery cost and insufficiently skilled professionals may restrain the India agriculture equipment market share.
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