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

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.

The latest FederUnacoma press releases


Agricultural Machinery Industry: New Synergies to Tackle Markets

The Vice President of Confindustria, Maurizio Marchesini, the Deputy Secretary-General of FAO, Maurizio Martina, the President of ICE, Matteo Zoppas, and the economic analyst, Gabriele Pinosa, discuss strategies to address the new geography of agricultural production and agri-mechanical commerce. The assembly concludes with a message from the Minister of Agriculture, Francesco Lollobrigida, highlighting the incentive system and announcing the G7 Meeting of Agriculture as an opportunity to promote Italian agricultural and agri-mechanical products.

"Machines for peace", FederUnacoma at the G7 Agricultural Summit

The year 2023 ends with a decline in tractor sales, but with an increase in revenue due to higher manufacturing costs. India remains the leader in terms of the number of units, while the United States and Europe record declines in sales, with a more substantial decrease observed in China. Climatic variables, as well as geopolitical factors, are increasingly crucial in different regions of the world.

Tractors: Sales Decline by 19% in the First 5 Months of the Year

The domestic market for agricultural machinery continues to decline. From tractors (-19.2%) to combine harvesters (-40%) and telescopic handlers (-28.3%), all types of agricultural machinery have seen a significant decline in sales compared to the same period in 2023. The decline is attributed to the reduction of 4.0 incentives, delays in the National Recovery and Resilience Plan (PNRR), and the stagnation of agricultural incomes.

Agricultural Machinery: Italian Production Exceeds 16 Billion

Exports drive the national industry to its highest value ever. The quantities produced remain slightly below the average of recent years, but the increase in list prices boosts revenue. Europe consolidates itself as the main market for made-in-Italy technologies, followed by the United States.

Italian Agricultural Machinery Manufacturers Federation
Digital System and technologies for Agricultural Machinery and Farming
Irrigation Systems
Italian Implements Manufacturers Association
Italian Self-Propelled Machinery Manufacturers Association
Italian Tractors Manufacturers Association
Italian Components Manufacturers Association
Italian Garden Machinery Manufacturers Association