According to the latest report by IMARC Group, titled “Indian Agriculture Implements Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the Indian agriculture implements market size reached US$ 9.7 billion in 2019. Agricultural implements refer to a wide variety of manual and mechanical tools used to improve the efficiency of farm activities. These implements include threshers, cultivators, over plows, seed drills, chaff cutter machines and axes, which help in tilling, sowing, threshing, protecting plants and smoothening soil.
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The Indian agricultural implements market is primarily driven by the emergence of contract farming as these implements help improve the sphere of irrigation, land reclamation and soil erosion prevention. They are also cost-effective compared to manual labor and work animals. Besides this, various schemes introduced by banks and micro-finance institutions have enhanced the availability of credit for purchasing farm machinery. Along with this, attractive subsidies and several initiatives, such as Kisan Credit Card and Sub-Mission on Agricultural Mechanization (SMAM), introduced by the Government of India have also encouraged farmers to purchase modern agricultural implements. Moreover, with advancements in technology and farming techniques, farmers are shifting toward mechanized tools. This is expected to have a significant impact on the growth of the market across the country. Looking forward, IMARC Group expects the Indian agricultural implements market to continue its moderate growth during the next five years 2020-2025.
Market Breakup by Product Type:
- Tractors
- Rotavators
- Threshers
- Power Tillers
- Manual
- Mechanized
- B2B
- B2C
- Mahindra & Mahindra
- Tractors and Farm Equipment Limited
- International Tractors Limited
- Escorts Limited
- John Deere
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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