Do you Know: Farm equipment is Bound to Make An Impact In Your Business​

Agriculture is a major contribution to the Indian economy and over more than 70% of the country depends on it as their major source of income. Due to the increase in demand for food supply farmers are adopting modern farming technologies to increase farm yield. The agricultural machinery market is predicted to grow at a CAGR of nearly 8% during the forecast period.
agriculture equipment manufacturers are focusing on integrating technologies like robotic methods, GPS, and Google navigation systems in the current machinery to improve productivity. Another major operator for the conventional growth in this agriculture market is the low rates and government subsidies offered to farmers to adopt agricultural machinery.

Farm Equipment Segmentation of the farm machinery market in India


  1. Tractors
  2. Rotovator
  3. Plough
  4. Combine Harvester
  5. Trailer
  6. Balers



GOVERNMENT PROMOTIONS: KEY DRIVING FORCE


The Indian government has proposed various initiatives focusing on more on-farm mechanizations that are expected to increase the growth of the Farm machinery market. However, the primary concerns of the initiatives would be:
  1. Establishment of centers for modern farm equipment.
  2. Financial assistance to farmers for engaging and procurement of the machinery in low-mechanized regions.
  3. Testing of various machinery at top institutes like the Indian Council of Agricultural Research (ICAR), Farm Machinery Training and Testing Institutes (FMTTI), and State Agricultural Universities (SAU).


AGRICULTURE EQUIPMENT: AFFECTING BUSINESSES


The farm machinery sector is prepared to become one of the main market segment where tractors remain a serious sector of investment. The irrigation sub-sector also presents immense investment prospects. Indian players have already built upon this chance, but they're certain is scope for market entrants. With the recently launched Pradhan Mantri Krishi Sinchai Yojana, the govt is interested to support the reach of irrigation with agricultural machinery for little farms. Modernization in the farm machinery sector will drive the subsequent phase of agricultural growth within the country. Also, the thought of ‘Make in India’ is about to extend innovation and investment within the sector. All the mentioned factors directly/indirectly show the positioning of India as a serious destination for farm equipment companies globally.

In the view of benefitting from the available space within the market, companies have already begun to invest within the sector as they foresee an excellent impact on their businesses within the farm equipment sector. they need to commit large investments in established companies and it's ascertained that the world will still grow further with FCI proposing to line up state-of-the-art silos with a storage capacity of 20 lakh tones in partnership with private players. Many new players have entered the market and with increasing participation of personal players, the agri-logistics market, predominantly, an unorganized sector, is predicted to consolidate and evolve gradually overtime at the upper rate.



Home-grown tech startups also are bringing innovation to the agricultural sector by digitizing agriculture and offering cloud-based farm management solutions. they're also deploying sensors that detect moisture content within the soil and hence helping farmers control irrigation. 

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