LONDON--(BUSINESS WIRE)--#AgriculturalMachineryMarketinIndia--The new agricultural machinery market research in India from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the Government Initiatives to Support Sustainable Agricultural Practices,� says a senior analyst for the Industrials industry at Technavio.

Various government and non-government bodies in India are emphasizing promoting sustainable agricultural practices by introducing several initiatives aimed at improving productivity in the sector. Initiatives such as the eNAM and Pradhan Mantri Krishi Sinchayee PMKSY, which focus on improving farming equipment available to small farmers, are contributing to the demand for agricultural machinery in India. Similarly, the Paramparagat Krishi Vikas Yojana (PKVY) program is an initiative to promote organic farming in the country, which encourages farmers to form groups or clusters and take up organic farming methods all over the country. The Micro Irrigation Fund (MIF) is another government initiative under which the government provided over USD 700 million in funds to bring more land area under micro-irrigation, as part of its objective to boost agricultural production and the income of farmers. These factors will directly increase sales of agricultural machinery, contributing to the Indian agricultural machinery market growth. These factors have compelled customers to look for energy-efficient residential air purifiers.

As the markets recover Technavio expects the agricultural machinery market size in India to grow by USD 3.73 billion during the period 2020-2024.

Agricultural Machinery Market in India Segment Highlights for 2020

• The agricultural machinery market in India is expected to post a year-over-year growth rate of 6.27%.
• The growth of the Indian agricultural machinery market share by the tractors segment will be slower than the growth of the market by the haying machinery and planting and fertilizing machinery segments.

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Notes:

• The agricultural machinery market size in India is expected to accelerate at a CAGR of over 8% during the forecast period.
• The agricultural machinery market in India is segmented by Product (Tractors, Harvesting machinery, Haying machinery, and Planting and fertilizing machinery and Others)
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including AGCO Corp., Amalgamations Group Co., CLAAS Group, CNH Industrial NV, Deere & Co., Escorts Ltd., International Tractors Ltd., ISEKI & Co. Ltd., Kubota Corp., and Mahindra & Mahindra Ltd.

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