The agricultural market is one of the most important sectors if the Indian economy, contributing to 18.5% of the national income and approximately 15% of the total exports, and supporting two-thirds of the work force.
The Indian agricultural equipment market was valued at Rs 299.1 billion in 2010 and has enormous potential for future growth.
Agricultural machinery demand in the Asia/Pacific region was more than twice that of any other region in 2011, with India being one of the primary nations fuelling future market advances in this region.
Demand for agricultural equipment such as power tillers, tractors, combine harvesters, rice transplanters etc has been rising over the past few years, with the increase in income level of farmers.
Additionally, an acute shortage of labour resources and continued subsidy scheme by the government to encourage farmers to buy farm equipment has further increased agricultural equipment demand.
Presently, India is the largest manufacturer of tractors in the world, accounting for about one-third of the global production.
Mahindra & Mahindra is the market leader in the Indian tractor market whereas VST Tillers Tractor Ltd is the leader in power tiller market. Other major farm equipments manufacturers include Escorts Group, TAFE, John Deere, Greaves Cotton and KAMCO.
A large number of Chinese, Japanese, American and Italian firms have forged alliances with Indian companies. These include Kuboto and Mitsubishi of Japan, Zhejiang Sifang of China, John Deere of the US and New Holland of Italy.
For more information on the Indian agricultural equipment market, see the latest research: Indian Agricultural Equipment Market Report
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.