Agricultural implements entail of a broad variety of manual and mechanical tools likewise threshers, cultivators, seed drills, over plows, chaff cutter machines, axes and many more. They assist in decreasing labor and advancing the proficiency of the agricultural activities. India has accomplished considerable advancement in the field of the agricultural implements over the past decades. At the duration of Independence, Indian farmers mostly utilized animal functioned implements and hand tools for compaction, pulverization and smoothening of the soil.
In India, the increasing incomes of the farmers have fostered the requirement for farm implements. In addition, acute shortage of skilled labor for agricultural activities has further led to the increasing requirement for the agricultural equipment. Furthermore, the attractive subsidies delivered by the Central and State governments has also motivated farmers to buy the modern agricultural implements.
REPORT ANALYSIS
According to the report analysis, ‘India Agricultural Implements Market Outlook to 2021 – Government Subsidies under SMAM (Sub-Mission on Agricultural Mechanization) and Increasing MSP (Minimum Support Price) to Foster Growth’ states that the revenue created from the sale of agricultural implements in the country persuaded to INR ~ crore during FY’2016 from INR ~ crore during FY’2011, accomplishing a CAGR of ~% during the period FY’2011-FY’2016. Government initiatives, subsidies and several other training programs have made agricultural implements more inexpensive to farmers. In addition, the increment in wage rate as a result of labour shortage has incentivized farmers to acquire the agricultural machinery and implements.
The complete sales of agricultural implements in the region were evaluated at ~ units during FY’2016. Rotavators, Cultivators and agricultural Sprayers have registered for approximately ~% of complete agricultural implement sales throughout FY’2016. In terms of revenue, rotavators and tillers have underwritten approximately ~% to complete agricultural implements market revenue throughout FY’2016.
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Competition Scenario
The tiller market in India is dominated by a few large players that have accounted for ~% of the market in terms of sales volume during FY’2016. Major companies operating in this space include VST Tiller Tractors Ltd., KAMCO, Greaves Cotton Ltd., Honda Siel Power Products Limited and ASPEE Group. VST is one of the largest players in the tiller market with a market share of approximately ~ during FY’2016, registering total sales of ~ tillers during the same year. The major players operating in the rotavator market include Tirth Agro Technology Pvt. Ltd (Shaktiman), Beri Udyog Pvt. Ltd. (Fieldking), Bull Agro, Shri Sai Agro Equipments, Krishi Yantra Laghu Udyog (Farmking), VST Tiller Tractor Ltd. and SAECO Agrotech. The top 4 players have accounted for approximately ~ of overall rotavator sales during FY’2016. Tirth Agro Technology Pvt. Ltd had accounted for approximately ~ of overall rotavator sales in the country during FY’2016, registering total sales of ~` rotavators during the same period. Fieldking has registered for nearly ~ of complete rotavator sales during FY’2016.
Future Outlook
The revenues created from the sale of agricultural implements in the country is predicated to incline to INR ~ crore throughout FY’2021 from INR ~ crore during FY’2016, accomplishing a CAGR of ~% during the period FY’2016-FY’2021. In order to boost the stagnant agricultural production, the government is predicted to shift aim towards farm income security rather than food security. The FY’2017 budget has made an apportionment of INR 1,000,000 crore towards agricultural credit. To confirm the crop failure does not unfavourably impact farmers’ income, coverage under the Fasal Bima Yojana Scheme (crop insurance) will be raised to 40% of cropped area during 2017-2018 and 50% during 2018-2019.
For More Information, refer to below link:-
India Agricultural Implements Market Research Report
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