Agricultural Machinery in India: the market will triple in the next ten years

03.03.2024

The final day of EIMA Agrimach is underway in Bangalore. In the context of the review, the Italian foreign trade agency ICE presents a forecast study on the Indian market, destined to exceed 31 billion dollars in 2033.

The entrances to the exhibition area at the Campus of the University of Agricultural Sciences of Bangalore opened this morning, to give life to the fourth and final day of EIMA Agrimach India, the international exhibition of agricultural mechanics organised by FICCI and FederUnacoma, which closes today its eighth edition. Numerous visitors and economic operators for an event that presents the range of technologies necessary for the development of Indian agriculture, a production reality destined to grow significantly in the coming years. Closely connected with the agricultural trend is the market for machines, equipment and electronic technologies specific to the primary sector, as described in the Report on India produced by the Italian Foreign Trade Agency ICE, and released yesterday in coinciding with the EIMA Agrimach exhibition. The agricultural machinery market - we read in the very substantial and detailed document - reached an overall value of 13.7 billion dollars in 2023, but is destined to grow dramatically in the next ten years, reaching the share in 2033 of 31.6 billion dollars. The increase in sales will be the result of a greater variety of vehicles requested by agricultural enterprises. The study carried out by ICE in fact highlights how the current panorama is dominated by agricultural tractors, which alone cover 86% of the market, followed by commercial tractors (8%) and trailers (5%). Other types of machines, such as trolleys and harvesters, have a share of 1%. In the next ten years the range of technologies is destined to expand considerably, since the agricultural system of the Subcontinent requires modern machinery for all production segments. Newly developed equipment is required for ploughing and sowing, and along with this, spraying and irrigation systems are also set to increase. Combine harvesters and harvesting vehicles will be fundamental to the efficiency of the agricultural production system, and forage harvesting machines will have growing importance. The new agricultural vehicles will be equipped with digital systems - this is underlined in the ICE report - which will guide the development of an increasingly specialised advanced electronics market.

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