“Rapid adoption of mechanization of Indian agriculture, fueled by purchase subsidies offered by the Government has driven the growth of Used Indian Agricultural Equipment Market in India.”
- Despite the impact of COVID induced lockdowns, the agriculture sector has observed a robust growth rate of ~3.4 % at constant prices during FY’21.
- The Indian used agricultural equipment market has seen a steady growth which can be attributed to the recent government initiatives, rising adoption of mechanization in India, paired with economic feasibility of purchasing second hand equipment for Indian farmers.
- The used tractor market dominated the overall used agricultural equipment market by contributing ~81% of the total sales in terms of volume.
Active initiatives taken by Government: Government launching initiatives such as Sub-mission for Agricultural mechanization, which offers ~40-60% subsidies on purchase of farm implements, will lead to increase in the sales of farm implements, which in turn will enhance the sale of used agricultural equipment. Other initiatives such as National Food Security mission and Rashtriya Krishi Vikas Yojna have also announced substantial subsidies for purchase of farm equipment.
The Used Tractor Market- flagbearer of used agricultural equipment market: The used tractor market is expected to grow at an optimistic pace by FY’26. Used tractors market is predicted to grow faster than the new tractor market, as more and smaller & marginal farmers get involved in the purchase.
Among the sub-markets, Used Harvester market is anticipated to grow the fastest, with northern region having the highest demand for used harvesters, where local companies such as New Heera, Balkar, Malkit also contribute to harvester supply. However, in terms of total unit sales, harvester market is the smallest in size due to the high price associated with the product.
Increase in regional demand contributing to augmenting the domestic power tiller market: The demand for used harvesters is driven from southern and western states, while power tillers have a growing demand in the north eastern states, which have more step-farming where power tillers are ideal for operations. Also, to boost domestic sales for power tillers, Government of India has increased import restrictions on Chinese power tillers which were an increasing threat to domestic market.
Agricultural Financing and the role of captive financing entities: Organized finance purchase has seen a CAGR growth of ~29% for used tractors, which still remains the top financed commodity among used agricultural equipment. Mahindra Finance, Kotak Mahindra Bank, IndusInd Bank, TVS Credit, AU Small Finance Bank and Kogta Finance are some of the major financing companies for used tractor. With Mahindra finance leveraging its vast reach of Mahindra certified dealerships across India for captive financing, it dwarfs the competition by a huge margin.
The report titled “Indian Used Agricultural Equipment Market Outlook to 2026 (Including Tractors, Harvesters, Power Tillers and Tractor-Attachable Equipment): Driven by rising adoption of small and marginal farmers and government subsidy to increase the demand of used equipment” by Ken Research suggested that the India used agricultural equipment market is expected to grow further in the near future, with increasing adoption of farm implements among Indian farmers. The market is expected to register a positive CAGR of ~22.7% in terms of volume sold, during the forecast period of FY’21-FY’26.
