PKVY promotes organic farming
The Indian agricultural machinery market is poised to grow by US$3.73 billion during 2020-2024, progressing at a CAGR of more than 8% during the forecast period, said Technavio which has monitored the market since 2014.
The 120-page report “Agricultural Machinery Market in India Analysis Report by Product (Tractors, Harvesting machinery, Haying machinery, Planting and fertilizing machinery, and Others) and the Segment Forecasts, 2020-2024” was made public on 2 Mar 2020.
The market is driven by the presence of government initiatives that support sustainable agricultural practices. In addition, the increasing adoption of contract farming is anticipated to boost the growth of the agricultural machinery market in India, said the report.
Many government and non-government bodies in India are introducing several initiatives to encourage sustainable agricultural practices in the country.
For instance, the Paramparagat Krishi Vikas Yojana (PKVY) program by the Government is an initiative to promote organic farming in the country.
Through this initiative, the Indian government is aiming to form 10,000 clusters and bring about five lakh acres of agricultural land under organic farming.
Such initiatives are increasing agricultural activities in the country, which will drive the need for agricultural machinery for the cultivation and processing of crops, according to the report.
The report highlights Five Major Agricultural Machinery Market Companies in the country.
AGCO Corp operates its business through segments such as Tractors, Replacement parts, Grain storage and protein production systems, Combines, Application equipment, and Other machinery. The company 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 its key offerings include Challenger 1000 Series tractors, Fendt 1000 Vario, and 9505 Series Axial Combines.
Amalgamations Group Co. operates its business through an unified business segment. The company offers tractors (range of 25-90 HP), hydraulic pumps, and gears. The company also offers both air and water-cooled tractors.
CLAAS Group operates its business through a unified business segment. The company offers a wide range of combines, forage harvesters, telehandlers, balers, forage harvesting machinery, and transplanters.
CNH Industrial NV operates its business through segments such as Agricultural Equipment, Construction Equipment, Commercial Vehicles, Powertrain, and Financial Services. The company offers a wide variety of tractors and combine harvesters under the brand, New Holland Agriculture. Some of its key offerings include New Holland TD5 tractors, EXCEL 9010, FR, PULL-TYPE FORAGE HARVESTER, and TC5.30.
Deere & Co. operates its business through segments such as Agriculture and turf, Construction and forestry, Financial services, and Other revenues. The company offers a wide range of tractors and loaders, farm equipment and technology, tools and equipment, and planters for farming purposes. Some of the products offered by the company are 1‐4 Series Compact Utility Tractors, 1745 Compact Planter, and Row Crop Tractors. fiinews.com
