Vendors urged to focus on growth
Technavio says the agricultural machinery market in India is poised to grow by US$3.73 billion during 2020-24, progressing at a CAGR of over 8% during the forecast period post-COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
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 are some of the major market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, suggested Technavio in the report “Agricultural Machinery Market in India 2020-2024” released 6 July 2020. #agriculture #farms #farmers #market #tractors #machinery /fiinews.com
