Agricultural machinery market in India to grow by US$1.87bn: Technavio

AdobeStock 51549032The agricultural machinery market in India is expected to grow by US$1.87bn during 2021-2025, according to Technavio

The report offers a detailed analysis of the impact of the COVID-19 pandemic on the agricultural machinery market in India in optimistic, probable, and pessimistic forecast scenarios.

The agricultural machinery market in India will witness a negative impact during the forecast period, owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.

With the continuing spread of the novel coronavirus pandemic, organisations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organisations to move forward in their journey out of the COVID-19 crisis towards the next normal.

This post-pandemic business planning research will aid clients to:

-Adjust their strategic planning to move ahead once business stability kicks in.

-Build resilience by making effective resource and investment choices for individual business units, products, and service lines.

-Conceptualise scenario-based planning to mitigate future crisis situations.

Major three agricultural machinery market in India participants:

AGCO Corp.
AGCO Corp. offers tractors, combine harvesters, seeding and tillage, and hay and forage equipment under the brands such as Challenger, Fendt, Massey Ferguson, and Valtra. Some of the key offerings are Challenger 1000 Series tractors, Fendt 1000 Vario, and 9505 Series Axial Combines.

Amalgamations Group
Amalgamations Group offers tractors (range of 25-90 HP), hydraulic pumps, and gears. The company offers both air and water-cooled tractors.

CNH Industrial NV
CNH Industrial NV offers a wide variety of tractors and combines harvesters such as New Holland TD5 tractors, EXCEL 9010, FR, PULL-TYPE FORAGE HARVESTER, and TC5.30.

The agricultural machinery market in India is driven by government initiatives to support sustainable agricultural practices. In addition, the adoption of contract farming is expected to trigger the agricultural machinery market in India toward witnessing a CAGR of almost 6% during the forecast period.

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