Market Overview
Tractors, harvesters, ploughs, and cultivators are examples of agricultural equipment used to aid in various farming chores. By using agricultural equipment, one can produce a high crop yield with relatively little effort and in a shorter amount of time. Additionally, using autonomous and semiautomatic agricultural equipment lessens the need for laborers on farms, which lowers the costs associated with hiring workers. This lowers the downtimes and enables extremely precise operations, which further boosts crop productivity.
Report Analysis
According to the research report, “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” emphasizes that the used agricultural market in India was expanded at a CAGR of 19.1% in terms of transaction value and 16.5% in terms of volume from the financial years 2016 to 2021, which shows that the market will grow further. By volume sales, used tractors dominated the used agricultural equipment market in India in FY'21, followed by used power tillers, used harvesters, and used equipment that could be attached to tractors (sprayer, rotavator, cultivator, ploughs, drills, etc.). Furthermore, it was found that unorganized dealers controlled the market, which was highly fragmented. Peer-to-peer sales are another common practice in India.
The Indian market for used agricultural equipment is primarily driven by the used tractor industry. States with lower average farmer incomes, like the U.P. and M.P., have the biggest demand for old tractors, whereas Punjab and Haryana have the highest demand for new tractors. Due to the growing popularity of e-marketplaces, physical-digital hybrid marketplaces, and classifieds in rural regions, used tractor sales have recently increased online. The need for used agricultural equipment has increased in India due to ambitious government programs, expanding mechanization in the country, and the viability of doing so economically.
Segmentation
By Competition Scenario
The online aggregator platform known as classifieds serves as a conduit between institutional and private dealers of farm equipment and the final consumer. Major classified websites including Tractor Junction, Meratractor, Tractorguru, Khetigaadi, and Molanmol are utilized to buy used agricultural equipment.
By Financing Market
Various initiatives launched by NABARD and the RBI have tried to increase credit flow in the agriculture sector by financially aiding private institutions. Commercial banks in India have optimistically increased their total amount of outstanding credit in agriculture from FY'16 to FY'21. Mahindra Finance, Kotak Mahindra Bank, and IndusInd Bank are a few of the key financial institutions in the Indian agricultural sector.
Future Projections
With the increasing use of agricultural equipment and government schemes providing subsidies for such equipment over the projected period FY'2022-FY'2026, it is expected that the used agricultural equipment market in India will expand in the upcoming years. With the market continually growing, it is also projected that the Indian Used Agricultural Equipment Market will exhibit an upward trend in terms of volume and value, better than the prior years. The end users will prefer organized financing of old agricultural equipment more and more.
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
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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
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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
For More Information on the research report, refer to below link:-
Indian Used Agricultural Equipment Market
Related Reports:-
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