Key Markets Covered in India Used Agricultural Equipment Market:-
India Used Tractor Market
Market Size, By Volume and Value, FY’16-FY’21
Market Segmentation By,
By New Purchase vs Used Purchase, FY’16-FY’21
By Manufacturers, FY’21
By Power (HP), FY’16 & FY’21
By Drive (2WD vs 4WD), FY’21
By Region, FY’16 & FY’21
By Distribution Channels, FY’21
By Vehicle Age, FY’21
By Mode of Sales (Online vs Offline), FY’16 & FY’21
By Financed vs Non-Financed Purchases by End Users, FY’16 & FY’21
By Organized vs Unorganized Financing, FY’16 & FY’21
India Used Harvester Market
Market Size, By Volume and Value, FY’16-FY’21
Market Segmentation By,
By New Purchase vs Used Purchase, FY’16-FY’21
By Manufacturers (Track Type Harvesters), FY’21
By Power (HP), FY’16 & FY’21
By Cutting Width, FY’21
By Region, FY’16 & FY’21
By Distribution Channels, FY’21
By Vehicle Age, FY’21
By Hours of Usage, FY’21
By Mode of Sales (Online vs Offline), FY’16 & FY’21
By Financed vs Non-Financed Purchases by End Users, FY’16 & FY’21
By Organized vs Unorganized Financing, FY’16 & FY’21
India Used Power Tiller Market
Market Size, By Volume and Value, FY’16-FY’21
Market Segmentation By,
By New Purchase vs Used Purchase, FY’16-FY’21
By Manufacturers, FY’21
By Power (HP), FY’16 & FY’21
By Region, FY’16 & FY’21
India Used Tractor-Attachable Equipment Market
Market Size, By Volume and Value, FY’16-FY’21
Market Segmentation By Product Types,
Used Rotavators Sales, By Volume, FY’21
Used Cultivator Sales, By Volume, FY’21
Used Sprayer Sales, By Volume, FY’21
Used Harrows Sales, By Volume, FY’21
Used Ploughs and Drills Sales, By Volume, FY’21
Agricultural Equipment Financing Market in India
Value Chain And Ecosystem of Agricultural Equipment Financing market in India
Key Issues and Challenges, customer’s perspective
Market Share of top used tractor financing companies in India, By Volume fo Tractor financed, FY’21
Cross-Comparison of Major Agriculture finance companies in India
Key Target Audience:-
Construction Chemical companies
Concrete Additive companies
Waterproofing companies
Adhesive and Sealant Companies
Repair and Rehabilitation Chemical companies
Time Period Captured in the Report:-
Historical Period: FY’16-FY’21
Forecast Period: FY’22-FY’26
Major Classified Websites for Used Agricultural Equipment Sales:-
Tractorjuction.com
Meratractor.com
Khetigaadi.com
Escortsmolanmol.com
Tractorguru.com
Major Financing Companies for Used Agri-Equipment In India
Mahindra Finance
Kotak Mahindra Bank
IndusInd Bank
TVS Credit
AU Small Finance Bank
Kogta Finance
Key Topics Covered in the Report:-
Indian Agricultural Sector Overview
Analysis of Crop Production in India
State-wise Crop Yield Analysis
Benefits of Farm Mechanization
Evolution of Mechanization in the Indian Agriculture Industry
Dominant Used Agriculture Equipment in India
Agricultural Value Chain and Required types of Equipment
Current Level of Mechanization in Indian Farms for major crops
India Used Agriculture Equipment Market Ecosystem
Manufacturer Typologies of Farm Equipment in India
Value Chain Analysis of India Used Agriculture Equipment Market
SWOT Analysis of the Indian Used Agricultural Equipment Market
Major Constraints in the Indian Used Agricultural Equipment Market
Major Government Initiatives and Interventions in the Agricultural Sector in India
Snapshot: Agricultural Equipment Rental market
E-Nam- The online Auction Platform for the agricultural Industry
Indian Used Agricultural Equipment Market Size and Segmentation
India Used Agricultural Equipment Market Size, By Volume and Value
Segmentation, By Types of Equipment
Indian Used Tractor Market Size and Segmentation
Indian Used Tractor Market Size and Comparison with India New Tractor Market
Indian Used Tractor Market: Competition Scenario among Classifieds
Indian Used Harvester Market Size and Segmentation
Indian Used Power Tiller Market Size and Segmentation
Indian Used Tractor-Attachable Equipment Market
India Used Agricultural Equipment Market Future Outlook and Projections
Value Chain Analysis and Ecosystem the Indian Used Agricultural Equipment Financing Market
Captive Financing and it’s correlation with dealerships
Gap analysis of the Indian Used Agricultural Equipment Market
Key Success Mantras for a Market Entrant in Classified for Used Agri-equipment Market
Opportunities in financing of Agricultural Equipment
Industry Speaks
For More Information on the research report, refer to below link:-
Indian Used Agricultural Equipment Market
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